Personal Loan Calculator
Personal loan monthly payments, decoded.
Shopping for a personal loan? Enter the amount you want to borrow, the annual rate you're offered and the repayment term to see your exact monthly payment. Compare two or three offers here before you apply — the cheapest monthly payment isn't always the cheapest loan.
How it's calculated
Uses the standard reducing-balance EMI formula: payment = P × r × (1+r)^n / ((1+r)^n − 1), with r the monthly rate and n the term in months.
Frequently asked questions
Personal loan vs credit card — which is cheaper?
Personal loans almost always win: typical rates are 8–15% versus 20%+ on credit cards, and the fixed term forces the balance to zero. Run both scenarios through the debt payoff calculator to compare.
Does applying hurt my credit score?
A single hard inquiry dings your score slightly and temporarily. Rate-shopping multiple lenders within a short window (usually 14–45 days) is typically counted as one inquiry by scoring models.
What fees should I watch for?
Origination fees (1–8% of the loan), late fees and prepayment penalties can dwarf rate differences. This calculator shows the payment on the amount borrowed — add fees to the principal for the true picture.