EMI (Equated Monthly Instalment) is the fixed amount you repay each month towards your personal loan. Each EMI includes a portion of the principal borrowed and the interest charged by the lender for that period.

Personal loans are unsecured — you do not pledge collateral. Because of this, lenders assess your income, credit score, and repayment capacity before sanctioning the loan. Knowing your EMI in advance helps you borrow only what you can comfortably repay.

A personal loan EMI calculator is an online tool that estimates your monthly repayment based on the loan amount, interest rate, and tenure you enter. It uses the standard reducing-balance formula to show how much you will pay each month and over the full loan term.

Instead of manual calculations or spreadsheets, you can adjust sliders and amount chips to compare scenarios instantly — helping you plan your budget and evaluate offers from different lenders before you apply.

Using a personal loan EMI calculator is simple and straightforward. Follow these steps:

• Select your bank
• Enter the loan amount
• Enter the interest rate
• Enter the loan tenure

Once all details are entered, the calculator will display your estimated EMI.

Note: The actual EMI may vary based on the final interest rate offered by your lender.

An amortization schedule is a month-by-month breakdown of how each EMI is split between principal repayment and interest. In the early months, a larger share goes toward interest; as the outstanding balance reduces, more of each EMI goes toward principal.

Example: If a borrower takes a loan of ₹10,00,000 at an interest rate of 10% p.a. for a tenure of 5 years, the EMI would be approximately ₹21,247. The schedule below shows how the first 12 months are allocated.

Note: The schedule provided is of the first 12 months. The actual amortization schedule for your loan may vary based on the lender's calculation method, processing fees, and prepayments.

Latest personal loan interest rates by top banks and NBFCs are mentioned in the table below:

Understanding the factors that impact your loan EMIs can help reduce your cost of credit. Let us understand some key factors affecting your personal loan EMIs.

• Loan Amount: Higher the amount borrowed, higher will be your EMI (as long as the tenure and interest rate remain the same).
• Interest Rate: Higher personal loan interest rates lead to higher EMIs and a costlier loan repayment.
• Tenure: Opting for a longer tenure will reduce your EMI burden, but will increase the overall interest cost on your personal loan.

• Select an extended tenure: An extended tenure decreases your EMI while raising the total interest cost.
• Make part prepayments whenever feasible: Contributing extra towards the principal reduces your loan amount and interest obligation.
• Evaluate before applying: Always assess personal loan offers from various lenders to secure the most favorable one with the lowest interest rate.
• Opt for balance transfer: Transitioning to a lender with a reduced interest rate can lower both EMI and total cost of loan.

• For fixed-rate loans, the EMI generally remains the same throughout the tenure.
• For floating-rate loans, EMIs can change if the bank revises the interest rate due to market fluctuations.
• Prepayments or changes in loan tenure may also affect your EMI amount.

• Missing an EMI may attract late payment fees from the lender.
• It can impact your credit score, making future loans more expensive or difficult to get.
• Prolonged non-payment may lead to legal action or loan recovery proceedings by the lender.

Our personal loan EMI calculator helps you calculate EMIs across multiple lenders in one place. Visit this page, select your preferred bank, enter the loan amount, interest rate, and tenure — and get instant results alongside a detailed loan summary.

When you select a bank from the list, the calculator automatically pre-fills the lender's starting interest rate. You can adjust it to compare how different rates affect your monthly EMI, then scroll down to explore live offers from partner banks and NBFCs.

The tables below show indicative monthly EMIs for a ₹10 lakh personal loan at different interest rates and repayment tenures.

Understanding the difference between flat interest loans and reducing interest loans helps explain why your early EMIs carry a larger interest component.

In a flat interest loan, interest is calculated on the entire loan amount throughout the tenure. The interest portion of your EMI remains the same each month, regardless of how much principal you have repaid.

In a reducing interest loan — the method used by most personal loans in India — interest is calculated on the outstanding loan balance. The interest component reduces every time you repay through your EMI.

For a reducing interest loan, interest remains higher in the early months. With each repayment, interest decreases while the principal portion of your EMI increases over time.

1. 1Step 1: Visit the Bikesh Finserv website and open the Personal Loan section.
2. 2Step 2: Enter your required information and verify your phone number and email address.
3. 3Step 3: Use the EMI calculator above to estimate your monthly repayment.
4. 4Step 4: Select your income range and employment type (e.g. salaried or self-employed).
5. 5Step 5: Choose from the displayed list of curated personal loan offers and apply online.

Personal loan EMI can be calculated manually using the standard reducing-balance formula:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1]

Where —

• P = Loan Amount
• R = Monthly Interest Rate (Annual rate ÷ 12 ÷ 100)
• N = Loan Tenure (in months)

Manual calculations can be tedious and prone to errors. Using an online personal loan EMI calculator is easier and faster — giving you accurate results instantly as you adjust loan amount, rate, and tenure.