Personal Loan EMI Calculator

MybankingTips Personal Loan EMI Calculator helps you figure out the best tenure and EMI for your personal loan. It quickly calculates EMI, interest costs, and the total amount payable for different loan amounts, interest rates, and tenures. Knowing your EMI beforehand helps you plan your finances before getting a personal loan. Keep in mind that most lenders may not approve a personal loan if your total EMI payments, including the new loan's EMI, are more than 50% to 55% of your monthly income.

Best Personal Loan Offers

axis bank icon

Axis Bank

Max. Loan Amt.

Up to ₹40L

Rate of Interest

10.49% - 22%

Tenure up to

1-5 Years

Processing Fee

Upto 2%

Check Eligibility
Low Processing Fee
icici bank icon

ICICI Bank

Max. Loan Amt.

Up to ₹50L

Rate of Interest

10.65% - 16%

Tenure up to

1 - 6 Years

Processing Fee

Up to 3%

Check Eligibility
100% Digital Process* Quick Disbursal
idfc first bank icon

IDFC First Bank

Max. Loan Amt.

Up to ₹1Cr

Rate of Interest

10.75% - 36%

Tenure up to

Upto 5 Years

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount 100% Digital Process*
hdfc bank icon

HDFC Bank

Max. Loan Amt.

Up to ₹40L

Rate of Interest

10.50%

Tenure up to

Upto 6 Years

Processing Fee

Up to Rs 4,999

Check Eligibility
Max Loan Amount 100% Digital Process*
Kotak Mahindra Bank icon

Kotak Mahindra Bank

Max. Loan Amt.

Up to ₹10L

Rate of Interest

10.99% - 36%

Tenure up to

Upto 6 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*
indus bank loan icon

IndusInd Bank

Max. Loan Amt.

Up to ₹50L

Rate of Interest

10.49% - 26%

Tenure up to

1-5 Years

Processing Fee

Upto 3%

Check Eligibility
Lowest Income requirement Quick Disbursal
Federal Bank icon

Federal Bank

Max. Loan Amt.

Up to ₹25L

Rate of Interest

11.49% - 17.99%

Tenure up to

Upto 5 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*
aditya birla Bank

Aditya Birla Bank

Max. Loan Amt.

Up to ₹50L

Rate of Interest

30% - 28%

Tenure up to

7 Years

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount 100% Digital Process*
Tata Capital icon

Tata Capital

Max. Loan Amt.

Up to ₹75L

Rate of Interest

10.99% - 35%

Tenure up to

Upto 6 Years

Processing Fee

₹51

Check Eligibility
Low Processing fee 100% Digital Process*
Bajaj Finserv icon

Bajaj Finserv

Max. Loan Amt.

Up to ₹40L

Rate of Interest

11% - 25%

Tenure up to

Upto 8 Years

Processing Fee

Up to 4%

Check Eligibility
Max Tenure 100% Digital Process*
Piramal Finance icon

Piramal Finance

Max. Loan Amt.

Up to ₹50L

Rate of Interest

12.99%

Tenure up to

Upto 5 Years

Processing Fee

Up to 4%

Check Eligibility
Quick Disbursal 100% Digital Process*
money view Bank

Money View Bank

Max. Loan Amt.

₹5L to ₹10L

Rate of Interest

1.33%

Tenure up to

Upto 5 Years

Processing Fee

2% - 8%

Check Eligibility
Max Loan Amount 100% Digital Process*
cashe bank icon

CASHe Bank

Max. Loan Amt.

Up to ₹4L

Rate of Interest

2.25%

Tenure up to

90-540 Days

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount
kreditbee icon

KreditBee

Max. Loan Amt.

Up to ₹4L

Rate of Interest

12.25% - 30%

Tenure up to

Upto 2 Years

Processing Fee

Up to Rs 1,250

Check Eligibility
Quick Disbursal 100% Digital Process*
DMI Finance icon

DMI Finance

Max. Loan Amt.

