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Personal Loan Calculator - EMI, Fees & Total Loan Cost

Reviewed

Enter details
$
%
years
%
ResultUpdates as you type
Monthly payment (EMI)$487.54
Total interest payable$2,551.32
Origination fee amount$300.00
Total cost of loan$17,851.32
Personal Loan Cost Breakdown
  • Loan principal84.0%
  • Total interest cost14.3%
  • Origination fee amount1.7%

Calculate monthly EMI payments, origination fees, interest costs, and total repayment for personal loans.

Estimate your monthly loan payment (EMI), origination fees, total interest, and total cost before taking out an unsecured personal loan.

What is a Personal Loan Calculator?

A Personal Loan calculator estimates your monthly installment (EMI) and total loan cost for unsecured borrowing. It incorporates origination fees to reveal the true cost of credit.

Factors Affecting Personal Loan Rates

  • Credit Score: Higher credit scores unlock lower interest rates.
  • Debt-to-Income (DTI) Ratio: Lenders evaluate existing monthly debt obligations against income.
  • Loan Term: Shorter loan terms decrease total interest paid despite slightly higher EMIs.

How to use

  1. Enter the loan principal amount requested.
  2. Input the annual interest rate quoted by lenders.
  3. Select your repayment term in years.
  4. Enter any upfront origination or processing fee percentage.
  5. View your exact monthly EMI, total interest, and full loan cost.

Formula

Personal loan monthly payments are computed using the standard fixed-rate amortization equation plus upfront fees.

Monthly EMI FormulaEMI = P × r × (1 + r)^n / ((1 + r)^n − 1)P = loan amount, r = monthly interest rate, n = loan term in months.
Total Loan CostTotal Cost = (EMI × n) + Origination FeeComplete money repaid over the life of the personal loan.

Worked examples

$15,000 personal loan at 10.5% for 3 years with 2% origination fee

Borrowing $15,000 at 10.5% over 3 years yields a monthly EMI of ~$487.49. Total interest is $2,549.64 and the 2% fee ($300) brings total cost to $17,849.64.

$25,000 personal loan at 8.9% for 5 years with no fee

A $25,000 loan at 8.9% for 5 years results in a $517.65 monthly EMI and $6,059 total interest.

Frequently asked questions

What is a personal loan EMI?

Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.

What is an origination fee on a personal loan?

An origination fee is an upfront processing fee charged by lenders (typically 1% to 8% of the loan amount) deducted from your loan disbursement.

What credit score is needed for a personal loan?

A credit score of 670 or higher generally qualifies borrowers for competitive personal loan interest rates.

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