Personal Loan EMI Calculator
Monthly EMI · Total Interest · Amortization Schedule
Enter your loan amount, interest rate, and tenure to instantly calculate your monthly EMI, total interest, processing fee, effective loan cost, and a full amortization schedule — year-wise or month-wise.
Monthly EMI
₹ 17,089
for 3 years (36 EMIs)
Loan Breakdown
Quick Insights
Interest ÷ Principal
you pay this much extra per ₹100 borrowed
Effective Annual Cost
includes interest + processing fee
Interest in Month 1
most interest is front-loaded
Planning to repay early?
See how much you save by foreclosing before the full tenure.
Foreclosure Calculator →Personal Loan Interest Rates — Major Banks (2026)
Indicative ranges. Actual rate depends on credit score, income, employer profile, and loan amount.
| Bank / NBFC | Min Rate | Max Rate | Max Amount | Max Tenure |
|---|---|---|---|---|
| SBI | 12.65% | 15.20% | ₹20 L | 6 yr |
| HDFC Bank | 10.90% | 24.00% | ₹40 L | 6 yr |
| ICICI Bank | 10.90% | 19.00% | ₹50 L | 6 yr |
| Axis Bank | 11.00% | 22.00% | ₹40 L | 7 yr |
| Kotak Mahindra | 10.99% | 36.00% | ₹40 L | 6 yr |
| IndusInd Bank | 10.49% | 33.00% | ₹50 L | 7 yr |
| IDFC FIRST Bank | 10.99% | 36.00% | ₹1 Cr | 7 yr |
| Bajaj Finance | 11.00% | 35.00% | ₹40 L | 8 yr |
Source: lender websites as of August 2026. Rates subject to change without notice.
How Personal Loan EMI Is Calculated
A personal loan uses the reducing-balance EMI formula: each month's interest is charged only on the outstanding principal — not the original loan amount. This means the interest component of each EMI decreases over time while the principal component increases, even though the EMI itself stays constant throughout the tenure.
The formula is: 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 number of months.
Unlike home loans, personal loans are unsecured — no collateral is pledged. Lenders compensate for this higher risk with higher interest rates (typically 10.49%–36% vs 8%–10% for home loans) and shorter maximum tenures (up to 7–8 years vs 30 years). The processing fee (1–3% of the loan amount) is deducted upfront from the disbursed amount and should be factored into the effective borrowing cost.
Frequently Asked Questions
What is the EMI formula for a personal loan?
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], where P = principal, r = monthly rate (annual rate ÷ 12 ÷ 100), n = number of EMIs. The calculator above uses this exact formula.
What are current personal loan interest rates?
As of August 2026, rates range from 10.49% (IndusInd Bank, best-profile borrowers) to 36% (Kotak / IDFC FIRST for lower credit scores). A CIBIL score above 750 and a salary account with the lender typically secures the lowest rate.
What is the processing fee and how does it affect cost?
The processing fee is a one-time charge of 1–3% of the loan amount, deducted at disbursement. On a ₹5 lakh loan with a 2% fee you receive ₹4.90 lakh but repay ₹5 lakh. Enter the fee percentage in the calculator to see its impact on your total cost.
Should I choose a longer or shorter tenure?
Shorter tenure → higher EMI but far less total interest. Longer tenure → lower EMI but significantly more interest paid overall. Use the tenure slider to find the tenure where the EMI is comfortable without paying excessive interest.
Can I foreclose or prepay a personal loan early?
Yes, after a lock-in period (typically 6–12 EMIs). Personal loans are usually fixed-rate, so a foreclosure penalty of 2–5% on the outstanding balance may apply. Use the Loan Foreclosure Calculator to quantify the net savings after the penalty.
Does a personal loan affect my CIBIL score?
Yes, in two ways. First, applying for a loan triggers a hard inquiry which may reduce your score by 3–5 points temporarily. Second, if you repay all EMIs on time, a personal loan can improve your score over time by demonstrating repayment discipline. Missed or late payments, conversely, significantly damage your score.