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Personal Loan EMI Calculator

Personal Loan Calculator

Last Updated 11th Jul 2020

  • Lowest personal loan EMI as on 11 Jul 2020 is ₹ 2,149 per lakh.
  • Banks offering lowest EMI on personal loan are ICICI Bank, Kotak Bank, Citibank, Bank of Baroda, HDFC Bank, IDFC First Bank.
Loan Amount1 Year Loan3 year loan5 year loan
₹ 3 Lakh₹ 26,445₹ 9,751₹ 6,448
₹ 6 Lakh₹ 52,889₹ 19,501₹ 12,896
₹ 12 Lakh₹ 1,05,778₹ 39,003₹ 25,793
Personal Loan EMI Calculator
Lowest Interest Rate

Personal Loan EMI All Banks Jul 2020

BankLowest EMI per lakh Max Tenure
SBI Personal Loan ₹ 1,919 72 months
HDFC Bank Personal Loan ₹ 2,162 60 months
ICICI Bank Personal Loan ₹ 2,162 60 months
Bajaj Finserv ₹ 2,275 60 months
Citibank ₹ 2,149 60 months
IDFC First Bank ₹ 2,162 60 months
Axis Bank ₹ 2,174 60 months
Tata Capital ₹ 1,916 72 months
Fullerton India ₹ 2,633 48 months
IndusInd Bank ₹ 2,174 60 months
Kotak Bank ₹ 2,572 48 months
RBL Bank ₹ 2,326 60 months
IIFL ₹ 2,275 60 months
HDB Financial ₹ 2,326 60 months
Andhra Bank ₹ 2,202 60 months
Yes Bank ₹ 2,174 60 months
Muthoot ₹ 2,327 60 months
Standard Chartered Bank ₹ 2,174 60 months
Bank of Baroda ₹ 2,149 60 months
Union Bank of India ₹ 2,174 60 months
Canara Bank ₹ 2,683 48 months
Bank of Maharashtra ₹ 2,167 60 months
IDBI Bank ₹ 2,224 60 months
Allahabad Bank ₹ 2,232 60 months
Federal Bank ₹ 2,608 48 months
Karur Vysya Bank ₹ 3,321 36 months
Syndicate Bank ₹ 2,296 60 months
Corporation Bank ₹ 3,367 36 months
PNB ₹ 2,199 60 months
Indian Overseas Bank ₹ 2,199 60 months
Indian Bank ₹ 3,276 36 months

Personal Loan EMI

A personal loan is an accessible credit facility that many people borrow to fulfill credit requirements. These expenses could range from necessities to luxuries, and from a wedding or medical expenses to vacations. However, just like all borrowing, a personal loan needs to be paid back. A personal loan is paid back through personal loan EMIs, which are equated monthly installments paid every month to get rid of the personal loan.

What is a Personal Loan EMI Calculator?

A Personal loan has many benefits associated with it. However, if not paid back on time, it could become a liability and can even impact one’s credit score. Therefore, it is better to be pre-planned with finances to manage the EMIs. This could be done with personal loan EMI calculators. A personal loan EMI calculator calculates the monthly EMI that needs to be paid on a particular loan amount based on the interest rate and tenor of the loan.

Personal Loan EMI Calculation using Formula

Apart from an online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate loan EMI is given below-
P*r* (1+r)^n/([(1+r)^n]-1)
In the above formula, P is the loan amount that you want to borrow
r is the rate of interest per month
n is the tenure of loan repayment in months

Factors affecting Personal loan EMI

Loan amount – This is the amount that a borrower decides to borrow from the bank in the form of a loan. 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 personal loan interest rate, lower the EMI.

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 10.50%₹ 4,638₹ 3,250₹ 2,149
Total amount you pay back to the bank including principal and interest₹ 1.23 Lakh₹ 1.36 Lakh₹ 1.68 Lakh
Interest you have to pay over loan tenure₹ 23,034 ₹ 36,470 ₹ 67,905

At the lowest interest rate of 10.50%, the lowest EMI for a tenure of 5 years is ₹ 2,149 per lakh. You need to pay an interest of ₹ 67,905 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 ₹ 4,638 and total interest of ₹ 23,034 on your loan amount of ₹ 1 Lakh for 2 years, which is much lesser than what you paid for a 5 years loan.

