Personal Loan Calculator

See how affordable your dream project is. Plan loan payments with ease.

These offers are no longer available on our site: Chase Freedom Flex℠, Chase Freedom Unlimited®, Bank of America® Premium Rewards® Visa® credit card, Chase Sapphire Preferred® Card, Citi® Secured Mastercard®

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

Written by: Tim Devaney

Whether you’re looking to build credit, get out of debt or earn rewards, we’ve compiled a list of the best credit cards on the market to help you find the right one for your wallet.

FAQ: Editors’ answers

What is EMI?

EMI stands for Equated Monthly Installment. It's the fixed monthly payment you make to the lender until your loan is fully repaid. Each EMI payment includes both principal (the original loan amount) and interest on the outstanding balance. The interest portion is higher in the beginning and gradually decreases over time as the principal amount is paid down. This is called the reducing balance method.

What is a personal loan?

A personal loan is an unsecured loan, meaning you don't need to pledge any collateral to borrow the money. It's typically a short-term loan, with an average repayment period of 3 years. Personal loans are approved based on your creditworthiness and financial situation, and they generally come with higher interest rates compared to secured loans like car loans or home loans.

How to use the Personal Loan EMI Calculator?

The calculator is designed to be user-friendly. Simply enter three key pieces of information: Loan amount: The total amount you want to borrow. Loan term: The duration of the loan (in months). Interest rate: The annual interest rate on the loan. Once you enter these values, the calculator will automatically compute your monthly EMI payment. You can also adjust the sliders to see how changes in loan amount, term, or interest rate affect your EMI.

How is Personal Loan EMI calculated?

Personal loan EMIs are calculated using the reducing balance method, where interest is charged on the remaining loan balance. While the EMI amount stays constant throughout the loan term, the portion going towards principal increases over time, and the interest portion decreases.

The formula used for calculating EMI is:

EMI = P * r * (1 + r)^n / ((1 + r)^n - 1)

What is CIBIL?

CIBIL (Credit Information Bureau (India) Limited) is India's first credit bureau. It maintains a database of borrowers' credit history and provides this information to lenders in the form of credit reports. A good CIBIL score is generally required for loan approval.

We've got you covered.

We treat your data like it's our own.

We don’t share your personal information with unaffiliated third parties for their own advertising or marketing purposes.

We take your security seriously.

We use 128-bit or higher encryption to protect during the transmission of your data to our site.

¹Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the product shown, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.