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Personal Loan EMI Calculator

Calculate your monthly personal loan EMI, total interest outgo, and view the complete repayment schedule.

₹5,00,000
₹10,000₹50L
12%
1%30%
3 years
1yr7yr

Loan Amount

₹5,00,000

Monthly EMI

₹16,607

Total Interest

₹97,852

Total Payment

₹5,97,852

Yearly Repayment Breakdown

₹5,97,852

Yearly Repayment Breakdown data
YearPrincipalInterest
1₹1,47,206₹52,078
2₹1,65,875₹33,409
3₹1,86,912₹12,372
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How Personal Loan EMI Works

Personal loan EMI is calculated using the reducing balance method on the full loan amount — there's no down payment since personal loans are unsecured. The EMI stays constant throughout the tenure, but the interest component decreases each month while the principal component increases. Personal loans typically have higher interest rates (10-24%) than secured loans because there's no collateral.

Current Personal Loan Interest Rates (2026)

  • SBI — 11.00% onwards
  • HDFC Bank — 10.75% onwards
  • ICICI Bank — 10.85% onwards
  • Axis Bank — 10.99% onwards
  • Bajaj Finserv — 11.00% onwards

Actual rates depend on your credit score, salary, employer category, and existing relationship with the bank.

Personal Loan Eligibility Criteria

Most banks require a minimum monthly income of ₹25,000-₹30,000, a credit score of 700+, and at least 1-2 years of work experience. Salaried employees at listed companies often get preferential rates. Self-employed applicants need 2-3 years of ITR history.

Tips to Get the Best Personal Loan Rate

  • Maintain a credit score above 750 — this is the single biggest factor
  • Apply with your salary account bank first for pre-approved offers
  • Keep your total EMI obligations below 50% of monthly income
  • Avoid multiple loan applications in a short period — each triggers a hard inquiry
  • Choose the shortest tenure you can afford — personal loans have high rates, so shorter tenure saves significantly

Frequently Asked Questions

Can I get tax benefits on a personal loan?
Personal loans do not offer tax benefits by default. However, if the loan is used for home renovation, you can claim interest deduction under Section 24(b) up to ₹30,000 per year. If used for business purposes, the interest can be claimed as a business expense.
What is the maximum personal loan amount I can get?
Most banks offer personal loans up to ₹40 lakh, but the actual amount depends on your income, credit score, and existing obligations. A common rule is that your total EMI (including the new loan) should not exceed 50-60% of your net monthly income.
Is prepayment penalty applicable on personal loans?
Yes, most banks charge a prepayment penalty of 2-5% on personal loans, unlike home loans where RBI has prohibited such charges on floating rate loans. Check your loan agreement for specific terms. Some banks waive the penalty after 12 EMI payments.
Personal loan vs credit card EMI — which is better?
Personal loans typically have lower interest rates (10-18%) compared to credit card EMI conversions (14-24%). For amounts above ₹50,000 and tenure beyond 6 months, a personal loan is usually the cheaper option. However, for small amounts with short tenure, credit card EMI may be more convenient.

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