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

Personal loan EMI Calculator

Last Updated 08th Dec 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
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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 Dec 2016

Bank Lowest EMI per Rs. one lakh
Allahabad Bank Rs. 2,298
Andhra Bank Rs. 2,319
Axis Bank Rs. 2,301
Bajaj Finserv Rs. 2,224
Bank of Baroda Rs. 3,423
Bank of Maharashtra Rs. 3,471
Canara Bank Rs. 2,715
Citibank Rs. 2,199
Corporation Bank Rs. 3,391
Dena Bank Rs. 3,369
Federal Bank Rs. 2,699
Fullerton India Rs. 2,834
HDFC Bank Rs. 2,199
ICICI Bank Rs. 2,199
IDBI Bank Rs. 2,286
IDFC Bank Rs. 2,224
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. 2,237
SBI Rs. 2,658
Standard Chartered Bank Rs. 2,199
Syndicate Bank Rs. 2,337
Tata Capital Rs. 1,819
Union Bank of India Rs. 2,348
Vijaya Bank Rs. 2,260
Yes Bank Rs. 2,224

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.
Personal Loan EMI Calculator News - Dec 2016
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
23rd Nov 16 Personal loans rise to 19.3 percent on retail push by banks
The share of personal loans in total credit has increased to 19.3 percent in June, 2016 as compared to 17.9 percent in March, 2016, as per RBI. The increase is seen as a result of shift in focus by lenders towards retail segment and away from corporate segment.
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 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.
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