Personal Loan EMI Calculator

Calculate your monthly personal loan EMI, total interest payable, and full amortization schedule for unsecured personal loans.

Personal Loan Parameters

Loan Amount (₹)
₹
Annual Interest Rate (%)
%
Loan Tenure (Years)
Yrs

Personal loans are unsecured loans — you do not need to pledge any asset as collateral. This makes them the fastest type of loan to get, often disbursed within 24-48 hours of approval. However, this convenience comes at a cost: personal loans carry the highest interest rates among all retail loan types, typically ranging from 10.5% to 36% annually. They are ideal for emergency expenses (medical bills, home repair), consolidating high-cost credit card debt, financing a wedding or travel, or covering educational expenses. Since there's no collateral, banks rely heavily on your credit score and income stability to decide the loan amount and rate. A CIBIL score above 750 can get you rates as low as 10.5%, while a score below 700 may result in rejection or rates above 20%. Try our Personal Loan vs Credit Card Calculator to compare debt options.

Calculation Summary

Monthly EMI
₹0
Total Interest Payable
₹0
Total Amount Payable
₹0
Month / Year Principal Paid Interest Paid Remaining Balance

How to Calculate Personal Loan EMI

To calculate your personal loan EMI, enter the loan amount you want to borrow, the annual interest rate offered by the bank, and the repayment duration in years. As you drag the sliders or edit the numeric fields, your monthly payment, interest amount, and total cost will recalculate in real-time.

For example, a ₹5,00,000 personal loan at 12% for 3 years will result in a monthly EMI of approximately ₹16,607 and a total interest payable of ₹97,858. If you have extra cash later, you can see how prepaying this loan will save you money by using the Loan Prepayment Calculator.

Personal Loan Interest Rates by Bank

As of 2024-25, personal loan interest rates from prominent banks and financial institutions in India range from 10.50% to 30.00% p.a. Here are current rates for key lenders:

Lenders charge processing fees, typically 1% to 3% of the loan amount, which will increase the actual borrowing cost. Always ask for the APR (Annual Percentage Rate) to compare the total costs fairly.

Personal Loan vs Credit Card — Which is Cheaper?

Many individuals face the choice of using credit card EMIs or a personal loan for high-value expenses. In terms of interest rates, personal loans are significantly cheaper. Credit cards charge standard interest of 36% to 48% annually on outstanding balances, and convert to EMI at rates around 16% to 24%.

Consider a ₹2 lakh debt paid over 24 months: A Personal loan at 14% gives an EMI of ₹9,603 and total interest of ₹30,472. A credit card outstanding balance at 36% results in an EMI of ₹11,576 and total interest of ₹77,824. You save ₹47,352 by choosing a personal loan. Try our dedicated Personal Loan vs Credit Card Calculator to test your own numbers.

Personal Loan EMI Formula

The formula to compute personal loan Equated Monthly Installment is:

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
P: Principal loan amount
r: Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
n: Loan tenure in months
EMI: Equated Monthly Installment

For a ₹5,00,000 personal loan at 12% for 3 years: P = 5,00,000, r = 12/12/100 = 0.01, n = 36. EMI = 5,00,000 × 0.01 × (1.01)³⁶ / ((1.01)³⁶ − 1) ≈ ₹16,607.

Amortization Schedule

A personal loan amortization schedule provides a monthly or yearly breakdown of your payments. Because interest is calculated on the reducing principal balance, the interest portion is highest in the first few EMIs. Over time, as the principal balance decreases, the interest share shrinks and the principal repayment share grows.

Use the collapsible section above to monitor your principal and interest balances, and download it as a CSV file to manage your personal finances.

Frequently Asked Questions

Rates range from 10.5% to 36% p.a. in 2024-25. Bank loans are cheaper (10.5-20%) than NBFC loans (15-30%). Your rate depends on CIBIL score, income, employer category, and loan amount. A higher score above 750 qualifies you for the lowest rates.
Most banks require a minimum monthly net income of ₹15,000 to ₹25,000. Salaried employees working at reputed public sector undertakings or Tier-1 MNCs are preferred and typically secure faster approvals and lower interest rates.
Yes, some NBFCs and fintech lenders offer personal loans to self-employed individuals based on bank statement analysis and Income Tax Returns (ITR). Traditional banks usually require 3-6 months of consecutive salary slips as income proof.
Lenders usually cap the loan amount at 10 to 24 times your net monthly salary. The maximum limit is typically ₹25-40 lakh from traditional banks, while some NBFCs and digital lenders offer up to ₹50 lakh depending on credit evaluation.
Digital-first banks and fintech NBFCs offer instant approvals and can disburse loans within 24 hours. Traditional banks usually take 3 to 7 business days. Pre-approved offers from your existing banking partner can be credited to your account in minutes.
No, personal loan interest is not tax deductible if used for personal expenses like travel or weddings. However, if you prove the loan was utilized for business investments, higher education, or home renovation, you may claim partial deductions under specific tax provisions.