Personal loans need no collateral, which is exactly why lenders charge higher rates — typically 10–24% per annum in India. Before you borrow, check the exact EMI and total interest so the real cost of that convenience is clear.
The amount you want to borrow.
Monthly EMI
₹16,607
Fixed payment due every month.
Estimates only. Actual EMIs depend on your lender's exact terms, processing fees, foreclosure charges and rounding. This is not financial advice.
Personal loan EMI uses the reducing-balance formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Because there is no collateral, the rate is the main lever — a 2% difference on a ₹5 lakh loan changes total interest by tens of thousands. Compare the total interest, not just the EMI.
Borrow ₹5,00,000 at 12% per annum for 3 years (36 months):
At 16% instead of 12%, the same loan would cost about ₹1,32,900 in interest — roughly ₹35,000 more for the identical principal.
Monthly EMI is fixed for the tenure on most personal loans. Total interest reveals the price of unsecured borrowing — always sanity-check it against the principal. Total payment is everything you will repay.
Add the processing fee (typically 1–3% plus GST) to the total interest to get the loan's true cost, and avoid borrowing for depreciating consumption if you can.
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Content last reviewed on 2026-10-06.