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Personal Loan EMI Calculator (Nov'26): Calculate Your EMI in Seconds
What is a Personal Loan EMI Calculator?
A personal loan interest rate EMI calculator is an online tool that helps you estimate the Equated Monthly Instalment (EMI) you will pay for a personal loan based on the loan amount, repayment tenure, and personal loan interest rate. By entering these details, you can instantly calculate your monthly repayments, making it easier to assess affordability and plan your finances before applying for a loan.
A personal loan calculator also allows you to compare different loan amounts, interest rates, and tenures by adjusting the inputs. This helps you understand how changes in the repayment period or interest rate affect your EMI and the total interest payable over the loan tenure, enabling you to choose a repayment plan that suits your budget.
With the IDFC FIRST Bank Personal Loan EMI Calculator, you can make informed borrowing decisions before applying for FIRSTmoney. Eligible borrowers can access loans of up to ₹15 lakh with interest rates starting from 9.99% p.a., flexible repayment tenures from 9 to 60 months, and zero foreclosure charges. Using the calculator before applying helps you select a loan amount and repayment schedule that aligns with your financial goals.
What is a Personal Loan Amortisation Schedule
An amortisation schedule is a detailed table showing how each of your EMIs is split between the principal component and the interest component over the loan tenure.
Check your Amortization Schedule below
What Factors Affect Your Personal Loan Monthly EMI?
Personal loan EMIs are influenced by multiple factors, as listed below. Depending on where you stand on these parameters, you may get a lower or higher monthly instalment amount:
Principal loan amount
The amount that you borrow from your lender is known as the principal loan amount. If you opt for a higher loan amount, the resulting EMI may also be higher since the principal loan component is larger.
Interest rate
This is the percentage rate charged over the principal loan amount. It plays a key role in deciding the EMI amount. A higher interest rate increases the interest portion of your repayment, thus contributing to a higher EMI amount.
Loan tenure
It is the period over which you are supposed to repay your loan completely. A longer tenure reduces your EMI but increases the total interest paid over time, whereas a shorter tenure increases your EMI but reduces the overall interest cost.
Credit score
It is a 3-digit score of your financial well-being and ranges between 300 to 900. The higher your credit score, the lower interest rate you may be offered, thereby lowering your EMI. With a lower credit score, you may have to accept more stringent terms as well as higher EMIs and interest rates.
How to Use the Personal Loan Monthly EMI Calculator?
The IDFC FIRST Bank personal loan EMI calculator is quite easy to use! Follow these simple steps:
Access the EMI calculator
Scroll up to the online personal loan EMI calculator tool. It is available 24X7 and free to use.
Enter your loan details
Enter the loan amount, interest rate, and loan tenure you are expecting. Type-in the values directly in the fields or adjust the slider adjacent to field.
View instant EMI calculation
After entering all the required details in the personal loan calculator, you will get your tentative EMI calculations.
Check the amortisation schedule
In addition to the EMIs, IDFC FIRST Bank’s personal loan EMI calculator also offers the complete amortisation schedule. Go through the table to understand the payment breakdown of the loan and interest component.
Plan your repayment
You can adjust the loan amount, interest rate, and tenure in the personal loan EMI calculator, to compare various loan offers, then choose a suitable one and plan your repayment effectively.
What would be the monthly EMI on a ₹15 lakh personal loan for 5 years?
The monthly EMI for a ₹15 lakh personal loan over 5 years depends on the annual interest rate offered by the lender.
| Interest rate (p.a.) | Monthly EMI | Total interest |
| 9.99% | ₹31,849 | ₹4,10,940 |
| 11% | ₹32,615 | ₹4,56,900 |
| 12% | ₹33,367 | ₹5,02,020 |
| 14% | ₹34,923 | ₹5,95,380 |
| 18% | ₹38,095 | ₹7,83,660 |
Example: At an interest rate of 9.99% p.a., your monthly EMI on a ₹15 lakh personal loan would be approximately ₹31,863, with a total repayment of ₹19,11,791 over five years, including ₹4,11,791 in interest.
These estimates use the reducing-balance EMI method and exclude processing fees and other applicable charges.
