Personal loan EMI depends on three things: the amount you borrow, the interest rate the bank offers, and how many months you take to repay. Personal loans are usually unsecured, so rates tend to be higher than home loans. A shorter tenure means higher monthly EMI but less total interest paid.
Monthly EMI
₹9,751
Apply for this loanPrincipal
₹3,00,000
Total interest
₹51,036
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹7,126 | ₹2,625 | ₹2,92,874 |
| 2 | ₹7,188 | ₹2,563 | ₹2,85,686 |
| 3 | ₹7,251 | ₹2,500 | ₹2,78,435 |
| 4 | ₹7,315 | ₹2,436 | ₹2,71,120 |
| 5 | ₹7,379 | ₹2,372 | ₹2,63,741 |
| 6 | ₹7,443 | ₹2,308 | ₹2,56,298 |
Rates shown are indicative only. Starting rates are guides; final interest, fees, and approval are set by the lending institution.
EMI is calculated using the formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the tenure in months. This gives a fixed monthly payment for the entire loan term.
You can reduce EMI by choosing a longer tenure, negotiating a lower rate with your lender, or making a partial prepayment to reduce the outstanding principal. A balance transfer to a lower rate also helps.
Personal loan rates in India range from 10% to 24% depending on your profile. If you have a stable income and good credit score, rates between 10.5% and 14% are common. LendMitra can help you compare offers from multiple lenders.
A higher tenure lowers your monthly EMI but increases total interest paid over the life of the loan. Use the calculator above to compare total interest for different tenures and pick what fits your budget.
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