Benefits of Online Personal Loan Calculator

EMI calculator calculates your loan EMI and has multiple benefits, which are listed below-

Saves time in doing tedious calculations : EMI calculator helps the borrower to save time in doing tedious calculations by calculating EMI in seconds, as you will get the output the moment you enter the personal loan details..

Gives accurate results : An online Calculator will give you accurate results, personal-loan-emi-calculatoras wrong calculations may lead to wrong results which can change your EMI for a personal loan and make you change your decision while taking a loan. Therefore, it is always advised to use the online EMI calculator to get precise results.

Plan your finances : Personal loan calculator tells you about your EMI which is to be paid during the loan tenure and also lets you know whether you will be able to pay back the amount or not. Always go an amount that does not affect your budget, current financial health and your credit score in case you make defaults in loan payments while paying loan EMIs.

Allows to evaluate multiple schedules : EMI calculator also allows you to view the amortisation schedules and EMIs for various combinations of loan tenures and interest rates. Thus allowing you to choose the EMIs that suit your repayment capabilities.

Personal Loan Interest Calculator – Impact on EMI

Flat rate method vs Reducing balance method

Your loan EMI will be higher in case of loan availed of on flat rate while EMI will be lower with reducing rate.

Flat interest rate : Here, the interest rate is calculated on the actual principal amount for the entire period. So, if you opt for a loan of ₹ 5 Lakh at 12.50% flat rate of interest for a period of 3 years, the EMI to be paid will be ₹ 19,097. And the total interest per year will be 500,000* (12.50/100) = 62,500. Thus, total interest in 3 years = 62,500 * 3 = 1.87 Lakh. This interest along with the principal amount is distributed over the entire loan tenure to arrive at monthly EMI payments. 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 loan amount. 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 the 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 the same interest, will be applicable on the lesser amount. So, if you opt for a personal loan of ₹ 5 Lakh at 12.50% rate of interest for 3 years, the EMI will be ₹ 16,727.

Amortisation Schedule for Personal Loan

An amortisation schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortisation schedule, your monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration : How to read an amortisation schedule

Suppose if you take a personal loan of ₹ 1 Lakh for 5 years at an interest rate of 10.99%. EMI calculated for this loan amount is ₹ 2,174 and the total annual EMIs to be paid is ₹ 26,088. The EMI schedule of loan for 5 years is explained below in the table –

Amortisation Schedule for a Personal Loan of ₹ 1 Lakh over the 5 years
Year Interest paid during the year (as a % of annual EMIs) Principal repaid during the year (as % of annual EMIs) Cumulative principal repayment (in %)

Each personal loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a personal loan of ₹ 1 Lakh, taken at the lowest interest rate of 10.99%, EMI paid is ₹ 2,174 and an annual total of EMIs is ₹ 26,088, the interest component is around 40% while the principal component is around 60% in year 1 of loan disbursement. You repay only 15.9% of the total principal instead of paying 12 EMIs during the first year.

In year 5, the interest component of EMI is around 6%, while the principal component is around 94%. Upto year 5, you have cumulatively repaid 100% of your total loan.

Personal Loan Prepayment Calculator

Part prepayment is the amount that you pay before the due date of your EMI when you have additional money with yourself. When you prepay your loan, the bank gives you two options to choose from:

  • To reduce your EMI and keep the loan tenure same
  • To keep the EMI same and reduce your repayment tenure

The choice between the two options depends totally on you based on your monthly repayment capacity. We have explained the way EMI or tenure re-adjust after prepayment of personal loan in the illustration below:

Suppose you take a loan of ₹ 1 Lakh lakh for 5 years at an interest rate of 10.99%. Your EMI of the loan is ₹ 2,174 per month, and an annual total of EMI is ₹ 26,088. This is how your original loan schedule looks like till year 2. On ₹ 1 Lakh lakh of loan amount, you pay ₹ 2,174 as monthly EMI (each month) and an annual payment of ₹ 26,088. By the end of year 2, you have an outstanding principal of ₹ 66,406 and you have to pay another 36 EMIs to pay down your loan fully. The original schedule of your loan till year 5, has been shown in the table below:

Original Schedule
Loan Amount₹ 1 Lakh
Tenure (in months)60
Interest Rate10.99%
Monthly EMI, ₹ 2,174
Loan schedule Principal repaid Principal outstanding
Year 1₹ 15,879₹ 84,121
Year 2₹ 17,714₹ 66,406

Now at the end of year 2, if you have a surplus amount of ₹ 20,000, and you decide to prepay the loan. You have two options:

Option 1 : Reduce your loan tenure and keep your EMI same
Option 2 : Reduce your EMIs and keep the loan tenure unchanged

Option 1 : Reduce your loan tenure and keep your EMI same

If you have ₹ 20,000 as surplus amount and decide to keep the EMI same and reduce the tenure, this is what will happen.

