Dailytrades Financial Tools
Financial calculators by Dailytrades
Plan your financial goals with tools built by Dailytrades - India‘s platform for trading and investment insights.
Personal Loan Calculator
Calculate your Equated Monthly Installment (EMI), total interest payable, and total loan cost for unsecured personal loans.
Personal Loan Amount
₹
Interest Rate (p.a)
%
Loan Tenure (Years)
Yr
Monthly EMI Payable
₹16,488 / mo
Loan Principal₹5,00,000
Total Interest₹93,568
Total Payment₹5,93,568
Understanding Personal Loans & EMI
A Personal Loan is an collateral-free, unsecured credit facility provided by banks and financial institutions for emergency expenses, medical needs, home renovation, wedding costs, or debt consolidation.
Dailytrades Pro Tip for Personal Loans
Keep your total monthly EMIs below 40% of your net monthly salary. Choosing a slightly shorter tenure increases your monthly EMI but saves a significant amount in total interest payable.
Personal Loan EMI Formula
EMI = [ P × r × (1 + r)^n ] / [ (1 + r)^n - 1 ]
Where:
P = Principal Loan Amount (₹5,00,000)
r = Monthly Interest Rate (11.5% / 12 / 100)
n = Tenure in Months (36 months)
Features of Personal Loans
- No Security Required: Unsecured loan requiring no property, gold, or asset collateral.
- Quick Disbursement: Fast digital approval and funds transfer within 24-48 hours.
- Flexible Tenures: Repayment options ranging from 12 months to 84 months (7 years).
Frequently Asked Questions (FAQs)
Yes, most banks allow premature foreclosure or partial prepayment after completing 6 to 12 monthly EMIs, though foreclosure charges (typically 2% to 5% of remaining principal) may apply.