Up to ₹2L

Rate of Interest

12% - 40%

Tenure up to

Upto 5 Years

Processing Fee

Up to 4%

Check Eligibility
Quick Disbursal 100% Digital Process*

Personal Loan Interest Rates Offered By Partner Banks & NBFCs

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now
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Comparing Personal Loan EMIs of Leading Banks and NBFCs

Lender Interest rate (% p.a.) EMI (Rs.) Loan Amt. – Rs. 5 lakh Tenure – 5 years EMI (Rs.) Loan Amt. – Rs. 1 lakh Tenure – 5 years
HDFC Bank 10.50 onwards 10,747 onwards 2,149 onwards
Tata Capital 10.99 onwards 10,869 onwards 2,174 onwards
ICICI Bank 10.65 onwards 10,784 onwards 2,157 onwards
Bank of Baroda 11.40% – 18.75% 10,648 onwards 2,130 onwards
Axis Bank 10.49 onwards 10,744 onwards 2,149 onwards
Kotak Mahindra Bank 10.99 onwards 10,869 onwards 2,174 onwards
Bank of India 10.75% - 14.75% 10,685 - 11,829 2,137 - 2,366
Canara Bank 10.65% - 15.65% 10,784 - 12,066 2,157 - 2,413
HSBC 9.99% - 16.00% 10,621 - 12,159 2,124 - 2,432
Federal Bank 11.49 onwards 10,994 onwards 2,199 onwards
Union Bank of India 11.35% - 15.45% 10,971 - 12,027 2,194 - 2,405
Bajaj Finance 11.00 onwards 10,871 onwards 2,174 onwards
Punjab & Sind Bank 10.15% - 12.80% 10,660 - 11,325 2,132 - 2,265
South Indian Bank 12.85% - 20.60% 11,338 - 13,414 2,268 - 2,683
UCO Bank 12.45% - 12.85% 11,236 - 11,338 2,247 - 2,268
IDFC First Bank 10.75 onwards 10,809 onwards 2,162 onwards
Bank of Maharashtra 10.00% - 12.80% 10,624 - 11,325 2,125 - 2,265
Indian Overseas Bank 10.85% - 13.00% 11,249 - 11,505 2,250 - 2,301
Karnataka Bank 13.41% 11,707 2,341
IndusInd Bank 10.49 onwards 10,744 onwards 2,149 onwards

Note: Interest rates as of April 2024

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What are the charges applicable on missing your personal loan EMI(s)?

If you miss your personal loan EMI(s) payments, you may incur additional charges on top of the actual EMI amount:

1. Penal Interest Charges:

  • Also known as overdue interest charges.
  • Levied on the overdue EMIs until they are repaid.

2. Cheque/NACH/SI Bounce Charges:

  • These charges are Applicable when a personal loan EMI payment fails due to insufficient account balance or the closure of the account used for payments.
  • Typically a fixed charge imposed each time an automated EMI deduction fails or a post-dated cheque bounces.
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Can my personal loan EMI change during the loan tenure?

Yes, even though your personal loan EMI is typically a fixed amount, it can change during the loan tenure under certain circumstances:

  • In case of loan prepayment: After prepaying your personal loan, you have two options: either decrease your monthly payments for the remaining period or reduce the overall loan duration while keeping the same monthly payments. If your current monthly payments are putting a strain on your finances, you can opt to lower them. However, choosing to shorten the loan duration is generally better as it reduces the total interest you'll pay over the life of the loan.
  • In case of rate change in the floating interest rate: Certain lenders provide personal loans with a floating interest rate, connected to their external benchmark rates. When these benchmark rates change, the applicable interest rate also changes. If the floating interest rate rises and the borrower agrees, the lender might extend the loan tenure while maintaining the same EMIs. However, if the new tenure surpasses the maximum allowed period, the lender may opt to increase your EMI.

What factors affect personal loan EMI?

The main things that impact the total EMI you pay are:

1. Loan Amount: If you borrow more for your personal loan, your monthly payment (EMI) will be higher, assuming the interest rate and loan duration stay the same.

2. Interest Rate: A higher interest rate means higher monthly payments (EMI) and a greater total interest cost over the loan period.

3. Loan Duration: Choosing a longer repayment period results in lower monthly payments (EMI), but it increases the total interest you pay.

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How to reduce personal loan EMI?

