Personal loan EMI calculator

Lowest personal loan rates from Indian lenders

Your EMI at each lender for ₹ 5 Lakhs over 3 yrs, at the low and high ends of its public rate band. The low end goes to the strongest profiles; your sanction letter sets your rate.

Lender	Rate band	EMI from	EMI up to	Lender's page
Canara Bank	9.7% to 14.7%	₹ 16,063	₹ 17,259	Get offer ↗: Canara Bank (opens in a new tab)
HDFC	9.99% to 24%	₹ 16,131	₹ 19,616	Get offer ↗: HDFC (opens in a new tab)
ICICI	9.99% to 16.5%	₹ 16,131	₹ 17,702	Get offer ↗: ICICI (opens in a new tab)
Axis	9.99% to 22%	₹ 16,131	₹ 19,095	Get offer ↗: Axis (opens in a new tab)
SBI	10% to 15%	₹ 16,134	₹ 17,333	Get offer ↗: SBI (opens in a new tab)
Bajaj Finserv	10% to 30.5%	₹ 16,134	₹ 21,363	Get offer ↗: Bajaj Finserv (opens in a new tab)
Bank of Baroda	10.4% to 15.75%	₹ 16,228	₹ 17,517	Get offer ↗: Bank of Baroda (opens in a new tab)
PNB	10.5% onwards	₹ 16,251	–	Get offer ↗: PNB (opens in a new tab)
Kotak	10.99% onwards	₹ 16,367	–	Get offer ↗: Kotak (opens in a new tab)

Ordered by lowest advertised rate. Bands checked against each lender's public rate card between 10 Oct 2026 and 11 Oct 2026; they are not live quotes. We are not a lender and do not collect your details: "Get offer" opens the lender's own site. Fees, repo-hike status and public vs private averages are on the personal loan interest rates page.

What this calculator shows

This personal loan EMI calculator estimates monthly EMI and total interest on an unsecured loan. Rates are usually higher than home or car loans, so tenure and fees matter more than the advertised EMI alone.

Use the offer letter rate and the amount you will actually receive after fee deductions. Prefer Manual sliders, or AI mode to describe the loan (for example, personal loan 5 lakh at 12% for 3 years).

How to use this calculator

1. Enter the amount you will actually receive if the lender nets fees from disbursal. Or switch to AI and paste a short personal loan description.
2. Use the offer letter rate for your profile, not a generic starting rate on a bank homepage.
3. Shorter tenures raise personal loan EMI but cut interest sharply at double-digit rates.
4. Cross-check FOIR on the loan eligibility calculator before adding another EMI to your existing loans.
5. If you are sizing 2 lakh or 5 lakh personal loan EMI, change only principal and keep rate and months equal across quotes.

Why personal loan EMI total cost surprises people

Processing fees can add 1% to 3% (sometimes more) before the first EMI. Include that when you compare personal loan offers.

At 11% to 18% rates, each extra year of tenure adds meaningful interest. If cash flow allows, a shorter term often wins on total payable.

Unsecured loans price default risk. Shopping multiple lenders and avoiding several personal loans at once usually beats accepting the first SMS offer.

Personal loan eligibility and the EMI you can keep paying are different checks. FOIR headroom matters before you accept a larger loan.

Personal loan EMI formula, with a worked example

Banks and NBFCs in India work out a personal loan EMI with the same reducing-balance formula used for home and car loans.

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the annual rate divided by 12 and by 100, and n is the number of months. For ₹5 lakh at 12.5% for 3 years, r is 0.01042 and n is 36, which gives an EMI of about ₹16,727.

In month one, interest on the full ₹5 lakh is about ₹5,208, so ₹11,518 of the first EMI repays principal. Because personal loans are short, the principal share rises quickly: by the last year almost all of each EMI is principal. Over 36 months you pay about ₹6.02 lakh, of which ₹1.02 lakh is interest before any fees.

The EMI formula page walks through the math step by step and has a free Excel sheet if you want to check a lender's schedule yourself.

Personal loan EMI for common loan amounts

At 12.5%, every ₹1 lakh you borrow for 3 years adds about ₹3,345 to the monthly EMI.

Use the table for scale, then enter your own offer. Personal loan rates vary far more between borrowers than home loan rates do, so a quote 2% higher or lower than 12.5% is common and moves a 3-year EMI by about 3%.

Each amount has its own page with a tenure table, interest totals and a calculator preset to that figure: ₹1 lakh, ₹2 lakh, ₹3 lakh, ₹5 lakh, ₹7 lakh, ₹10 lakh, ₹15 lakh and ₹20 lakh.

