What term should I pick?

Pick the shortest term whose EMI you can comfortably afford. Shorter terms have higher EMIs but dramatically lower total interest.

Why are personal loan rates higher?

Personal loans are unsecured — the lender has no collateral, so they price in more risk. Your APR also depends on credit score, income and existing debt.

Should I roll fees into the loan?

Fees added to the loan grow the EMI and total interest. Paying fees upfront usually costs less over the life of the loan.

Can I prepay a personal loan?

Usually yes — many lenders allow part- or full-prepayment with no penalty. Always check the loan agreement for prepayment charges.

Personal Loan Calculator

Estimate monthly EMI, total interest and total cost of a personal loan.

Inputs

Loan amount

USD

Interest rate (APR)

Loan term

Currency

Result

Monthly EMI

$494.64

36 months

Total Interest$2,807.04

Total Cost$17,807.04

Loan Amount$15,000.00

Related calculators

Loan Calculator

Calculate EMI for any loan amount, tenure and interest rate.

EMI Calculator

Compute monthly EMI for any principal, interest rate and tenure.

Mortgage Calculator

Estimate monthly mortgage payments, interest and amortization.

Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where r = APR / 12 / 100 and n is the term in months.

How it works

A personal loan calculator estimates your monthly EMI, total interest and total cost on an unsecured personal loan based on the amount, APR and term you enter.

Example

Example: A $15,000 loan at 11.5% APR over 36 months gives a monthly EMI of about $494.64, total interest of around $2,807.05 and total cost of about $17,807.05.

Frequently Asked Questions

Related Calculators

Finance

Mortgage Calculator

Estimate monthly mortgage payments, interest and amortization.

Finance

Loan Calculator

Calculate EMI for any loan amount, tenure and interest rate.

Finance

Auto Loan Calculator

Work out monthly car loan payments and total interest.

Finance

Compound Interest Calculator

See how money grows with compounding over time.

Finance

Simple Interest Calculator

Quickly compute simple interest on a principal amount.

Finance

Credit Card Payoff Calculator

Plan how fast you can pay off credit card debt.

Browse all finance calculators →

Disclaimer: Results are estimates for informational purposes only and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making decisions.