Example of EMI calculation
Assume you take a personal loan of ₹15 lakh for 5 years at an interest rate of 9.99% p.a.
| Details | Value |
| Loan amount (P) | ₹15,00,000 |
| Interest rate | 9.99% p.a. |
| Monthly interest rate (R) | 9.99 ÷ 12 ÷ 100 = 0.008325 |
| Loan tenure (N) | 5 years × 12 = 60 months |
Using the formula:
EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N − 1]
EMI = [15,00,000 × 0.008325 × (1 + 0.008325)^60] ÷ [(1 + 0.008325)^60 − 1]
Estimated EMI = ₹31,863 per month
The total repayment over five years would be approximately ₹19,11,791, including ₹4,11,791 in interest.
The final EMI may vary depending on the loan amount, applicable personal loan interest rate, and selected tenure. Using an online personal loan EMI calculator helps you compare repayment options and plan your monthly budget before taking a loan.
Advantages of using the Personal Loan EMI Calculator
Accurate EMI Calculation
Get precise monthly EMI estimates instantly and avoid manual calculation errors.
Quick Results
The EMI calculator provides instant repayment estimates within seconds.
Simple to Use
Just enter basic loan details like amount, tenure, and interest rate, to calculate EMI easily.
Easy Loan Comparison
Compare different loan options, tenures, and interest rates conveniently.
Better Financial Planning
Plan your monthly budget effectively by understanding your repayment obligations in advance.
Time-Saving Tool
The online EMI calculator reduces the time spent on complex calculations.
Flexible Repayment Evaluation
Adjust loan tenure and amount to find a suitable repayment structure.
Improved Borrowing Decisions
The loan calculator EMI tool helps you choose affordable loan options confidently.
Clear Repayment Breakdown
View the total interest payable and overall repayment amount during the loan tenure.
How to adjust your Personal Loan EMI
You can adjust your EMIs as per your requirements:
- Choose a longer loan tenure (up to 60 months with FIRSTmoney) to reduce your monthly EMI amount.
- Opt for a lower loan amount on the basis of your repayment capacity.
- Maintain a strong credit score to secure competitive interest rates.
- Use an EMI calculator to compare different repayment options easily.
- Plan your repayment schedule according to your monthly income and expenses.
Avail low personal loan interest rate starting at 0.83% p.m (equivalent to 9.99% p.a.) & processing fee as low as 0% (on select low amounts).
Avail low personal loan interest rate starting at 0.83% p.m (equivalent to 9.99% p.a.) & processing fee as low as 0% (on select low amounts)
Personal Loan EMI Calculator FAQs
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Does my personal loan EMI remain fixed throughout the loan tenure?
Yes, the EMI amount remains fixed throughout the tenure in low-interest rate personal loans having fixed interest rates. This ensures consistent monthly payments, making it easier for borrowers to plan their finances.
What factors should I consider when using a personal loan calculator?
When using a personal loan calculator, consider the following factors to ensure accurate and effective calculations:
1. Loan Amount: Determine the total amount you wish to borrow. The higher the loan amount, the higher the EMI will be (depending on tenure).
2. Interest Rate: Enter the expected interest rate offered by the lender. A lower interest rate reduces the EMI, while a higher rate increases it. Interest rates can be fixed or floating, which may affect your repayments over time.
3. Loan Tenure: Choose the duration over which you plan to repay the loan. A longer tenure results in lower EMIs but increases the total interest paid over the life of the loan, while a shorter tenure leads to higher EMIs but less total interest.
Can I calculate EMIs for different loan amounts?
Yes, with IDFC FIRST Bank’s FIRSTmoney EMI calculator, you can check EMIs for various personal loan amounts, ranging from ₹10,000 to ₹1 crore. Whether you need an emergency loan or wish to plan for a big expense, you can simply input your desired loan amount, interest rate, and tenure to instantly view your monthly EMIs. It helps you make a better borrowing decision before applying for a personal loan online.
Can I use an EMI calculator for floating interest rate loans?
