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Personal Loan EMI Calculator

Personal Loan Calculator Online

Last Updated 27th Jan 2022

The personal loan EMI calculator is an online tool to estimate monthly EMI and its division into principal and interest during the entire loan tenure. All you need to enter is loan amount, loan tenure, rate of interest, and you can calculate the amount of EMI.

  • Lowest personal loan EMI as on 27 Jan 2022 is ₹ 2,137 per lakh at 10.25% for 120 months.
  • Banks that offer the lowest EMI on personal loans are Axis Bank, ICICI Bank, IndusInd Bank, Kotak Bank, HDFC Bank, Federal Bank, Tata Capital, IDFC First Bank.
  • Use MyLoanCare Personal Loan EMI Calculator to instantly calculate your EMI and get a breakup of principal and interest amount in every installment.
  • Here is an example of personal loan EMI on different loan amounts at different tenures at lowest interest rate of 10.25%.
    Loan Amount1 Year Loan3 Year loan5 Year loan
    ₹ 3 Lakh₹ 26,410₹ 9,715₹ 6,411
    ₹ 5 Lakh₹ 44,016₹ 16,192₹ 10,685
    ₹ 10 Lakh₹ 88,032₹ 32,385₹ 21,370

    Jump to EMI Calculator

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    What is Personal Loan EMI?

    Personal Loan EMI is an equated monthly installment that you have to pay on your personal loan till the end of your loan tenure. The EMI amount consists of both principal and interest amount and is the fixed amount payable at a specific date of calendar month. The EMI on personal loan depends on loan tenure, rate of interest and the principal amount.

    How Does it Work?

    A personal loan calculator uses a simple mathematical formula to calculate your EMI. The formula to calculate loan EMI is given below-

    EMI = [P*R* (1+R)^N/([(1+R)^N]-1)

    In the above formula,
    P = The loan amount that you want to borrow
    r = The rate of interest per month
    n = The tenure of loan repayment in months

    How to Use MyLoanCare Personal Loan EMI Calculator?

    You can calculate EMI on personal loan using a personal loan calculator online on platforms such as MyLoanCare. The calculator is available free of cost and can be accessed anytime, anywhere. It is always better to consider online calculators over manual calculations as the results are more accurate and reliable as chances of errors are less.

    To calculate the personal loan EMI with MyLoanCare personal loan monthly emi calculator perform the below steps:-

    • Visit the website of MyLoanCare.
    • Go to the Personal Loan page and then navigate to Personal loan EMI calculator.
    • Fill in the details like Loan amount needed, Rate of Interest, Loan Tenure.
    • Email ID is a non-mandatory field to get the results on your email.
    • Enter your Mobile number and OTP (One Time Password).
    • Click ‘Submit’.
    • EMI will be displayed for the loan amount, tenure and interest rate which you have filled.
    • You will also get a detailed EMI calculation on your Email id

    Benefits Of Calculating Personal Loan EMI

    If you calculate your personal loan EMI, you can avail the following benefits:

    • Compare personal loan EMI of different banks and avail the loan at the lowest rates.
    • Make a decision about how much you must borrow.
    • Calculating your EMI helps you plan your repayment based on your other obligations.
    • You can prepay the personal loan amount without any penalty or charges.

    Factors Affecting Personal loan EMI

    Some of the factors that impact your personal loan EMI are listed as follows:

    Loan Amount

    This is the amount that a borrower decides to borrow from the bank in the form of a loan and is directly proportional to EMI. Higher the personal loan amount, higher will be the EMI.

    Rate of Interest

    This is the interest charged on the borrowed loan amount. Lower the EMI and lower will be the interest payable.

    Loan Tenure

    This is the period for which you take a loan. Longer the personal loan tenure, lower will be the EMI. Longest loan tenure available across banks in India is 5 years,subject to borrower’s current age and retirement age.

    The following table provides a comparison of EMI for ₹ 1 Lakh loan at different tenures:

    Loan Tenure2 years3 years5 years
    EMI amount for loan amount ₹ 1 Lakh at 10.25%₹ 4,626₹ 3,238₹ 2,137
    Total amount you pay back to the bank including principal and interest₹ 1.22 Lakh₹ 1.35 Lakh₹ 1.66 Lakh
    Interest you have to pay over loan tenure₹ 22,436 ₹ 35,476 ₹ 65,872

    At the lowest interest rate of 10.25%, the lowest EMI for a tenure of 5 years is ₹ 2,137 per lakh. You need to pay an interest of ₹ 65,872 on your loan amount of ₹ 1 Lakh over 5 years.

    If you take a loan for 2 years at the same rate of interest, you will have to pay a higher EMI of ₹ 4,626 and total interest of ₹ 22,436 on your loan amount of ₹ 1 Lakh for 2 years, which is much lesser than what you paid for a 5 years loan.

    Personal Loan Monthly EMI Comparison of Top Banks

    BankLowest Rate Lowest EMI Per LakhMonthly EMI for ₹ 5 LakhMax Tenure
    SBI Personal Loan EMI Calculator
    9.60% ₹ 8,773 ₹ 43,865 72 months
    HDFC Bank Personal Loan EMI Calculator
    10.25% ₹ 8,803 ₹ 44,016 60 months
    ICICI Bank Personal Loan EMI Calculator
    10.25% ₹ 8,803 ₹ 44,016 60 months
    Bajaj Finserv Personal Loan EMI Calculator
    12.99% ₹ 8,931 ₹ 44,656 60 months
    IDFC First Bank Personal Loan EMI Calculator
    10.49% ₹ 8,814 ₹ 44,072 60 months

    What are the Charges Levied on Non-Payment of EMI?

