Personal Loan EMI Calculator — Know Your Monthly Payments
Calculate personal loan EMI for any amount from Rs 50000 to Rs 40 lakh. Compare interest rates across HDFC ICICI SBI Bajaj Finserv and other lenders.
Personal loans are unsecured loans meaning you do not need to pledge any asset as collateral. This makes them convenient for emergencies weddings home renovation medical expenses or debt consolidation. However personal loan interest rates are higher than secured loans typically ranging from 10.50% to 24% depending on your credit score and income. Calculate your EMI before applying to ensure the monthly payment fits comfortably within your budget.
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EMI Calculator
Key Information
| Parameter | Details |
|---|---|
| Interest Rate Range | 10.50% - 24% per annum |
| Typical Loan Amount | Rs 50000 - Rs 40 lakh |
| Maximum Tenure | 5 years (60 months) |
| Processing Fee | 1% - 3% of loan amount |
Calculate your personal loan EMI
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Use Calculator NowFrequently Asked Questions
What is the EMI for a 5 lakh personal loan?
For a personal loan of Rs 5 lakh at 12% interest for 3 years the monthly EMI would be approximately Rs 16607. The total interest paid over the tenure would be about Rs 97852. If you extend the tenure to 5 years the EMI drops to Rs 11122 but total interest increases to Rs 1.67 lakh.
How is personal loan interest calculated?
Personal loan interest is calculated on the reducing balance method. Each month your EMI pays off some principal and some interest. In the early months a larger portion goes toward interest and as the principal reduces more of your EMI goes toward principal repayment. This is why prepaying early saves more interest.
Can I prepay my personal loan early?
Yes most banks allow personal loan prepayment after 6-12 months. Some banks charge a foreclosure fee of 2-5% of the outstanding principal while others like SBI offer zero prepayment charges for floating rate loans. Always check the prepayment terms before signing your loan agreement.
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Last updated: 24 March 2026