Personal Loan EMI Calculator
Enter the loan amount, interest rate and tenure to see your EMI — and how much the loan really costs you.
Runs entirely in your browser — your numbers never leave this page.
How it works
Personal loans are unsecured — no collateral — so rates run higher than home or car loans:
EMI = P × r × (1+r)n ÷ ((1+r)n − 1)
- Rates 10–24%: your CIBIL score decides where you land. 750+ gets the best offers; below 700, expect the top of the range.
- Processing fee is real money: 1–3% upfront. A 12% loan with 3% fee can cost more than a 13% loan with no fee — always compare total cost.
- No tax benefit for personal use. (Business-purpose personal loans can claim interest as an expense.)
- Tenure: 1–5 years typical. Longer tenure = smaller EMI but much more interest — Rs 5 lakh at 14% costs Rs 1.16L interest over 3 years vs Rs 2.02L over 5.
- Prepayment: allowed after 6–12 months at most banks, usually with 2–5% foreclosure charge. Prepaying a 14%+ loan beats almost any investment.
Frequently asked questions
How is personal loan EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1). Rs 5 lakh at 14% for 3 years → EMI ~Rs 17,100, total interest ~Rs 1.16 lakh.
What is a good personal loan interest rate?
10–14% is good (750+ CIBIL), 14–18% is average, above 20% means your credit profile needs work — or the lender is expensive.
Is the processing fee important?
Very — 2% on Rs 5 lakh is Rs 10,000 of real cost. A lower rate with a high fee can lose to a slightly higher rate with no fee. Compare total cost.
Can I prepay my personal loan?
Yes, usually after 6–12 months, with 2–5% foreclosure charges at most banks. Prepaying a 14%+ loan is one of the best uses of spare cash.
Personal loan vs credit card?
Personal loans (10–24%) are far cheaper than credit card rollover (36–42% yearly). Never fund a long-term need on a credit card.
What credit score do I need?
750+ for the best rates. 700–750 gets approved at higher rates. Below 650, expect rejections or very expensive offers — build the score first.
Is personal loan interest tax-deductible?
Not for personal use. Only if the loan funds a business or (in specific cases) home renovation/construction can interest be claimed.
How much personal loan can I get?
Banks typically cap total EMIs at 40–50% of monthly income (FOIR). Rs 1 lakh/month income → roughly Rs 40–50k in total EMIs across all loans.
Fixed or floating rate for personal loans?
Almost all personal loans are fixed rate — the EMI never changes. That is a feature: budget with certainty.
Should I take a personal loan to invest?
Almost never. Borrowing at 14% to chase 12% market returns is negative expected value with full downside risk. The only exception is genuine emergencies.