PL Calculator

# Date Amount (₹)
Negative amounts = investments / outflows (money paid in) · Positive amounts = redemptions / inflows (money received)
XIRR (Annualised Return)
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Total Invested
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Total Returned
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Absolute Profit
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Profit %
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XIRR is computed using the standard Newton-Raphson iterative method (same as Excel XIRR). Results depend on accuracy of dates and amounts entered. Investments = negative cash flows; redemptions = positive cash flows. XIRR assumes annual compounding. Not financial advice.

What This Tool Does

This PL (personal loan) calculator finds your monthly EMI — Equated Monthly Instalment — based on your loan amount, interest rate, and tenure, along with total interest paid and total repayment amount.

You can also use this MIS Calculator

How It’s Calculated

EMI = [P × R × (1+R)ⁿ] ÷ [(1+R)ⁿ − 1]

Where P is the principal loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months.

Worked example: ₹5,00,000 loan at 11% annual interest, over 3 years (36 months).

  • Monthly rate: 11 ÷ 12 ÷ 100 ≈ 0.00917
  • (1.00917)^36 ≈ 1.3889
  • EMI: [5,00,000 × 0.00917 × 1.3889] ÷ [1.3889 − 1] ≈ ₹16,366/month
  • Total repayment: 16,366 × 36 ≈ ₹5,89,176
  • Total interest: 5,89,176 − 5,00,000 ≈ ₹89,176

Edge Cases and Special Rules

  • Shorter tenure means higher EMI but less total interest: A 6-month loan will have a much larger monthly payment than a 5-year loan for the same amount, but pays significantly less interest overall.
  • EMI composition shifts over the loan term: Early payments are weighted more toward interest; later payments are weighted more toward principal, even though the EMI amount itself stays constant.
  • Prepayment reduces total interest meaningfully: Since interest is calculated on the outstanding (reducing) balance, paying down principal early cuts the total interest paid over the loan’s life.
  • Credit score significantly affects the rate offered: Personal loans are unsecured, so lenders price risk heavily based on credit history — a strong CIBIL score can mean a meaningfully lower rate than a borderline one.

Personal Loan vs. Home Loan Interest Rates

These sit in different rate territory for a specific reason: personal loans are unsecured (no collateral backing them), while home loans are secured against the property itself. That difference in risk is why personal loan rates in India currently start around 9.99–10% per annum at major banks for well-qualified borrowers, but can run considerably higher depending on credit profile — noticeably above typical home loan rates, which are generally lower since the lender has the property as security.

Who Uses This

  • Borrowers comparing EMI affordability across different loan amounts and tenures before applying
  • Anyone comparing personal loan offers from multiple banks side by side
  • People planning a major expense — medical, wedding, renovation — funded by a personal loan
  • Borrowers deciding between a shorter tenure with higher EMI or a longer one with lower EMI

EMI Calculator vs. Eligibility Calculator

These answer different questions. An EMI calculator tells you the monthly payment for a loan amount, rate, and tenure you specify — useful once you know roughly what you want to borrow. An eligibility calculator instead tells you the maximum amount a lender might actually approve, based on your income and existing obligations. Knowing your eligibility first, then checking the EMI for an amount within that range, gives a more realistic picture than working with either number alone.

FAQ

What is the formula for personal loan EMI?

EMI = [P × R × (1+R)ⁿ] ÷ [(1+R)ⁿ − 1], using the monthly interest rate and tenure in months.

What are current personal loan interest rates in India?

Major banks generally start around 9.99–10% per annum for well-qualified borrowers, though actual rates vary widely by credit profile and can run considerably higher.

Does the EMI amount stay fixed throughout the loan tenure?

Yes, for a fixed-rate loan — the EMI stays constant even though the interest-to-principal split within it shifts over time.

Does prepayment reduce total interest paid?

Yes — since interest is calculated on the outstanding balance, prepaying principal reduces the total interest paid over the remaining tenure.

Is personal loan interest higher than home loan interest?

Generally yes — personal loans are unsecured, so lenders price in more risk compared to a home loan backed by the property.

Try It Above

Enter your loan amount, interest rate, and tenure in the PL calculator above to get your monthly EMI, total interest, and total repayment amount instantly. Figures are estimates — your actual offered rate depends on the specific lender and your credit profile.