What the loan really costs each month.

Personal loan EMI is the fixed monthly payment that covers both principal and interest over the loan term. Personal loans are typically 1-7 year terms with rates of 6-25% depending on credit quality. This calculator shows EMI, total interest, and full cost.

For 10,000 at 10% over 36 months: EMI is 323, total interest 1,614, total paid 11,614. Reducing to 24 months raises EMI to 461 but drops interest to 1,073. Shorter terms save money but compress monthly budget.

Personal loan rates vary with credit score and purpose. Debt consolidation rates are often lower (lender knows it reduces their risk). Medical or home improvement rates can be slightly higher. Credit union loans typically undercut bank rates by 2-5 percentage points for equivalent borrowers.

Run it with sensible defaults

Using loan amount of 10,000, interest rate of 10%, term of 36, the calculation works out to 322.67. Nudge the inputs toward your own situation and the output recalculates instantly. The defaults are meant as a starting point, not a recommendation.

The levers in this calculation

The inputs — Loan Amount, Interest Rate, and Term (Months) — do not pull with equal force. Not every input has equal weight. Flip one at a time toward extreme values to feel which ones move the needle most for your situation.

How the math works

Standard amortisation formula for fixed-rate personal loans. The working is transparent — you can verify every step yourself in the formula section below. No black box, no opaque "proprietary model".

Using this to stay on track

The most common failure mode isn't the plan itself — it's letting the balance creep back up while you're paying it down. Set a rule: no new debt added to the same account until the balance is zero. The calculator is only useful if the number it shows doesn't keep resetting.

What this doesn't capture

Real payoff journeys include missed payments, fee changes, balance transfers, and promotional rates that reset. The calculation assumes a steady plan; reality is rarely that clean. Use the figure as the best-case plan against which actual progress gets measured.