Personal Loan EMI Calculator
Calculate personal loan EMI instantly. Compare HDFC, SBI, ICICI, Bajaj Finance rates from 10.5%. See how CIBIL score affects your rate and total interest payable.
Personal Loan EMI Calculator
Results update instantly
Most personal loans: ₹50,000–₹25L · Max based on salary (10–20× monthly income)
HDFC: 10.5% · SBI: 11% · ICICI: 10.65% · Bajaj Finance: 11% · Rates depend heavily on CIBIL score
These numbers are a solid starting point. Your actual EMI may vary slightly by lender — always confirm before signing.
| Year | EMI Paid | Principal Paid | Interest Paid | Interest % | Balance |
|---|
Personal loans are expensive — at 14%, a ₹5L loan for 3 years costs ₹1.15L in interest. If you have a home loan, consider a top-up loan at 8.5–9% instead. You'd save ₹55,000 in interest on the same ₹5L.
What is a Personal Loan EMI Calculator?
A personal loan EMI calculator helps you plan repayment before borrowing. Personal loans are unsecured — no collateral required — making them the fastest way to access funds for medical emergencies, weddings, travel, or debt consolidation. But they're also the most expensive common loan type, with rates ranging from 10.5% to 24% depending on your lender and credit profile.
Use this calculator to compare what different loan amounts, rates, and tenures cost you in total. Enter the amount you need, the rate your bank has quoted, and the repayment period. You'll see the EMI, total interest, and a month-by-month breakdown instantly.
How to use this calculator
Select your required loan amount using the preset chips (₹1L to ₹40L) or enter your exact figure. Input the interest rate from your bank's offer letter — HDFC currently starts at 10.5%, SBI at 11%, Bajaj Finance at 11%. Choose tenure between 1 and 5 years. Results update instantly. Use the amortization table to see exactly how much goes towards principal vs interest each month.
Personal loan EMI formula
All personal loans in India use the reducing balance method:
P = Loan amount · r = Monthly rate (annual rate ÷ 12 ÷ 100) · n = Months
For a ₹5 lakh personal loan at 14% for 3 years: r = 14 ÷ 1200 = 0.01167, n = 36. EMI = ₹17,087/month. Total interest paid: ₹1.15 lakh.
Key factors that affect your personal loan
CIBIL score: This is the single biggest factor. A score above 750 qualifies you for rates starting at 10.5%. Scores between 700–750 typically add 1–2% to your rate. Below 700, many banks reject outright or charge 18–24%.
Employment type: Salaried employees of reputed companies get the best rates. Self-employed professionals qualify through ITR-based income proof but usually pay 1–2% more. Gig workers and freelancers face the highest rates due to income uncertainty.
Existing obligations: Banks limit total EMI obligations to 40–50% of your net income (FOIR). If you already have a home loan EMI consuming 35% of income, your personal loan eligibility reduces sharply.
ThriftRupee tips for personal loans
Tip 1: Compare the APR, not just the rate. Processing fees of 1–2% add significantly to the true cost. A 12% loan with 2% processing fee costs more than a 13% loan with zero fee for tenures under 2 years.
Tip 2: Consider a home loan top-up first. If you own a home with a running loan, a top-up loan at 8.5–9% is far cheaper than a personal loan at 14%. The paperwork is minimal and funds are available within 48 hours.
Tip 3: Prepay when possible. Unlike home loans, most banks allow personal loan prepayment after 6–12 months, often with a 2–4% penalty. Calculate if the interest saved exceeds the prepayment charge — for tenures above 2 years remaining, it usually does.