Personal Loan Calculator
Plan unsecured borrowing. Drag sliders to adjust your loan amount, expected interest rates, and short-term tenure to see monthly payouts.
Parameters
$
%
Yr
Results Summary
Monthly EMI
$6,787
Total Interest
$44,334
Total Repayment
$244,334
Mathematical Formula
This calculator determines the results based on the following standard financial formula for Unsecured Personal Loans:
EMI = P * r * (1 + r)^n / [ (1 + r)^n - 1 ]
Variables Glossary
- EMI
- Monthly payment installment
- P
- Loan principal borrowed
- r
- Monthly rate of interest (annual rate / 12 / 100)
- n
- Tenure in months
Calculates fixed monthly payments on short-term unsecured capital using standard interest compound scales.
Frequently Asked Questions
What makes personal loans different from home loans?
Personal loans are unsecured, meaning they do not require collateral (such as a house or car). Because of this, lenders charge higher interest rates, and loan tenures are shorter (typically 1 to 5 years).
Are there extra charges on personal loans?
Yes, personal loans often carry a processing fee (1-3% of the loan amount), stamp duty, and prepayment or foreclosure penalties if you decide to pay off the loan early.