Personal Loan EMI Calculator
Calculate your personal loan monthly EMI, total interest, and view complete payment schedule instantly.
Personal Loan EMI Calculator
Adjust the sliders or enter values to calculate your EMI
EMI Comparison by Tenure
See how EMI changes with different loan tenures for your loan amount
| Tenure | Monthly EMI | Total Interest | Total Payment |
|---|
How Personal Loan EMI is Calculated
EMI stands for Equated Monthly Installment. It is the fixed monthly payment you make to repay your personal loan. The EMI depends on the loan amount, interest rate, and tenure. Personal loans are usually unsecured, meaning they don't require collateral, which is why their interest rates are generally higher than home loans.
EMI Calculation Formula
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 (Years × 12)
Example Calculation
For a personal loan of ₹5,00,000 at 11.5% p.a. for 5 years:
• P = ₹5,00,000
• r = 11.5 / 12 / 100 = 0.009583
• n = 5 × 12 = 60 months
→ EMI = ₹11,015 (approx.)
→ Total Interest = ₹1,60,900
→ Total Payment = ₹6,60,900
Benefits of Using Our Personal Loan EMI Calculator
Instant Results
Get accurate EMI calculations in seconds
Visual Breakdown
See principal vs interest ratio visually
Amortization Schedule
Complete year-wise payment breakdown
Prepayment Analysis
See how prepayment saves interest
Tips to Reduce Personal Loan EMI
- 1 Maintain a High CIBIL Score: A credit score of 750+ helps you negotiate lower interest rates, which directly reduces your EMI and total interest outgo.
- 2 Choose Shorter Tenure: While longer tenure reduces EMI, it significantly increases total interest. Choose the shortest tenure your budget allows.
- 3 Make Prepayments: Use bonuses or extra savings to make part-prepayments. This reduces the outstanding principal and future interest. Check for prepayment charges first.
- 4 Compare Lenders: Interest rates vary significantly between banks and NBFCs. Always compare offers from multiple lenders before finalizing.
- 5 Opt for Balance Transfer: If another lender offers a substantially lower rate, transferring your loan can reduce EMI and save lakhs in interest.
Current Personal Loan Interest Rates 2025
Compare personal loan rates from top banks in India
| Bank / NBFC | Interest Rate (p.a.) | Processing Fee | Max Tenure |
|---|---|---|---|
| SBI | 11.15% – 15.30% | 1% + GST | 6 Years |
| HDFC Bank | 10.50% – 16.50% | 2.5% + GST | 6 Years |
| ICICI Bank | 10.75% – 16.25% | 2.25% + GST | 5 Years |
| Axis Bank | 11.25% – 17.00% | 2% + GST | 5 Years |
| Kotak Mahindra | 10.99% – 16.49% | 2.5% + GST | 5 Years |
| Bajaj Finserv | 11.00% – 16.00% | Up to 2% + GST | 5 Years |
| PNB | 10.40% – 14.50% | 1% + GST | 5 Years |
| IndusInd Bank | 10.49% – 16.99% | 2.5% + GST | 5 Years |
* Rates are indicative and may vary based on credit profile. Last updated: January 2025.
Personal Loan Eligibility Criteria
Salaried Individuals
- Age: 21–60 years
- Minimum 1 year work experience
- Minimum monthly income: ₹15,000–₹25,000
- CIBIL score: 720+
Self-Employed / Professionals
- Age: 21–65 years
- Minimum 2 years in current business
- Minimum annual turnover: ₹3 Lakh
- CIBIL score: 720+
Documents Required for Personal Loan
Salaried
- Identity Proof (PAN / Aadhaar / Passport)
- Address Proof (Utility Bill / Aadhaar)
- Last 3 months salary slips
- Last 6 months bank statements
- Form 16 / IT Returns
Self-Employed
- Identity Proof (PAN / Aadhaar / Passport)
- Address Proof (Utility Bill / Aadhaar)
- Last 2 years IT Returns
- P&L statement & Balance Sheet
- Business registration proof