PERSONAL LOANS · WORLDWIDE
Personal loans carry higher rates and shorter terms than secured loans. See your monthly outlay before you apply.
A personal loan EMI is the fixed monthly repayment on an unsecured loan — one not backed by property, a vehicle, or gold. Because there's no collateral for the lender to fall back on, personal loans typically carry the highest interest rates of the common loan types.
Enter your loan amount, interest rate, and term, and compare the advance and arrears repayment schemes below.
Both schemes charge the same interest rate on the same loan. The only difference is when each installment falls due — and that timing changes how much interest accrues over the life of the loan.
Because personal loans are unsecured, lenders charge a higher rate than they would for a home or car loan backed by collateral. Terms are also shorter, usually one to five years, so the monthly installment is a bigger share of the loan than you'd see on a mortgage.
The first installment is deducted at disbursement, before any interest has accrued. Every later installment is then calculated on a slightly lower balance, so total interest paid over the loan is a little lower.
The first installment falls due one month after disbursement, after a full month of interest has already built up. This is the more common structure for most loans.
EMI = P × R × (1+R)ⁿ ÷ [(1+R)ⁿ − 1], where P is the loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.
For a loan of 500,000 over 36 months at 13% annual interest, the EMI comes to about 16,847 a month, with total interest of roughly 106,491 — over a fifth of the original loan amount, reflecting the higher rate charged on unsecured credit.
Personal loans are unsecured, meaning there's no asset backing the loan for the lender to recover if you default. That extra risk is priced into a higher interest rate compared to secured loans like a mortgage or auto loan.
Generally yes — personal loans are typically not restricted to a specific purchase, unlike a car or home loan. Lenders may still ask what it's for, but usage isn't usually contractually restricted the way a secured loan is.
EMI stands for Equated Monthly Installment — a fixed payment made each month toward a loan, made up of a portion of the principal and a portion of interest. The size of each portion changes over time, but the total payment stays the same for the life of the loan.
In the advance scheme, your first installment is deducted at disbursement, before any interest has accrued, so total interest ends up slightly lower. In the arrears scheme (the more common structure), the first installment falls due one month after disbursement, after a full month of interest has already built up.
No. All calculations happen directly in your browser using JavaScript. Nothing you enter is saved, uploaded, or sent to any server.
Yes. The currency dropdown covers 173 countries, and the language dropdown covers 30 languages. The calculator also tries to detect your language and currency automatically from your browser settings when the page loads — you can always change either manually.
This calculator gives an accurate estimate based on the numbers you enter, but real loans often include processing fees, insurance, or other charges that aren't part of the base EMI formula. Confirm the exact terms with your lender before borrowing.