EMI calculators are most accurate for fixed interest loans like those offered by FIRSTmoney. However, if you’re estimating repayments for floating interest rates, the EMI shown will be approximate, as the rate may change during the tenure. FIRSTmoney personal loans offer fixed interest rates (monthly reducing basis), where interest is applied on the remaining principal amount instead of the original principal amount. This ensures predictable EMIs throughout the loan period and is effectively more affordable.
How accurate are online personal loan EMI calculators?
The online personal loan EMI calculator from IDFC FIRST Bank is designed to provide an accurate estimation of your loan EMIs. It helps you compare loan amounts and repayment periods. The actual EMI may vary based on the loan amount and interest rate you are offered as well as the lender policies.
How do prepayments affect my personal loan EMI?
When you prepay a part of your personal loan, the total outstanding principal decreases. While your EMI may stay the same, the loan tenure shortens, or you may choose to reduce the EMI amount instead.
With FIRSTmoney, you can close your loan by paying the outstanding amount in full without any foreclosure charges. Check the latest fees and charges on FIRSTmoney loans.
What is an amortisation schedule, and how does it relate to EMI calculation?
An amortisation schedule outlines the EMI breakup, showing how much goes towards the interest charges and how much towards the principal amount. It’s a helpful tool to visualise the progress of your personal loan repayment month by month. As you calculate your loan EMIs, FIRSTmoney also shows an amortisation schedule simultaneously, making your loan planning even more streamlined.
What formula is used to calculate a personal loan EMI?
The standard formula used for calculating EMIs is:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months
Can I calculate the total interest payable using an EMI calculator?
Yes, the FIRSTmoney EMI calculator not only shows your monthly instalments but also displays the total interest you will pay in each instalment through the amortisation schedule. This helps you plan repayment strategies like prepayment or choosing a shorter tenure.
Can I use this EMI calculator for top-up personal loans?
Yes, you can use the EMI calculator to estimate the monthly payments for top-up loans by inputting the new loan amount and tenure.
How does the EMI calculator account for part-prepayments?
Advanced EMI calculators may allow you to simulate part-prepayments. When you make a part-prepayment, it reduces the outstanding balance, helping you close your loan faster or reduce your monthly EMI.
Can I use the EMI calculator to compare different loan tenures?
Absolutely. FIRSTmoney’s EMI calculator is designed to help you compare EMIs for different tenures. This comparison helps you select the best tenure based on your monthly income and repayment capability.
How does an increase or decrease in the interest rate affect my EMI?
A change in the interest rate directly impacts your EMI amount. If the interest rate increases, your monthly EMI or loan tenure may increase, depending on the lender’s policy. Similarly, if the interest rate decreases, your EMI amount or repayment tenure may reduce. Loans with floating interest rates are more affected by market fluctuations. However, generally personal loans in India are offered on a fixed interest rate basis. Using an online EMI calculator helps you compare different interest rate scenarios and understand their impact on your monthly repayments before choosing a loan.
How does the loan amount affect my personal loan EMI?
The loan amount plays a major role in determining your EMI. A higher loan amount increases the monthly EMI because the repayment obligation becomes larger. On the other hand, a lower loan amount results in smaller EMIs. The final EMI also depends on the selected tenure and interest rate offered by the lender. A loan calculator EMI tool helps you estimate how different loan amounts affect your monthly instalments and total repayment amount, enabling better financial planning before applying for a loan.
More Personal Loan Calculators to Help You Decide
Personal Loan Eligibility Calculator
• Enter your income and current EMIs to see roughly how much you could borrow.
• Enter your income and current EMIs to see roughly how much you could borrow.
Loan Foreclosure Calculator
• Thinking of closing your loan early? See how much interest you would save.
• FIRSTmoney charges no foreclosure fee, so you pay nothing extra to close early.
EMI Calculator
• Try different loan amounts and tenures, from 9 to 60 months, and see what your monthly EMI comes to.
• It also shows the total interest you would pay. Rates start at 9.99% p.a.
Life Goal Loan Planner
• Pick what you are planning for, such as a wedding or a trip, and see what the EMI would look like.
• Change the tenure until the monthly amount feels comfortable.
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