At the end of 2 years, when you prepay an amount of ₹ 20,000, an outstanding principal is reduced to ₹ 46,406 compared to ₹ 66,406 in your actual amortisation loan schedule. As your loan outstanding reduces and you opt to reduce your loan tenure, at the end of 2 years you are left to pay only 24 EMIs as compared to 36 EMIs as planned in your actual loan schedule. As a result, your total personal loan tenure gets reduced to 48 months instead of 60 months, which was scheduled earlier. In summary, you repay your complete loan in 12 months less than what you had planned earlier and continue paying an EMI of ₹ 2,174 every month. Please refer to the table below to understand the calculation on EMI in case of a loan prepayment under option 1:

Revised Schedule, after prepayment of ₹ 20,000 at the end of year 2
Option 1 : Same EMI, shorter tenure
Loan Amount₹ 1 Lakh
Tenure (in months)48
Interest Rate10.99%
Monthly EMI in Rs.2,174
Early Payment in Rs.20,000 in 2nd year
Loan schedule Principal repaid Principal outstanding
Year 1₹ 15,879₹ 84,121
Year 2₹ 37,715₹ 46,406

Option – 2 : Reduce your EMI and keep the loan tenure same

At the end of 2 years, when you prepay an amount of ₹ 20,000, outstanding principal is reduced to ₹ 46,406 as compared to ₹ 66,406 in your actual loan schedule. As your loan outstanding reduces and you opt to reduce loan EMIs, your revised EMI now stands at ₹ 1,519 as compared to ₹ 2,174 earlier. Your remaining loan tenure remains unchanged at 60 months and you pay an EMI of ₹ 1,519 which is ₹ 655 lower as per your actual loan amortisation schedule. Please refer to the table below to understand the calculation on EMI in case of a prepayment under option 2:

Revised Schedule, after prepayment of ₹ 20,000 at the end of year 2
Option 2 : Same tenure, lower EMI
Loan Amount₹ 1 Lakh
Tenure (in months)60
Interest Rate10.99%
Early Payment in Rs.20,000 in 2nd year
Loan schedule Monthly EMI Principal repaid Principal outstanding
Year 1₹ 2,174₹ 15,879₹ 84,121
Year 2₹ 2,174₹ 37,715₹ 46,406
Year 3₹ 1,519₹ 13,810₹ 32,596

Reduction in the number of loan EMIs eases out your monthly expense burden and helps you maintain your living standard. When your personal loan EMI reduces, you comparatively pay a lower rate of interest compared to what you have planned in the original loan schedule. However, you still pay a higher interest compared to Option 1, in which you decide to reduce your loan tenure after prepayment.

If you plan to prepay, continuing to pay the same EMI over a shorter tenure can result in the significantly lower interest rate on your personal loan and hence, should be the preferred choice whenever possible.

Process for stopping EMI payments during Coronavirus Lockdown

The RBI has announced on 27th March 2020 that all banks and other lenders like NBFC’s and Housing finance companies are permitted to allow their customers a moratorium in repayment of EMI’s for a period of upto three months. This means that borrowers may not pay any EMI for three months subject to bank approval. As per the suggestion of RBI, various banks have announced the option to opt-in or opt-out for the moratorium option. Under this policy, your term loan principal and interest payment for March to May 2020 will be deferred and the repayment period will be extended accordingly. Along with it, the interest on working capital loans has also been deferred due to the impact of the pandemic. It is important to note that this delay in repayment of Personal Loan EMI's will not be treated as default and will not have any negative impact on the borrower's credit score. To know more about the moratorium option, you may contact your bank’s customer care or its nearest branch.


How does a Personal loan EMI calculator work?

