Looking for a personal loan but unsure about the EMIs? Use Paisabazaar’s Personal Loan EMI Calculator to quickly find out how much you need to pay every month for your personal loan. This simple calculator also displays the total interest payable, total principal payable and amortization schedule based on the loan amount, interest rate and the tenure you choose.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
| Lender | Interest rate (% p.a.) | EMI (Rs.) Loan Amt. – Rs. 5 lakh Tenure – 5 years | EMI (Rs.) Loan Amt. – Rs. 1 lakh Tenure – 5 years |
| HDFC Bank | 10.90-24.00 | 10,834-14,384 | 2,167-2,877 |
| Tata Capital | 11.99 onwards | 11,120 onwards | 2,224 onwards |
| ICICI Bank | 10.85-16.65 | 10,834-12,332 | 2,167-2,466 |
| Bank of Baroda | 10.90-18.30 | 10,846-12,778 | 2,169-2,556 |
| Axis Bank | 11.25 onwards | 10,896 onwards | 2,179 onwards |
| Kotak Mahindra Bank | 10.99-16.99 | 10,869-12,424 | 2,174-2,485 |
| Bank of India | 11.60-16.20 | 11,021-12,212 | 2,204-2,442 |
| Canara Bank | 10.45-15.90 | 10,722-12,132 | 2,147-2,426 |
| HSBC | 10.15-16.00 | 10,660-12,159 | 2,132-2,432 |
| Federal Bank | 12.00-22.50 | 11,122-13,952 | 2,224-2,790 |
| Union Bank of India | 11.10-15.20 | 10,896-11,948 | 2,179-2,390 |
| Punjab & Sind Bank | 10.35-13.40 | 10,710-11,479 | 2,142-2,296 |
| South Indian Bank | 12.60-20.35 | 11,338-13,317 | 2,268-2,663 |
| UCO Bank | 10.95-13.95 | 11,236-11,621 | 2,172-2,324 |
| IDFC First Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards |
| Bank of Maharashtra | 9.50-14.30 | 10,501-11,686 | 2,100-2,342 |
| Indian Overseas Bank | 10.50 onwards | 10,747 onwards | 2,149 onwards |
| Karnataka Bank | 13.87 | 11,562 | 2,312 |
| IndusInd Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards |
Note: Interest rates as of 17 April 2025
Using a personal loan EMI calculator before applying for the loan helps you get an estimate of the EMIs, thereby, helping you to:
Key factors affecting your EMI amount includes:
Worried about high EMIs? Here are two practical options you can consider to ease your monthly burden:
Note: Personal loans usually have a lock-in of one year after which you can make partial or full loan prepayments. Depending on the lender, prepayments may also incur prepayment charges.
* Your existing lender may charge prepayment/foreclosure fees if the loan was availed at fixed interest rates. Additionally, the new lender may charge processing fee, administrative fee, etc. on the transferred loan.
Yes, even though your personal loan EMI is usually a fixed amount, it can change during the loan tenure under certain circumstances:
In case of an increase in the floating interest rate, if the borrower permits, the lender may extend the loan tenure while keeping the EMIs same. In case the new tenure goes beyond the maximum period permitted, then the lender may increase your EMI.
Missing your personal loan EMI(s) doesn’t just affect your credit score – you might have to pay these charges over and above the actual EMI payable:
| Compare EMIs Across Various Loan Amounts | |
| Rs 5 Lakh Personal Loan EMI | Rs 2 Lakh Personal Loan EMI |
| Rs 3 Lakh Personal Loan EMI | Rs 10 Lakh Personal Loan EMI |
| Rs 15 Lakh Personal Loan EMI | Rs 50000 Personal Loan EMI |
A personal loan EMI calculator gives highly accurate estimates based on the inputs you provide – loan amount, interest rate, and tenure. However, the final EMI may vary slightly due to lender-specific processing fees or rounding-off methods.
Yes, you can use EMI calculators for floating-rate personal loans. However, since floating interest rates change with the change in its linked benchmark rates, the calculator will only provide an approximate EMI based on the interest rate entered by the user in the calculator.
A longer tenure usually means lower EMIs, making it easier on your monthly budget. But keep in mind – it also increases your overall interest payout. Try to strike a balance between a manageable EMI and total interest cost.
Yes, if your lender allows it, you can reduce your EMI by making a part prepayment. Alternatively, you can choose to reduce your tenure instead, which helps save more on interest in the long run.
You can calculate EMI using this formula: EMI = [P x R x (1+R)^N] / [(1+R)^N – 1], where:
P = Loan Amount;
R = Monthly Interest Rate (Annual rate/12/100);
N = Loan Tenure (in months)
As manual calculations can be tedious and prone to errors, using an online personal loan EMI calculator would be a much easier and faster way to get accurate results.
Absolutely. You can input various bank interest rates in the calculator to compare EMIs and choose the most affordable option.
Not quite. EMI includes both the principal repayment and the interest on your loan. So, it’s a combined monthly payment, not just the interest amount.
EMIs vary across banks mainly due to the differences in their interest rates, processing fees, and loan tenures offered.
It depends on the interest rate and tenure. For example, at 11% p.a. for 5 years, your EMI would be around ₹4,350. Use our calculator to get an exact figure based on your preferred terms.
Banks offering the lowest interest rates will have the lowest EMIs. As of now, banks like Bank of Maharashtra are offering competitive interest rates on personal loans. Use our personal loan EMI calculator to calculate EMIs across varying loan amounts, interest rates and tenures to find the best option.
Yes, by either making a prepayment or opting for a loan balance transfer to a lender offering a lower interest rate or longer tenure.
Prepaying reduces your outstanding balance, which can lower your EMI or loan tenure. However, check if your lender charges prepayment penalties.
No, GST is not charged on your EMI. But it is applicable on processing fees and other service charges levied by the lender.
Changing tenure after disbursal is rare but possible in some cases, such as during loan restructuring or balance transfer. Contact your lender to check if they offer this option.
At 11% interest, EMI would be approximately ₹21,750. Try our EMI calculator to customize this based on your actual rate and tenure.
Higher interest rates lead to higher EMIs and vice versa. Even a small difference in rate can significantly affect your monthly payout and overall cost.
Yes, and it’s a smart move! It helps you estimate potential savings and compare EMIs between your current loan and the new offer.
You may incur penal charges, late payment fees, and your credit score might take a hit. It’s best to set auto-debit mandates or reminders to avoid missing payments.
The best option is to make part-prepayments. This reduces the principal, and you can ask your lender to recalculate the EMI without changing the tenure.
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