Loan Calculator

Use our free Personal Loan Calculator to quickly calculate monthly payments, interest costs, and total repayment. Plan your finances with accurate loan estimates.

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Personal Loan Calculator

Currency

Loan Amount

Loan Term (Years)

Annual Interest Rate (%)

Extra Monthly Payment

Please enter loan amount, term, interest rate, and optional extra payment to view results.

Month	Payment	Principal	Interest	Balance

Note: Calculations are estimates based on standard formulas using average personal loan rates (3-Year: 10.5%, 5-Year: 11.2%, 7-Year: 12.0%) as of August 3, 2025. Actual rates may vary based on credit score and lender. Consult a financial advisor for precise terms. Source: Bankrate, Forbes Advisor.

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Personal Loan Calculator

A Personal Loan Calculator is a vital tool for anyone considering a personal loan, helping you estimate monthly payments (EMI), total interest, and loan affordability. By entering the loan amount, interest rate, and repayment term, you gain clear insights into your financial commitment, ensuring the loan fits your budget.

The calculator uses the EMI formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P is the principal, R is the monthly interest rate (annual rate ÷ 12), and N is the tenure in months. For example, a $10,000 loan at 8% interest over 3 years (36 months) results in an EMI of about $313, with total interest around $1,268. This helps you evaluate affordability and plan finances.

Benefits include budgeting with confidence, comparing loan options, and understanding total costs upfront. It saves time by providing instant calculations and may show savings from extra payments. Features include simple inputs for loan details, amortization schedules showing principal and interest breakdowns, and flexible scenario testing.

To use effectively, verify interest rates with lenders, as they vary by credit score. Include fees like origination costs in your budget. Test different tenures—shorter terms reduce interest but increase EMIs. Use calculators from trusted sources like bank websites for accuracy. Consult lenders for tailored advice. A Personal Loan Calculator empowers you to make informed decisions, ensuring your loan aligns with your financial goals. Calculate your personal loan today for a smarter borrowing plan!

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