1 to 6 years: how tenure changes EMI and interest

At double-digit rates, each extra year of tenure costs far more than it does on a home loan.

Going from 3 to 5 years cuts the EMI by about ₹5,500 a month and adds about ₹73,000 of interest. Going from 3 to 2 years costs about ₹6,900 more a month and saves about ₹34,000.

Most banks offer personal loans for 1 to 5 years, and some NBFCs go to 6 or 7. Pick the shortest tenure whose EMI still leaves room for savings and an emergency, then check whether the loan lets you prepay without a charge (see below). If it does, a slightly longer tenure with planned prepayments gives you a cushion without much extra cost. If it does not, the tenure you sign is close to the tenure you pay.

Personal loan interest rates at Indian banks

Published starting rates cluster around 10%, but the rate on your offer depends on credit score, employer and income, and can be several points higher.

The low end of each band goes to borrowers with a credit score around 750 or higher who work for a government body, a PSU or a large listed company, often with a salary account at that bank. Self-employed borrowers, newer employers and thinner credit files land in the middle or top of the band. Each bank's page has the details and a calculator preset to its rate: SBI, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, PNB, Kotak, Canara Bank and Bajaj Finserv.

How much a higher rate adds to your EMI

On a 3-year loan the EMI moves only a little with the rate, but total interest moves a lot.

The gap between a 10.5% and an 18% offer is under ₹2,000 a month, which is why a high rate is easy to accept on the phone. Over three years it is about ₹66,000. Pre-approved offers in a banking app are not always the cheapest, so check at least two other lenders before you accept one.

• Check your credit report before you apply and fix errors first. A missed card payment from years ago can still be on it.
• Apply to two or three lenders within a short window rather than many over months. Each application leaves an enquiry on your report.
• Ask your salary-account bank first. Banks usually price their own salary customers lower because they can see the income.

Processing fees and the real cost of a personal loan

Most lenders take the processing fee out of the loan before it reaches your account, so you repay ₹5 lakh but receive less.

The effective annual cost is the rate at which the cash you actually receive grows into the EMIs you pay. A 2% fee turns a 12.5% loan into one that costs about 14.2% a year. RBI requires lenders to give you a Key Facts Statement before you sign, showing this all-in figure as the Annual Percentage Rate (APR), and a fee that is not in the KFS cannot be charged.

If you need a fixed amount in hand, gross the loan up: to receive ₹5 lakh after a 2% fee with GST, you would borrow about ₹5.12 lakh. Enter the amount you will owe, not the amount you receive, in the calculator, and keep the fee in mind when comparing offers.

Source: RBI, Key Facts Statement (KFS) for Loans & Advances (RBI/2024-25/18), 15 April 2024. Accessed October 2026.

Comparing two personal loan offers

The lower rate does not always win. Add the fee to the interest and compare the total.

The 11.5% offer has the lowest EMI and is the most expensive of the three by ₹6,000 to ₹7,500. Line up the same amount and tenure, then compare APR from each Key Facts Statement, or put both offers into the compare loan offers tool with their fees. The guide to comparing loan offers lists what else to check, such as insurance bundled into the loan and foreclosure terms.

Reading your personal loan repayment schedule

Interest is front-loaded, but on a 3-year loan it falls away fast.

More than half of the total interest is paid in the first year. That is why closing a personal loan early saves the most in its first 12 months and very little in its last 12. Open the schedule in the calculator to see your own month-by-month split, or download it as a PDF or Excel file to check against the lender's statement.

Personal loan eligibility on your salary

Lenders size a personal loan by FOIR: the share of your monthly take-home pay that can go to all EMIs together, commonly 40% to 55%.

FOIR limits come from each lender's credit policy, not from RBI, and lenders also set a minimum monthly salary, an age band and a cap on the loan size, often as a multiple of salary. A car loan EMI or a running credit card EMI comes straight off the limit, which is why the right-hand column falls so fast.

The figures assume a 5-year tenure, the longest most banks offer. At 3 years the same EMI supports about a third less. Run your own numbers in the loan eligibility calculator, which takes existing EMIs and the tenure into account, then borrow only what you need: being eligible for ₹11 lakh is not a reason to take it.

Prepaying or foreclosing a personal loan

Whether you pay a charge depends on whether your loan is floating or fixed, and most personal loans are fixed.