Personal loan EMI Calculator uses the combination of loan amount, loan tenure and interest rate to calculate EMI online. Besides this, it also tells you how much rate of interest you would pay over your loan period. Longer the loan tenure, more the amount of interest to be paid for the same loan amount and interest rate on personal loan.

What is the EMI for personal loan?

EMI stands for Equated Monthly Installment and is the amount that you repay to the lender against the borrowed amount. EMI for the personal loan includes principal component and the interest component. You can calculate the EMI using an online EMI calculator.

What is principal loan amount?

Principal amount is the original amount that you borrow from the lender, not including any interest amount.

How is principal and interest split in EMI?

When you calculate personal loan EMI through the calculator, each EMI is shown comprising two components, the principal amount and interest amount. When you pay an EMI, all the interest is first paid, and the remaining amount is considered as principal. Every month the interest is calculated on outstanding amount which is the outstanding principal. Therefore, interest is calculated first and then the principal component.
Suppose you have taken ₹ 1 Lakh loan for 12 months at 12% rate. The EMI for the loan will be ₹ 8,885.
Interest component in 1st EMI = (12/12100)1,00,000 = ₹ 1,000 Principal component in 1st EMI = 8885 – 1000 = ₹ 7,885
In next EMI, the interest amount will be calculated on an outstanding principal of 1,00,000 – 7,885 = ₹ 92,115. The interest component in EMI is higher in the initial years and reduces over the years. By the end of the tenure, the interest component will come down to zero and the amount you pay as EMI is the remaining principal. This is how interest and principal split in personal loan EMI. When you use the personal loan EMI calculator, it also displays an amortization table which consists of each EMI and its interest and principal component.

How much should I pay as monthly EMI?

Monthly EMI depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35% to 45% of your net income so that you can pay your EMI without any burden or difficulty. You can calculate your EMI online, which will help you to know your repayment capacity.

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 the 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 a delay in paying the personal loan EMI?

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

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 promise 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 personal loan?

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

How to calculate personal loan EMI through MyLoanCare?

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 the preferred loan amount.

Personal Loan Reviews 4.5/5  by 2621 customers
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Saravanan Shanmugam, Valsad
Reviewed on 05th Apr 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Apr 2020

Excellent support and fast tracking with customer, keep it up.Read more...

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Bajaj Finserv Personal Loan Availed in Mar 2020

The service was very fast. Also, the online executive were very supportive.Read more...

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Bajaj Finserv Personal Loan Availed in Mar 2020

Really a great experience. Everything was too smooth.

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Reviewed on 27th Mar 2020
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Bajaj Finserv Personal Loan Availed in Mar 2020

Good help from representative. The interest rate was high but they helped in loan processing.Read more...

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Bajaj Finserv Personal Loan Availed in Mar 2020

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HDFC Bank Personal Loan Availed in Mar 2020

HDFC representative was helpful and loan was provided in short time.Read more...

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HDFC Bank Personal Loan Availed in Mar 2020

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Jyotibikash Pandab, Delhi
Reviewed on 21st Mar 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Mar 2020


Personal Loan News - Jul 2020
  • 2020-07-10 : Muted growth for Q1 expected news
    Banks are likely to post muted growth in the first quarter of the current fiscal due to cut in the loans offered. Further, they are expected to make provisions for COVID-19-led economic woes.
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20 news
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-07-09 : South Indian Bank’s Net profit hiked 11% to Rs 82 crore news
    South Indian Bank reported an 11% rise in net profit at Rs 82 crore in the first quarter of the current fiscal year. The bank posted a net profit of Rs 73 crore in the corresponding quarter of the fiscal year 2019-20. Total income during the June quarter backed by retail loan like home, personal, gold, car and two-wheeler loan along with business and mudra loan posted a hike of 22% to Rs 872 crores.
  • 2020-07-07 : ICICI Bank surpassed 1 million users on WhatsApp platform news
    ICICI Bank crossed a mark of 1 million users on its WhatsApp banking platform. ICICI Bank had introduced WhatsApp banking services three months ago to enable its retail customers to undertake banking requirements from their home in the wake of the coronavirus pandemic.
  • 2020-07-06 : YES Bank introduces instant loan disbursement facility news
    Private lender, Yes Bank has launched an instant loan disbursement facility. The facility will help the retail customers like that of home, personal, gold, two-wheeler, and car loan to apply for the loan in a smooth and fast manner.
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