To decrease your personal loan EMI payments, you can:

1. Make Prepayments: Whenever you have the opportunity, consider making partial prepayments. This involves paying off a portion of the outstanding loan amount early. You then have the option to either reduce your monthly EMI or shorten the loan tenure. Opt for lower EMIs only if you find it challenging to meet your current payments. Otherwise, reducing the tenure is a wiser choice as it helps you save more on the overall interest cost of the loan.

2. Transferring your personal loan: Another option is to transfer your personal loan to a different lender that offers lower interest rates. Some lenders might also provide a longer tenure for personal loan balance transfers. Before deciding on a balance transfer, conduct a thorough cost-benefit analysis to ensure that the amount saved on interest is significantly more than the costs associated with the loan transfer. You can use an online EMI calculator for a personal loan to assess potential savings on your EMIs before opting for a balance transfer.

FAQs on Personal Loan EMI Calculator

1. What is the formula used for personal loan EMI calculation?

The mathematical formula for calculating personal loan EMI is [P x R x (1+R)^N]/[(1+R)^N-1], where:

‘P’ is the Principal Amount,

‘R’ is the Rate of Interest, and

‘N’ is the Loan Tenure (in months)

Instead of manually calculating your personal loan EMI using the aforementioned formula, use an online personal loan EMI calculator to get quick and accurate results.

2. How can I pay my personal loan EMI?

You can pay your personal loan EMIs by setting up Standard Instructions (SI) or NACH mandate with your bank. Another option is submitting post-dated cheques to your lender. Some lenders even provide the choice of having your EMIs directly deducted from your salary by your employer.

3. What is amortization schedule?

An amortization schedule is a table that shows the breakdown of your EMIs into the interest and principal components over the loan tenure.

4. How can I change my personal loan EMI date?

If you wish to change your personal loan EMI date, get in touch with your lender. The steps to make this change can vary depending on the lender.

5. What are the benefits of knowing personal loan EMI in advance?

Understanding your personal loan EMI before actually taking the loan is beneficial for better financial planning. Calculating your personal loan EMI in advance helps you assess your EMI affordability and determine the optimal loan tenure. This way, you can choose a loan term that suits your needs without compromising your ability to meet other important financial goals each month.

6. What is the EMI for Rs. 3 lakh personal loan?

EMI calculations for a Rs. 3 lakh personal loan at an interest rate of 11% p.a. for various loan tenures are provided below:

Particulars 1 year 3 years 5 years
EMI for Rs. 3 lakh @ 11% p.a. Rs. 26,514 Rs. 9,822 Rs. 6,523
Total Interest Payable Rs. 18,174 Rs. 53,578 Rs. 91,364
Total Amt. Payable Rs. 3,18,174 Rs. 3,53,578 Rs. 3,91,364

7. How much EMI can I get for Rs. 5 lakh personal loan?

EMI calculations for a Rs. 5 lakh personal loan at an interest rate of 11% p.a. for various loan tenures are provided below:

Particulars 1 year 3 years 5 years
EMI for Rs. 5 lakhs @ 11% p.a. Rs. 44,191 Rs. 16,369 Rs. 10,871
Total Interest Payable Rs. 30,290 Rs. 89,297 Rs. 1,52,273
Total Amt. Payable Rs. 5,30,290 Rs. 5,89,297 Rs. 6,52,273

8. What is the EMI for Rs. 20 lakh personal loan?

EMI calculations for a Rs. 20 lakh personal loan at an interest rate of 11% p.a. for various loan tenures are provided below:

Particulars 1 year 3 years 5 years
EMI for Rs. 20 lakhs @ 11% p.a. Rs. 1,76,763 Rs. 65,477 Rs. 43,485
Total Interest Payable Rs. 1,21,160 Rs. 3,57,188 Rs. 6,09,091
Total Amt. Payable Rs. 21,21,160 Rs. 23,57,188 Rs. 26,09,091

9. What method of EMI calculation do most banks use?

Lenders typically use a method called "reducing balance" to figure out the EMI for a personal loan. The online EMI calculators you find on lenders' websites and other platforms also use this method to show you the results.

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