For loans sanctioned from 1 January 2026, RBI bars prepayment charges on floating-rate loans to individuals for non-business purposes, with no lock-in. Fixed-rate personal loans are outside that rule: the lender's own policy applies, which commonly means a lock-in of 6 to 12 EMIs and a charge of 2% to 5% plus GST. The charge must be worked out on the amount you prepay and must be stated in the sanction letter and Key Facts Statement.

• Closing early still pays even with a 4% charge, but the saving shrinks fast. After two years it is barely worth it.
• A part payment is often cheaper than full closure. ₹1 lakh paid after 12 months on this loan saves about ₹24,000 of interest and finishes it 7 months early; a 4% charge on that ₹1 lakh is ₹4,720.
• Get the foreclosure letter from the lender before you pay. It shows the exact balance, any charge and the interest up to the closing date.

Source: RBI (Pre-payment Charges on Loans) Directions, 2025, dated 2 July 2025; applies to loans sanctioned or renewed from 1 January 2026. Accessed October 2026.

Personal loan vs credit card debt and card EMI

A personal loan is usually far cheaper than revolving credit card debt, and sometimes cheaper than converting a purchase to card EMI.

Unpaid card balances commonly cost 3.5% to 3.75% a month, about 42% to 45% a year. Clearing ₹2 lakh of card debt over two years at 42% costs about ₹99,000 in interest. A 2-year personal loan at 13% to pay it off costs about ₹28,000 plus a fee of about ₹4,700. That trade works only if the card is not run up again.

Card EMI on a purchase is a different case: rates, fees and foreclosure rules vary by bank and offer, and some are cheaper than a personal loan for small amounts. Compare the fee-inclusive total for the same amount and months with the credit card EMI calculator, and check whether a no-cost EMI offer is available for the purchase.

Flat-rate quotes: the 10% that is really 18%

Some lenders and loan apps quote a flat rate, charged on the full amount for the whole tenure. It looks much cheaper than it is.

A ₹5 lakh loan at 10% flat for 3 years charges ₹50,000 a year, ₹1.5 lakh in total, for an EMI of about ₹18,056. The same EMI on a reducing balance is a rate of about 17.9%. Ask for the reducing-balance rate or the APR from the Key Facts Statement before you compare. The flat vs reducing rate guide shows how to convert one to the other.

Common mistakes when using a personal loan EMI calculator

Most wrong answers come from the inputs, not the formula.

• Entering the amount you receive instead of the amount you owe. The EMI runs on the full sanctioned amount, before the fee is deducted.
• Using the advertised starting rate. Enter the rate on your offer or Key Facts Statement.
• Entering tenure in years where months are expected. Three years is 36 months.
• Comparing offers by EMI alone. A longer tenure or a bigger fee can hide behind a smaller EMI.
• Forgetting insurance sold with the loan. If the premium is added to the loan, the EMI and interest rise with it.
• Planning to prepay without checking the foreclosure clause. On a fixed-rate loan the charge and lock-in can wipe out most of the saving.

Key takeaways

• Processing fees raise effective cost beyond the advertised rate, especially when fees are deducted from disbursal.
• Shorter tenures raise EMI but protect you from long high-interest cycles at double-digit personal loan rates.
• A "from X%" banner is rarely the rate you get: model the offer-letter rate for your profile.
• Taking several personal loans at once can push FOIR past bank comfort even when each EMI looks small in isolation.

Decision tips before you borrow

Treat a personal loan as expensive short-term borrowing. Clear it fast unless the alternative is higher-cost card debt.

• If you can clear the need in under 24 months from cash flow, that often beats a 48-month EMI.
• Prepay when the contract allows: high rates make early principal cuts valuable.
• Avoid rolling personal loans to fund lifestyle spend that outlives the tenure.
• Compare fee-inclusive total payable, not only the smallest personal loan EMI.

₹5 lakh personal loan at 12.5% for 3 years

EMI ≈ ₹16,727. Total payment ≈ ₹6.02 lakh, so interest is about ₹1.02 lakh before fees. A 2% processing fee plus GST is usually deducted at disbursal, so you receive about ₹4,88,200 but repay the full ₹5 lakh, an effective annual cost of about 14.2%. Stretch the same loan to 48 months in the calculator to see how much extra interest a lower EMI buys.

Formula: Standard reducing-balance EMI formula. Add processing fee (often 1% to 3%) on top of total payment, and use the net amount received if fees are deducted at disbursal.

Figures are estimates for education and planning and may differ from your lender’s schedule due to fees, floating rates, or product rules.

Last updated on Oct 11, 2026.