Personal Loan EMI Calculator
Compute EMI for Personal Loans instantly. Personal loans are unsecured loans with higher interest rates, often used for emergencies or big purchases.
EMI Formula Explained
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Principal, R = Monthly Interest Rate, N = Tenure in Months.
Examples
| Loan Type | EMI | Interest |
|---|---|---|
| ₹5,00,000 @ 12% for 3 Years | ₹16,607 | ₹97,858 |
| ₹2,00,000 @ 14% for 2 Years | ₹9,602 | ₹30,443 |
Frequently Asked Questions
Why are Personal Loan rates higher?
Personal loans are unsecured (no collateral), so they carry higher risk for lenders. Interest rates determine your EMI significantly.
Can I prepay my personal loan?
Yes, but most banks charge a prepayment penalty (lock-in period usually applies). Check your loan agreement for foreclosure charges.