Monthly EMI
Total Interest
Total Payment
Principal vs Interest
Amortization Schedule (Year-wise)
| Year | Principal Paid | Interest Paid | Closing Balance |
|---|
What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator instantly tells you the fixed monthly payment you need to make on an unsecured personal loan, based on the loan amount, annual interest rate, and repayment tenure. Unlike home loans, personal loans carry higher interest rates (10%–24% p.a.) and shorter tenures (1–7 years), making accurate EMI planning especially important.
Personal loans in India are disbursed by banks, NBFCs, and digital lenders without any collateral. The entire EMI calculation runs on your browser — your financial data is never shared with any server.
Personal Loan Interest Rates — Top Indian Lenders (2026)
| Bank / NBFC | Min Rate | Max Rate | Max Amount |
|---|---|---|---|
| HDFC Bank | 10.50% | 24.00% | ₹40 lakh |
| ICICI Bank | 10.65% | 16.00% | ₹50 lakh |
| SBI Xpress Credit | 11.00% | 15.00% | ₹30 lakh |
| Bajaj Finserv | 11.00% | 35.00% | ₹40 lakh |
| Axis Bank | 10.49% | 22.00% | ₹40 lakh |
| Kotak Mahindra | 10.99% | 36.00% | ₹40 lakh |
| Tata Capital | 10.99% | 28.00% | ₹35 lakh |
* Rates as of April 2026. Actual rate depends on credit score, employer category, and income. Always compare before applying.
EMI Table: ₹5 Lakh Personal Loan at Various Rates and Tenures
| Tenure | @ 11% p.a. | @ 14% p.a. | @ 18% p.a. | @ 24% p.a. |
|---|---|---|---|---|
| 1 Year | ₹44,198 | ₹44,944 | ₹45,851 | ₹47,157 |
| 2 Years | ₹23,265 | ₹24,012 | ₹24,957 | ₹26,375 |
| 3 Years | ₹16,370 | ₹17,093 | ₹18,087 | ₹19,626 |
| 5 Years | ₹10,871 | ₹11,634 | ₹12,701 | ₹14,470 |
| 7 Years | ₹8,500 | ₹9,308 | ₹10,444 | ₹12,346 |
Personal Loan Eligibility Criteria in India
- Age: 21–65 years at the time of application
- Employment: Salaried employees (min. 6 months with current employer) or self-employed with 2+ years of business stability
- Minimum income: ₹15,000–₹25,000/month net salary (varies by lender and city)
- CIBIL score: 700+ for best rates; 750+ for premium lenders. Below 650 = likely rejection
- Existing EMIs: Total EMIs (including new loan) should not exceed 40–50% of gross income (FOIR)
Documents Required for Personal Loan
- PAN Card + Aadhaar (KYC)
- Latest 3–6 months' bank statements
- Last 2–3 months' salary slips (salaried) or ITR for 2 years (self-employed)
- Form 16 / Appointment letter (some lenders)
- Passport-size photograph
How to Get a Lower Personal Loan Interest Rate
- Maintain CIBIL 750+ — Pay all existing EMIs and credit card bills on time. Even 6 months of clean repayment history can move you from 14% to 11% rate bracket.
- Apply with your existing bank — Pre-approved personal loan offers from your salary account bank typically carry 1–2% lower rates.
- Borrow a higher amount — Banks often offer lower rates for ₹5–10 lakh+ loans vs ₹1–2 lakh.
- Choose a shorter tenure — 2–3 year loans attract lower rates than 5–7 year loans in many banks.
- Use loan comparison platforms — Platforms like BankBazaar, Paisabazaar do soft-check comparisons without denting your credit score.
Related Personal Loan Tools
- ✅ Personal Loan Eligibility Calculator — Max loan based on salary
- 💰 Personal Loan Prepayment Calculator — Interest saved by paying early
- 🔄 Compare 3 Loan Offers — Side-by-side cost comparison
- 🔁 Loan Foreclosure Calculator — Cost to close your loan early
- 📊 Find Your Hidden Interest Rate — Reverse-calculate the rate in your EMI
Frequently Asked Questions — Personal Loan EMI
What is the EMI for a ₹2 lakh personal loan?
At 13% p.a. for 3 years: EMI ≈ ₹6,745/month. Total interest paid: ₹42,826. Use the calculator above to adjust tenure and rate for your exact offer.
Can I prepay a personal loan without penalty?
Banks with floating-rate personal loans cannot charge prepayment fees per RBI rules. However, most personal loans in India are fixed-rate, and lenders typically charge 2–5% of outstanding principal as a foreclosure fee. Check your loan agreement for specifics. After 12 months, some banks reduce or waive this charge.
What is the difference between interest rate and APR on a personal loan?
The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes all fees — processing charges, insurance premiums, GST — making it the true cost of the loan. Always compare loans using APR or total cost, not just the headline interest rate. A 12% interest loan with ₹15,000 processing fee can cost more than a 13% loan with zero processing fees.
How does credit score affect personal loan EMI?
Credit score (CIBIL) directly determines your interest rate bracket. A borrower with 800+ score may get 10.5% from HDFC Bank, while the same loan to a 680-score borrower could be priced at 20–22%. On a ₹5 lakh 3-year loan, the difference between 10.5% and 20% is ₹14,000+ in additional interest.
Is a personal loan EMI tax deductible?
Generally, no. Personal loan interest is NOT tax-deductible unless the funds are used for: (a) home renovation — eligible for Section 24(b) deduction up to ₹30,000/year, or (b) business investment — may be deductible as a business expense. Always consult a CA for tax planning around loan usage.
What happens if I default on personal loan EMI payments?
Consequences escalate in stages: (1) Penal interest (2–4% extra) kicks in after 30 days of default, (2) CIBIL score drops by 50–150 points, (3) after 90+ days NPA classification triggers aggressive recovery, (4) legal notice and potential civil lawsuit. Communicate proactively with your lender if you face difficulty — many offer restructuring or moratorium options.