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Personal Loan EMI Calculator

Calculate your monthly personal loan EMI instantly. See total interest payable, repayment schedule, and how different rates and tenures affect your cost.

₹5.00 L
₹50.0K₹50.00 L
12%
130
5 Years (60 months)
17

Your Monthly EMI

₹11,122

per month for 5 years

Principal (75%)
Interest (25%)

Principal

₹5.00 L

₹5,00,000

Total Interest

₹1.67 L

₹1,67,320

Total Payment

₹6.67 L

₹6,67,320

For every ₹100 of principal, you pay

₹33 in interest

Total cost multiplier: 1.33x

EMI = P × r × (1+r)n / ((1+r)n - 1)
Where P = ₹5,00,000, r = 12%/12 = 1.0000%, n = 60 months

How It Works

1

Enter Loan Amount

Set your personal loan amount — from ₹50,000 to ₹50 lakh. Most banks offer ₹50K to ₹40L based on eligibility.

2

Set Interest Rate & Tenure

Adjust the annual interest rate (typical: 10.5%–24%) and repayment tenure up to 7 years.

3

View Repayment Details

See your monthly EMI, total interest cost, and complete year-wise repayment breakdown.

Personal Loan Rates in India (2026)

SBI Personal Loan: 11.00% – 14.50% p.a. | HDFC: 10.75% – 21.50% p.a. | ICICI: 10.75% – 19.00% p.a.

Lowest rates (10.5%–12%) are for salaried employees of top companies with high credit scores (750+)

Self-employed borrowers typically get 1–3% higher rates than salaried professionals

Typical tenure: 1–7 years. Shorter tenure = higher EMI but less total interest. Most opt for 3–5 years

No collateral required — personal loans are unsecured, which is why rates are higher than home/car loans

Processing fee: 1%–3% of loan amount. Some banks waive it during promotional periods

Personal loan interest is NOT tax-deductible (unlike home loan interest), unless used for business or home renovation purposes

Frequently Asked Questions

What is the EMI for a ₹5 lakh personal loan?
At 12% interest for 5 years: EMI = ₹11,122/month. Total interest = ₹1,67,333. Total payment = ₹6,67,333. At 15% for 3 years: EMI = ₹17,330/month. Total interest = ₹1,23,878.
What affects personal loan interest rates?
Credit score (750+ gets the best rates), income level, employer category (top MNCs/PSUs get preferential rates), existing relationship with the bank, loan amount, and tenure. A difference of 2–3% in rate can save lakhs over the loan tenure.
Can I prepay a personal loan?
Yes, most banks allow prepayment after 6–12 months. Prepayment charges range from 2–5% of outstanding principal. Some banks like SBI charge zero prepayment penalty. Always check the prepayment terms before taking the loan.
Is personal loan interest tax-deductible?
Generally no. However, if the loan is used for home renovation, the interest may be deductible under Section 24(b) up to ₹30,000. If used for business purposes, it's deductible as a business expense.
How to get the lowest personal loan interest rate?
Maintain a credit score above 750, apply through your salary account bank, compare rates across 3–4 banks, negotiate (especially if you have a good relationship), apply during festive offers, and choose a shorter tenure.

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