Get Personal Loans up to 5 Lakhs in 10 minutes
Get Personal Loans up to 5 Lakhs in 10 minutes
A personal loan EMI calculator is a quick way to understand what a loan costs each month, and overall, before you apply. Enter the amount, interest rate, and tenure to see the estimated EMI, total interest, and total repayment. Trying different tenures helps you find an EMI that fits your budget.
It is a useful planning tool, especially when you weigh the EMI against your salary, essential expenses, and any existing EMIs. One thing to note: the calculator does not include the processing fee or GST, which are deducted before disbursal. Your exact EMI, the processing fee, and all charges appear in the Key Fact Statement before you borrow.
The calculator gives an estimate for planning on a reducing-balance basis. Your actual rate, EMI, processing fee, and net disbursal depend on your credit profile and appear in your Key Fact Statement.
EMI stands for Equated Monthly Instalment, the fixed amount you pay each month until the loan is cleared. Each EMI is made up of interest and principal. On a reducing-balance loan, the interest cost reduces as your outstanding balance comes down. The standard formula is:
For example, here is how the calculation works for a ₹1 lakh loan at an interest rate of 24% p.a. over 12 months:
| Detail | Amount |
|---|---|
| Monthly interest rate | 2% |
| Approx. EMI | ₹9,456 |
| Approx. total interest | ₹13,472 |
| Approx. total repayment | ₹1,13,472 |
These figures include the loan amount and interest only. The processing fee and applicable GST are charged separately and deducted before disbursal.
The calculator is a quick way to test different EMIs. Try different loan amounts and tenures to find one that suits your monthly budget. Remember, a longer tenure may lower the EMI but raises the total interest you pay.
Zype calculates interest on a reducing balance. This means interest is charged only on the amount you still owe. With each EMI, the outstanding balance falls, so the next month's interest is charged on a smaller amount.
A flat rate works differently, because it charges interest on the original loan amount for the entire repayment tenure, even as you repay. That makes a flat rate more expensive. Take a ₹1 lakh loan for 12 months at an interest rate of 24% per annum:
| Interest method | Approx. EMI | Total interest | Total repayment |
|---|---|---|---|
| Reducing balance | ₹9,456 | ₹13,472 | ₹1,13,472 |
| Flat rate | ₹10,333 | ₹24,000 | ₹1,24,000 |
Although both options quote rate of interest rate of 24% p.a., the flat-rate loan costs about ₹10,528 more in interest. When comparing offers, check whether the interest rate is flat or reducing and compare the total repayment, not just the rate of interest shown.
Your EMI depends on three things.
Use the EMI calculator to compare tenures and see which works out best for you. Pick the shortest tenure whose EMI you can comfortably manage once your existing monthly expenses are covered.
The calculator shows three figures, and each helps you judge a different part of the loan:
The processing fee of 2% to 6% is excluded from the calculator. It is deducted before the amount is credited to your bank account.
Once you have decided the amount you want to borrow, check out the ₹10,000, ₹30,000, ₹50,000, and ₹1 lakh personal loan guides for sample EMIs and repayment costs. To find what may fit your income, look at the personal loan guides for a ₹15,000 and a ₹25,000 salary.
The EMI calculator provides a reliable estimate based on the loan amount, interest rate and tenure you enter. Your final EMI may differ if the interest rate offered changes based on your credit profile. Processing fees and GST are charged separately. Check the KFS for your exact EMI, fees and total repayment before accepting the loan.
At an interest rate of 24% p.a. on a reducing balance, the EMI is about ₹10,574 over 24 months, or ₹7,847 over 36 months. Your actual EMI depends on the rate you are offered, which can range from 18% to 34% a year.
At a representative interest of 24% p.a over 12 months, a ₹50,000 loan has an EMI of about ₹4,728, with total interest of roughly ₹6,736. A longer repayment tenure lowers the monthly EMI but raises the total interest.
Yes, a longer tenure lowers the monthly EMI, because the loan is spread over more months. But it raises the total interest you pay. Thus, a lower EMI is not the same as a cheaper loan. Use a calculator to compare EMI over different repayment tenures.
Yes. You can use the calculator without logging in or downloading the app. Try different loan amounts and repayment tenures to compare the EMI and total interest. This can help you choose an EMI that fits your monthly budget before you borrow.
The interest rate charged on Zype for personal loan ranges from 18% to 34% per year and charged on a reducing balance basis. The rate of interest applicable for your loan is based on your credit profile and decided by the RBI registered NBFC disbursing the loan. A processing fee of 2%-6% on the loan amount is applicable, excluding GST. The processing fee applicable is also dependent on your profile. Zype does not charge any fees foreclosure or prepayment of loan. All applicable charges, along with your EMI and total repayment, is disclosed in the Key Fact Statement, which can be reviewed before the loan is disbursed.
Loans are disbursed via RBI-registered NBFCs. Zype is operated by Easy Platform Services Private Limited.
