FREE CALCULATOR
Personal Loan EMI Calculator India
See the true cost of your personal loan — monthly EMI, total interest, and actual APR after processing charges — before you sign.
- Calculate EMI for personal loans from ₹50,000 to ₹50 lakh across tenures from 1 to 7 years.
- Add processing fees (typically 1–3%) to see your real APR — not just the advertised interest rate.
- Compare the total interest cost across different loan amounts and tenures in seconds.
Loan Details
Optional — Typical range: ₹30,000 – ₹2,00,000
Your Monthly EMI
₹11,122.22
for 61 months
Total Interest
₹1.67 L
Total Amount
₹6.67 L
Principal
₹5.00 L
Amortization Schedule
* This calculator provides estimates only. Actual values may vary based on your specific loan terms, bank policies, and applicable regulations. Consult your bank and tax advisor for accurate figures.
How Is EMI Calculated?
Every loan EMI in India is calculated using the reducing-balance method. The formula is:
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1]
- PPrincipal — the loan amount you borrow
- rMonthly interest rate — annual rate ÷ 12 ÷ 100 (e.g. 8.5% p.a. → 0.007083 per month)
- nTenure in months — e.g. 20 years = 240 months
Worked example: ₹50 lakh at 8.5% for 20 years — r = 0.007083, n = 240. EMI = 50,00,000 × 0.007083 × (1.007083)²⁴⁰ ÷ [(1.007083)²⁴⁰ – 1] ≈ ₹43,390/month. Total interest paid over 20 years ≈ ₹55.3 lakh — more than the original principal.
Sample EMI Reference Table
| Loan Amount & Rate | 1 year | 3 years | 5 years |
|---|---|---|---|
| ₹1 lakh @ 12% | ₹8,885 | ₹3,321 | ₹2,225 |
| ₹3 lakh @ 13% | ₹26,870 | ₹10,108 | ₹6,828 |
| ₹5 lakh @ 14% | ₹44,940 | ₹17,090 | ₹11,634 |
| ₹10 lakh @ 15% | ₹90,258 | ₹34,665 | ₹23,790 |
EMI figures at the stated rates. Rounded to nearest ₹10. Use the calculator above for your exact EMI.
What Affects Your EMI?
Interest rate — personal loans carry the highest rates among retail loans (10–24%); your CIBIL score is the primary driver.
Tenure — short tenures (1–7 years) mean even small rate differences create large EMI and total-cost gaps.
Processing fee — 1–3% upfront substantially increases your effective APR, especially on shorter tenures.
Employment type — salaried employees at reputed firms consistently get lower rates than self-employed borrowers.
FOIR — your Fixed Obligation to Income Ratio must stay below 50–55% for most lenders to approve.
Tips to Lower Your EMI
A CIBIL score above 750 qualifies you for rates 2–4% lower than a 650 score — a large difference on a high-rate short-tenure loan.
Avoid the maximum tenure — you pay significantly more total interest even though the monthly EMI looks smaller.
Use the prepayment option after year 1 (when lock-in expires at most banks) to dramatically cut your interest burden.
Compare in-hand disbursement after fees — some lenders advertise low rates but charge 3% processing fees, making them costlier.
Frequently Asked Questions
What is the EMI for a ₹5 lakh personal loan?
For a ₹5 lakh personal loan at 14% for 3 years, the EMI is approximately ₹17,090 per month. For a 5-year tenure, the EMI drops to ₹11,634 but you pay about ₹1.2 lakh more in total interest.
What is the EMI for a ₹10 lakh personal loan?
For a ₹10 lakh personal loan at 15% for 3 years, the EMI is approximately ₹34,665 per month. At 12% for 5 years, the EMI is ₹22,244. Rates vary significantly based on your credit profile.
How is personal loan EMI calculated?
Personal loan EMI uses the standard formula: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ – 1], where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months.
What CIBIL score is needed for the lowest personal loan rate?
Most banks offer their lowest personal loan rates (10–12%) to borrowers with CIBIL scores above 750. Between 700–750, rates typically range from 13–16%. Below 700, rates can exceed 18%.
Can I prepay a personal loan early?
Yes. Most banks allow full or partial prepayment after 6–12 months (lock-in period). Prepayment charges are typically 2–4% of the outstanding principal. On a high-interest personal loan, prepaying early almost always makes financial sense.