Personal Loan EMI Calculator
Estimate your monthly personal loan installment, total interest payable, and repayment schedule across tenures from 1 to 5 years for SBI, HDFC, ICICI, and NBFC lenders.
Loan Details
Adjust amount, interest rate and tenure to recalculate your monthly EMI instantly.
Add an extra monthly prepayment to see how much interest and tenure you save.
In the early years of a long-term loan (like Home Loans), up to 70% of each EMI goes towards paying interest rather than the principal. Prepaying even small lump-sums during the first 5 years drastically reduces your overall interest burden.
Year-by-Year Loan Amortization Schedule
Detailed annual breakdown of principal repayment, interest outflow, and declining loan balance.
| Year | Opening Balance | EMI Paid | Principal Paid | Interest Paid | Ending Balance | Loan Paid % |
|---|---|---|---|---|---|---|
| Year 1 | ₹5,00,000 | ₹1,99,284 | ₹1,47,206 | ₹52,078 | ₹3,52,794 | 29% |
| Year 2 | ₹3,52,794 | ₹1,99,284 | ₹1,65,875 | ₹33,409 | ₹1,86,919 | 63% |
| Year 3 | ₹1,86,919 | ₹1,99,284 | ₹1,86,912 | ₹12,372 | ₹7 | 100% |
How to Compare Personal Loans & Avoid the Flat Rate Trap
Because personal loans are unsecured debts (requiring no collateral or guarantor), banks charge higher interest rates than secured mortgages or vehicle loans.
When choosing a personal loan, always look beyond the monthly EMI. Evaluate the Annual Percentage Rate (APR), which includes the base interest rate, processing fees (1% to 2.5%), documentation charges, and mandatory 18% GST.
Never accept a loan quote described as a "Flat Interest Rate". A flat rate of 8% sounds cheap, but because interest is charged on the original principal throughout the full 3 years, the real effective rate is nearly 14.5% to 15% Reducing Balance!
Frequently Asked Questions on Personal Loan EMIs
How is Personal Loan EMI calculated?
Personal Loan EMI is calculated on a monthly reducing balance basis: EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1], where P is Principal amount, r is monthly rate (annual rate / 1200), and n is tenure in months (typically 12 to 60 months).
What interest rate can I expect on a personal loan in India?
Personal loan interest rates typically range from 10.50% to 16.00% p.a. for prime salaried borrowers with CIBIL scores of 750+. Borrowers with scores below 700 or self-employed individuals may be charged 16% to 24% p.a.
What is FOIR and how does it determine my personal loan eligibility?
Fixed Obligation to Income Ratio (FOIR) measures the percentage of your monthly salary already committed to paying existing EMIs and credit card bills. Banks generally reject applications if your FOIR exceeds 45% to 50%.
Are there processing fees on personal loans?
Yes, banks typically charge a processing fee of 1% to 2.5% of the sanctioned loan amount, plus 18% GST. This fee is usually deducted upfront from the disbursed loan amount.