What is Personal Loan EMI Calculator?
Calculate personal loan EMI, total interest and repayment schedule for any loan amount with instant results Simply enter your values, and the calculator instantly computes accurate results using standard financial formulas. All calculations are performed entirely in your browser — nothing is stored or transmitted.
Formula Used
P = Loan principal | r = Monthly interest rate (Annual÷12÷100) | n = Tenure in months | Personal loans are unsecured — interest rates are higher (10-24%) than secured loans
How to Use This Calculator
- Enter the personal loan amount you need
- Enter the annual interest rate (check your bank or NBFC offer)
- Select repayment tenure in months (12-60 months typical)
- Click Calculate to see monthly EMI and total interest cost
- Use the amortization table to see principal vs interest split each month
Worked Example
Loan: ₹5,00,000 | Rate: 12% p.a. | Tenure: 3 years → EMI: ₹16,607 | Total Interest: ₹97,852 | Total Payment: ₹5,97,852
Why Use This Tool?
- Compare personal loan offers across banks and NBFCs
- Find the optimal tenure balancing EMI affordability and interest cost
- See exactly how much a 1% rate difference saves over the loan tenure
- Plan loan prepayment strategy to reduce interest burden
Frequently Asked Questions
What is the maximum personal loan amount I can get?
Most banks offer personal loans up to 20× your monthly salary. Public sector banks cap at ₹15-20 lakhs. Private banks and NBFCs go up to ₹50 lakhs. Your credit score, income, existing EMIs, and employer profile determine eligibility.
What credit score is needed for a personal loan?
A CIBIL score above 750 typically gets the best interest rates (10-12%). Scores 700-750 may get loans at 13-16%. Below 700, loans become difficult to get and rates jump to 18-24%. Pay EMIs on time and keep credit utilization below 30% to maintain a good score.
Is there a prepayment penalty on personal loans?
Many banks charge 2-5% prepayment penalty on the outstanding balance. RBI mandates no prepayment charges on floating rate loans, but personal loans are fixed-rate, so penalty applies. Check the loan agreement before prepaying.
Explore more loan & emi calculators or try our other free financial tools.