Personal Loan Calculator
Calculate your personal loan EMI along with total interest and effective cost including processing fees.
Loan Details
Formula
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
Processing Fee = Loan Amount × Fee%
Effective Cost = Total Payment + Processing Fee
Worked Example
A Rs. 500,000 personal loan at 18% a year over 36 months has an EMI of Rs. 18,076.20. You repay Rs. 650,743.12 in total, so the interest is Rs. 150,743.12, before any processing fee.
How to Interpret the Result
Compare loans on total cost, not the monthly instalment: a longer tenure lowers the EMI but raises the total interest. Add processing fees, insurance and other charges to see the real cost.
Common Mistakes
Choosing the lowest EMI without checking the total interest. Ignoring processing and early-repayment fees. Borrowing to buy shares: if prices fall, you still owe every instalment.
Learn the Method
Free lessons that explain the ideas behind this calculator:
Frequently Asked Questions
Disclaimer: This tool is for educational and informational purposes only. Results are based on mathematical calculations and may not reflect actual financial outcomes. Always consult a certified financial advisor before making investment decisions.