Personal Loan EMI Calculator - HDFC Bank, SBI, ICICI, Citibank, Kotak, IndusInd, SCB

Personal loan EMI Calculator India

Last Updated 17th Jan 2017
  • Loan amount – Higher the loan amount, higher will be the EMI
  • Rate of interest - Lower the interest rate, lower the EMI
  • Work profile - employees of large companies get lower rates leading to lower EMI
  • CIBIL score - High CIBIL Score helps in getting lower rates on personal loans
  • Loan Tenure - Longer the loan tenure, lower the EMI
Personal Loan EMI Calculator
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Lowest Personal Loan EMI per lakh Jan 2017

Bank Personal Loan EMI Calculator Interest Rates* Lowest EMI per lakh for max tenure
HDFC Bank
4.2/5
167 votes
11.29% - 20.00% Rs. 2,189 for 60 months Explore More
SBI
3.4/5
4 votes
12.50% - 16.60% Rs. 2,658 for 48 months Explore More
ICICI Bank
4.1/5
22 votes
11.59% - 22.00% Rs. 2,204 for 60 months Explore More
Axis Bank
3.9/5
30 votes
13.50% - 24.00% Rs. 2,301 for 60 months Explore More
Bajaj Finserv
3.6/5
25 votes
11.99% - 15.50% Rs. 2,224 for 60 months Explore More
Standard Chartered Bank
3.8/5
7 votes
11.49% - 20.00% Rs. 2,199 for 60 months Explore More
IDFC Bank
4.6/5
5 votes
11.99% - 19.50% Rs. 2,224 for 60 months Explore More
Fullerton India
2.7/5
4 votes
16.00% - 34.00% Rs. 2,834 for 48 months Explore More
Kotak Bank
3.3/5
11 votes
11.50% - 24.00% Rs. 2,199 for 60 months Explore More
Citibank
4.3/5
42 votes
11.49% - 18.00% Rs. 2,199 for 60 months Explore More
IndusInd Bank
4/5
27 votes
11.49% - 19.00% Rs. 2,199 for 60 months Explore More
Bank of Maharashtra
0/5
0 votes
15.10% - 15.10% Rs. 3,471 for 36 months Explore More
Canara Bank
0/5
0 votes
13.65% - 13.65% Rs. 2,715 for 48 months Explore More
Dena Bank
0/5
0 votes
13.00% - 14.00% Rs. 3,369 for 36 months Explore More
Union Bank of India
3.3/5
1 votes
14.40% - 14.40% Rs. 2,348 for 60 months Explore More
Vijaya Bank
0/5
0 votes
12.70% - 13.70% Rs. 2,260 for 60 months Explore More
Yes Bank
0/5
0 votes
11.99% - 20.00% Rs. 2,224 for 60 months Explore More
Tata Capital
4.5/5
1 votes
13.00% - 18.00% Rs. 2,007 for 72 months Explore More
Andhra Bank
0/5
0 votes
13.85% - 15.10% Rs. 2,319 for 60 months Explore More
Allahabad Bank
0/5
0 votes
13.10% - 13.10% Rs. 2,280 for 60 months Explore More
IDBI Bank
0/5
0 votes
13.20% - 13.75% Rs. 2,286 for 60 months Explore More
Indian Bank
0/5
0 votes
14.50% - 17.00% Rs. 3,442 for 36 months Explore More
Indian Overseas Bank
0/5
0 votes
12.70% - 15.25% Rs. 2,260 for 60 months Explore More
PNB
0/5
0 votes
12.25% - 15.25% Rs. 2,237 for 60 months Explore More
Karur Vysya Bank
0/5
0 votes
13.90% - 16.40% Rs. 3,413 for 36 months Explore More
Syndicate Bank
0/5
0 votes
14.20% - 14.20% Rs. 2,337 for 60 months Explore More
Bank of Baroda
0/5
0 votes
14.10% - 14.10% Rs. 3,423 for 36 months Explore More
Federal Bank
0/5
0 votes
13.32% - 15.12% Rs. 2,699 for 48 months Explore More
Corporation Bank
0/5
0 votes
13.45% - 14.45% Rs. 3,391 for 36 months Explore More

Personal Loan Calculator

EMI on Personal Loan

  • The monthly amount calculated by the EMI calculator for personal loan is the fixed money you pay to the bank towards payment of principal and interest
  • For a personal loan at 12.99% interest rate, the lowest EMI per Rs. one lakh loan amount is as below. However, the total interest you pay to the bank will increase with increase in loan tenure.
Loan Tenure 2 years 3 years 5 years
EMI amount for loan amount Rs. 1 lakh at 12.99% Rs. 4,754 Rs. 3,369 Rs. 2,275
Total amount you pay back to the bank including principal and interest Rs. 114,089 Rs. 121,281 Rs. 136,488
Interest you have to pay over loan tenure Rs. 14,089 Rs. 21,281 Rs. 36,488