    In case you default on your personal loan EMI, then you have to pay extra charges on the personal loan. The additional charges are:

    Late fee penalty1%-2% of EMI
    Post Dated Cheque (PDC) payment₹ 250 - ₹ 400
    Electronic Clearing System (ECS) payment₹ 100 - ₹ 150

    These charges may vary from bank to bank. If you default on your payments every month, the bank may increase the penalty amount and mark you as a defaulter. This will hit your credit score negatively.

    Personal Loan Amortization Calculator

    Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. The Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

    How to read an amortization schedule

    Suppose if you take a Personal Loan of ₹ 4 Lakh for 2 years from at an interest rate of 10.25%. EMI calculated for this loan amount is ₹ 18,504 and the total annual EMIs to be paid annually is ₹ 2,22,050. The EMI schedule of loan for 2 years is explained below in the table –

    Amortization Schedule for a Personal Loan of ₹ 4 Lakh over the 2 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2022 ₹ 32,248 ₹ 1,89,802 ₹ 2,22,050 ₹ 2,10,198
    2023 ₹ 11,852 ₹ 2,10,198 ₹ 2,22,050 ₹ 0
    In the above illustration, on a Personal Loan of ₹ 4 Lakh, taken at the lowest interest rate of 10.25%, EMI paid is ₹ 18,504 and an annual total of EMIs is ₹ 2,22,050, the interest component is ₹ 32,248 while the principal component is ₹ 1,89,802 in year 1 of loan disbursement. You repay only 47.45% of the total principal after paying 12 EMIs during the first year.


    What is the EMI for ₹ 10 Lakh personal loan?

    The personal loan EMI of ₹ 10 Lakh will be different for different loan tenures as per current lowest personal loan interest rate of 10.25%, the EMI for different tenures is as listed in the table below:

    Tenure Personal Loan 10 Lakh EMI
    2 years₹ 46,260
    3 years₹ 32,385
    5 years₹ 21,370
    10 years₹ 13,354

    What is the EMI for 3 lakhs personal loan?

    The personal loan EMI for ₹ 3 Lakh offered at an interest rate of 10.25% for 5 years will be ₹ 6,411, Whereas the EMI for interest rate 12.99% for 5 years will be ₹ 6,824 and if the rate is 14% for the same tenure and loan amount then EMI will be ₹ 6,980.

    What is the EMI for 5 lakhs personal loan?

    The personal loan EMI for ₹ 5 Lakh will differ for every borrower as the tenure will be different and interest rate will be different. For example if you have to take a personal loan for 2 years at an interest rate of 10.49% then your monthly EMI will be ₹ 23,186. Similarly, if the loan tenure is 4 years and interest rate is 12% then EMI will be ₹ 7,900.

    What is the 15 lakh personal loan EMI?

    15 lakh personal loan EMI will vary from customer to customer based on the applicable rate of interest and loan tenure. For instance, at the lowest rate of 10.25%, the 15 lakh personal loan EMI for 10 years will be ₹ 20,031.

    What is the 30 lakhs personal loan EMI?

    The EMI on a personal loan of ₹ 30 Lakhs will depend on your bank’s interest rate. Considering, you availed of the personal loan at the lowest rate of 10.25%. Thus the lowest EMI per lakh will be ₹ 8,803. You can use a 30 lakhs personal loan EMI calculator to know your EMI hassle-free without any errors.

    How to reduce your personal loan EMI?

    You can reduce your personal loan EMI by opting for prepayment of the personal loan. Thereby, you can pay a part of the principal borrowed amount before the repayment dues, saving the amount from interest payouts. The higher the prepayment; the lower is the outstanding balance.

    Can I pay my personal loan EMI using a credit card?

    Yes, you can pay your personal loan EMI using a credit card. This is because using a cheaper loan to pay off an existing loan is a convenient way to manage expenses. However, ensure that paying off loan EMI using a credit card is not costing you otherwise.

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

    Banks charge a penalty for delaying EMI payment. The amount of penalty for late payment varies from bank to bank and can go upto 3% per month.

    Why is it necessary to calculate EMI beforehand?

    It is important to calculate your EMI in advance to maintain stability in future payments. When you avail a loan, you commit the bank to pay a fixed amount at a 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 a personal loan?

    Tenure affects your monthly EMI. Longer the tenure of personal loan, lower will be your EMI. In general, a personal loan can be availed for a maximum tenure of 120 months. However the same varies across all personal loan lenders.

    What if I fail to repay my personal loan EMI?

    If you fail to repay the personal loan EMI then you will be charged a late fee penalty which ranges between 1%-2% of EMI. Also, a lender will send you a notice after three months and if you are still unable to pay then the lender will declare you as a defaulter.

    Can I pay my Personal Loan EMI in one go?

    Yes, you can pay all your personal loan EMI at one go which is called pre-payment of loan. If you decide to close the personal loan account before the tenure ends then you will have to pay the pre-payment charges which differ for every bank. Generally, the pre-payment charges are upto 5% of the outstanding balance. However, it may vary from bank to bank.

    How to calculate the lowest EMI on your Personal Loan?

    To calculate the lowest EMI on your personal loan, you can use a personal loan emi calculator online. The personal EMI calculator helps you know the amount you need to pay every month based on the personal loan interest rate and loan tenure.

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