What is Personal Loan?
A personal loan is an unsecured loan — no collateral required — typically used for weddings, medical needs, travel or debt consolidation. Because it's unsecured, interest rates are higher (usually 10–24%) and tenures shorter (1–5 years).
Formula
Same EMI formula as any amortizing loan:
EMI = P × r × (1 + r)^n / [(1 + r)^n − 1]
How to use this calculator
Enter the loan amount you need, the interest rate the bank or NBFC has quoted, and your preferred tenure. Shorter tenures cost less in total interest, but the EMI is heavier — pick a tenure where the EMI fits comfortably under 30–40% of your monthly take-home.