Calculate the monthly EMI, total interest and total outgo on a personal loan, with the outstanding balance at the end of each year.
Enter the sanctioned loan amount, the annual interest rate on a reducing-balance basis exactly as it appears in your Key Fact Statement (KFS), and the tenure in years. In the upfront charges box, add everything you pay at the start: the processing fee plus 18% GST, stamp duty on the loan agreement and any insurance premium paid or deducted upfront.
Formula. EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual rate ÷ 12 ÷ 100 and n is the number of monthly instalments. This is the reducing-balance method used by Indian banks and NBFCs for personal loans.
Worked example (illustrative). ₹5 lakh at 12% for 3 years (36 EMIs) gives an EMI of about ₹16,607. You repay about ₹5,97,858 in EMIs, of which about ₹97,858 is interest. With ₹13,300 of upfront charges (a 2% fee of ₹10,000, GST of ₹1,800 and ₹1,500 of other charges), total outgo is about ₹6,11,158. Because the charges reduce the money you actually receive, the effective annual cost is about 13.9%, not 12%; that is the idea behind the APR in your KFS. After year 1 the balance is about ₹3,52,792.
Limits. Do not enter a flat rate here; convert it first (see flat rate versus reducing balance). Floating-rate loans change when the benchmark is reset. The tool ignores broken-period interest for the first month. For the method, read the EMI calculation guide.
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