Personal Loan EMI Calculator Formula

Apart from online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate personal loan EMI is
P*r* (1+r)^n/([(1+r)^n]-1)
P represents the principal amount that you want to apply for
r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
n is the tenure of loan in months

Personal Loan Interest Calculator – Impact on EMI

Flat rate method Vs reducing balance method
Your loan EMI will be higher in case of loan on flat rate while EMI will be lower with reducing rate.
Flat interest rate: Here the interest is calculated on the original principal amount for the entire period. So, if you opt for a personal loan of Rs. 5 lakhs at 12.50% flat rate of interest for a period of 3 years, the EMI will be Rs. 19,097. Here, the total interest per year will be 500,000* (12.50/100) = 62,500. Thus, total interest in 3 years = 62,500 * 3 = 187,500. This interest along with principal amount is distributed over the entire loan period to arrive at monthly EMI. Here the impact of repayment of capital is not considered.
Reducing balance method: In this method, the interest rate is charged only on the outstanding amount of the loan. Generally in this case the interest rate is higher than the flat rate but actually it may turn out to be cheaper as the interest is paid only on the remaining principal amount. Every month some part of EMI goes towards principal amount, thus the interest is charged on the remaining amount. Hence there will be a gradual reduction of the principal amount and as a result of the same interest will be applicable on the lesser amount. So, if you opt for a personal loan of Rs. 5 lakhs at 12.50% rate of interest for a period of 3 years, the EMI will be Rs. 16,727.

Personal Loan EMI - Modes of Payment

  • The most convenient way of paying a personal loan EMI is by way of ECS mandate in favor of the bank from whom the personal loan has been availed
  • Note that it is not necessary to hold a bank account with the same bank. One can issue an ECS mandate from one’s salary account or normal bank account
  • Key benefit of paying EMI through ECS is that there is no risk of cheque bouncing due to signature mismatch or any technical issue
  • Other modes can include post dated cheques and payments by demand drafts, though these are rarely used nowadays

Frequently Asked Questions on EMI Calculator Personal Loan

What if I miss EMI payment or there is an ECS bounce?

If you miss your EMI payment or if there is an ECS bounce then bank may charge a penalty. In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.

What if I get delay in paying the personal loan EMI?

Banks charges penalty for delaying EMI payment. The amount of penalty varies from bank to bank.

Why it is necessary to calculate EMI beforehand?

It is important to calculate your EMI in advance to maintain stability in future payments. When you avail loan, you promise the bank to pay a fixed amount at fixed date every month. So, before availing the loan you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.

Does the loan tenure affect my EMI for personal loan?

Personal loan can be availed for maximum tenure of 5 years. Tenure affects your monthly EMI. Longer the tenure of personal loan, lower will be your EMI.

How MyLoanCare EMI calculator helps in calculating EMI?

MyLoanCare EMI calculator calculates the EMIs of different banks as per the details entered by you. You can easily compare the EMIs and opt for the best option. You also get to know about the interest charged on loan amount entered.
Personal Loan EMI Calculator News - Jan 2017
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
17th Jan 17 Yes Bank hired Silicon Valley based Gunshup to develop banking chatbot for loan offerings
Yes Bank has announced a partnership with Silicon Valley based Gunshup (a bot platform) to develop its chatbot named as YES mPOWER. The chatbot will facilitate customers to perform transactions on various social messengers. Customers will also get full information about various loan products (personal loan and mortgage loan) of the bank on the platform.
14th Jan 17 Retail loan applications fall 31 percent after demonetization
CIBIL in its report has highlighted a decline in volume of retail loan applications to 31 percent during 1st November to 31st December, 2016. The volume of retail loan application has dropped to 10.3 million as compared to an expected 14.9 million during the two month tenure after demonetisation.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
12th Jan 17 CIBIL reports a slowdown in retail loan portfolio of banks post demonetization
CIBIL in its report has highlighted a decline in demand for consumer durable loans and auto loans by 60 and 43 percent respectively during November and December this year as compared to previous year. The volume of loan applications has reduced across various loan segments and has been reported at 12 lakh, 16 lakh and 15 lakh for categories of consumer durable loans, personal loans and auto loans respectively during the two months period post demonetization.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.