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Personal Loan EMI Calculator - Calculate Personal Loan EMI Online (2026)

Loan Amount

₹

50k 1Cr

Interest rate

p.a.

9.99% 36%

Tenure (Months)

Months

9 Months 60 Months

Your Monthly EMI

Total Interest payable

₹28,991

Total Loan Amount

₹2,50,000

Total Amount payable

₹2,28,991

Your loan repayment plan

Disclaimer

Check Your Eligibility

	Other bank	FIRSTmoney
Foreclosure charges	~3.5%	Zero
Processing fee	1% to 3%	Starting at 0%*

Loan amounts up to ₹15 Lakh

10 minute disbursal

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What is a Personal Loan EMI Calculator?

An isometric illustration of a percentage symbol representing personal loan interest rates

A personal loan EMI calculator is a smart and easy-to-use online tool that helps you estimate your monthly repayment before applying for a personal loan. The tool uses details such as the loan amount, personal loan interest rate, and repayment tenure, to determine your expected. This online personal loan EMI calculator gives you clarity on your repayment obligations, helps you compare different loan scenarios, and enables you to make an informed borrowing decision while keeping your budget in control.

IDFC FIRST Bank’s personal loan EMI calculator also offers a complete amortisation schedule based on your entries to give you a clear picture of each monthly repayment. By using this online calculator tool, you can choose a suitable loan plan after comparing various lender offerings.

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.

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Check your Amortization Schedule below

₹1,292

₹833

₹2,124

₹98,708

1.3%

2.6%

3.9%

5.2%

6.6%

7.9%

What factors affect your Personal Loan EMIs?

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 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.

Apply for Personal Loan

How is Personal Loan EMI Calculated?

The personal loan EMI calculator factors in the following three parameters to determine the monthly EMI.

P = Principal loan amount
R = Rate of interest
N = Loan tenure in months

Personal loan EMI calculator, based on these inputs, applies the following mathematical formula to compute the monthly instalment:

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

For instance, if you avail a ₹5,00,000 personal loan at 9.99% p.a for 5 years, you will have an EMI of about ₹10,621.

After you enter your loan details: loan amount, rate of interest, and tenure of the loan, the personal loan calculator will provide you with the total repayment breakdown along with the interest portion, the outstanding amount, and payment so far in the amortisation schedule.

The IDFC FIRST Bank personal loan EMI calculator helps you get an tentative estimate of your EMI and avoid the hassle of manual calculations.

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 9.99% p.a. & processing fee as low as 0% (on select low amounts).

Low personal loan Interest Rate starting at 9.99% & zero processing fee on select loan amounts

View Fees & Charges

Personal Loan EMI Calculator FAQs

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Interest Rate

Eligibility

Multiple-On-Demand Loans

Loan Amount

Does the EMI amount 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 does the EMI change with prepayments?

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.

How does the loan tenure affect the EMI amount?

Your loan tenure significantly influences EMI. For the same loan amount, a longer tenure results in lower EMIs, but more interest paid overall. A shorter tenure increases the monthly EMI but reduces the interest outgo. You should  choose a personal loan tenure  based on your financial planning. With FIRSTmoney, you can select a tenure between 9 and 60 months, giving you the flexibility to balance repayment with affordability.

What is an amortisation schedule in 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 is the formula used in EMI calculation?

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 factor in 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.

Is it mandatory to use the EMI calculator before applying for a personal loan?

No, using an EMI calculator is not mandatory before applying for a personal loan. However, it is highly recommended to use tools like the IDFC FIRST Bank personal loan EMI calculator to get an estimate your EMI basis the loan amount, interest rate, and tenure. This makes it easier for you to plan your finances, compare loan options, and avoid repayment stress later.

How can I reduce my personal loan EMI?

You can reduce your personal loan EMI by choosing a longer repayment tenure, getting a lower interest rate, or making prepayments/foreclosing when possible. A longer tenure spreads the repayment over more months, reducing the EMI amount. A higher credit score can help you qualify for lower interest rates, which also brings down your EMI. Additionally, prepaying a part of your loan reduces the outstanding principal and future interest burden. Do check lender policies before making a prepayment or foreclosure.

With IDFC FIRST Bank’s FIRSTmoney personal loan, features like low interest rates, flexible tenures from 9 to 60 months, and zero foreclosure charges can help you manage and reduce your EMI more effectively.

What happens to EMI if interest rate increases or decreases?

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 loan amount affect EMI calculation?

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.

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