₹13,767 saved
Pay ₹60,000 extra at the start of year 2 and finish 7 months early. Check your loan agreement for a prepayment charge.
Personal loan EMI calculator
A ₹3 lakh personal loan at 12% for 3 years costs ₹9,964 a month, and ₹58,715 in interest overall.
- Verified 26 September 2026
- Formula shown
- By the Accurio.in team
Your monthly EMI
₹9,964 / month
36 monthly payments at 12% a year
- Principal
- ₹3,00,000
- Interest
- ₹58,715
Total you repay₹3,58,715
Try a what-if
3 months sooner
Pay ₹10,961 instead of ₹9,964 and save ₹6,436 in interest.
₹71 a month
What 11.5% instead of 12% saves you, or ₹2,574 over the loan.
See where your money goes
Balance leftInterest paid so farDrag across the chart
Select a year to see its months.
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| ₹88,325 | ₹31,247 | ₹2,11,675 | |
| ₹99,526 | ₹20,045 | ₹1,12,149 | |
| ₹1,12,149 | ₹7,423 | ₹0 |
| Tenure | EMI | Total interest |
|---|---|---|
| 1 year | ₹26,655 | ₹19,856 |
| 2 years | ₹14,122 | ₹38,929 |
| 3 years | ₹9,964 | ₹58,715 |
| 4 years | ₹7,900 | ₹79,207 |
| 5 years | ₹6,673 | ₹1 lakh |
| 6 years | ₹5,865 | ₹1.22 lakh |
| 7 years | ₹5,296 | ₹1.45 lakh |
Compare two offers
Same loan amount. Change the second offer’s rate or tenure to see the real difference.
Offer A 12% · 3 yrs
EMI₹9,964
Total interest₹58,715
Offer B%yrs
EMI₹9,929
Total interest₹57,426
Offer B saves ₹1,288 in interest and ₹35 a month.
How this is calculated
The formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P = loan amount, r = monthly rate (annual rate ÷ 12 ÷ 100), n = number of months.
- Interest is charged each month on the balance still owed.
Assumptions
- The rate stays the same for the whole tenure.
- Processing fees and insurance are not included.
- The prepayment example pays a lump sum at the start of year 2 (after 12 EMIs) and keeps the EMI the same, so the loan ends sooner.
- Any prepayment or foreclosure charge in your loan agreement is not included.
Why is my bank’s EMI slightly different?
Banks round the EMI to the rupee and settle the difference in the last instalment, and some add fees to the loan. The gap is usually a few rupees.
What if a lender quotes a “flat” rate?
A flat rate charges interest on the full loan amount for the whole tenure, even as you repay it, so for the same EMI it is a smaller number than a reducing-balance rate. This calculator uses the reducing-balance method, where interest is charged only on what you still owe. Compare offers on the same basis.
Is a longer tenure better?
It lowers the EMI but you pay more interest overall. The “Other tenures” tab above shows the trade-off for your loan.
Does prepaying help?
An early prepayment cuts the balance that interest is charged on, so it saves the most in the first months of the loan. Check your loan agreement for any prepayment or foreclosure charge before you prepay.
What changed
This calculator uses the standard EMI formula, the one lenders use for a reducing-balance loan. No government rate or limit goes into it, so no rule change affects it. Its method was last checked on 26 September 2026.
Mistakes we have fixed on any page are listed on Corrections.