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

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Personal loan EMI Calculator

Last Updated 24th Oct 2016

  • Loan amount – Higher the loan amount, higher will be the EMI
  • Rate of interest - Lower the interest rate, lower the EMI
  • Work profile - Salaried or Self-employed. Banks offer pesronal loans at lower rates to employees of large companies leading to lower EMI
  • CIBIL score - Higher the CIBIL Score, more are the chances of getting the personal loan at lower rate and hence lower will be the EMI
  • Loan Tenure - Longer the loan tenure, lower the EMI. Longest personal loan tenure available is 5 years (60 months)
Personal Loan EMI Calculator

What is the 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 EMI per Rs. one lakh loan amount is as below:

Lowest Personal Loan EMI per lakh in India Oct 2016

Bank Lowest EMI per Rs. one lakh
Allahabad Bank Rs. 2,304
Andhra Bank Rs. 2,324
Axis Bank Rs. 2,405
Bajaj Finserv Rs. 2,340
Bank of Baroda Rs. 3,423
Bank of Maharashtra Rs. 3,471
Canara Bank Rs. 2,715
Capital First Rs. 3,516
Citibank Rs. 2,199
Corporation Bank Rs. 3,394
Dena Bank Rs. 3,369
Federal Bank Rs. 2,705
Fullerton India Rs. 2,898
HDFC Bank Rs. 2,199
ICICI Bank Rs. 2,199
IDBI Bank Rs. 2,286
Indian Bank Rs. 3,442
Indian Overseas Bank Rs. 2,260
IndusInd Bank Rs. 2,199
Karur Vysya Bank Rs. 3,413
Kotak Bank Rs. 2,199
PNB Rs. 2,247
SBI Rs. 2,658
Standard Chartered Bank Rs. 2,224
Syndicate Bank Rs. 2,337
Tata Capital Rs. 1,846
Union Bank of India Rs. 2,207
Vijaya Bank Rs. 2,260
Yes Bank Rs. 2,327

Personal loan EMI for 2, 3 and 5 Years

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

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. 19097. Here the total interest per year will be 500000* (10/100) = 50000. Thus total interest in 2 years = 50000 * 2 = 100000. 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. 16727.
*My Finance Care Advisors Pvt. Ltd., or 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 to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
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Personal Loan EMI Calculator News - Oct 2016
18th Oct 16 Citibank gives special Diwali offers on personal loans
Citibank personal loan offers reduction in rates to 11.49 per cent for digital channels and online applications made at MyLoanCare. Bank offers 0.50 per cent discount on processing fee and an Amazon Gift Voucher of Rs. 250 for loans disbursed till 3rd November, 2016. Also, get a Flipkart Gift Voucher upto Rs. 2500 on applying through MyLoanCare.
11th Oct 16 Fullerton India gives special offers on personal loans
Fullerton India has come out with special offers on personal loan in this festive season for the people of Andhra Pradesh and Telangana. Fullerton India is offering 0.5 per cent waiver on personal loan interest rates and special gifts for high value loans. The company is also offering 50 per cent waiver on processing fees of personal loan to women applicants. The offer is valid from October 1, 2016 till Diwali.
04th Oct 16 Tata Capital introduces Happy Hours for personal loans
Tata Capital introduces Happy Hours named social media promotion for its personal loans product. During the Happy Hours the prospective buyers can apply for the loan with ZERO processing fees for the limited period of 6 hours only. The promotional offer of personal loans will exclusively be available on the social media pages of Tata Capital. They have successfully completed two rounds of Happy Hours and the next round will be on 5th October, 2016 from 1 PM to 7 PM only.
27th Sep 16 Tata Capital Witnesses an Uptake in Personal Loans
Tata Capital has seen a heavy growth in retail loans, especially personal loans in the current financial year. Tata Capital has noticed a 68 per cent jump in the number of personal loans disbursed between April to July to over Rs. 220 crores in the current fiscal from Rs.130 crore in the last fiscal.
06th Sep 16 Federal Bank launches Digital Personal Loans
Federal Bank has launched Digital Personal Loans for its customers to avail personal loans instantly with minimal paper work. Now customer can get personal loans in a minute by just logging into its website. The loan money will be credited to the account of the customer after the approval of the offer by the borrower. This is the third digital retail loan scheme offered by the bank after car loan and loan against term deposit.