A Personal Loan EMI Calculator is an online tool used for determining EMI of your personal loan against various combinations of loan amounts, interest rates and tenures. For the same set of values, the tool also calculates the interest cost and total amount payable.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
With the help of a Personal loan EMI calculator, you can get an estimate of your EMIs before making the loan application, thereby, helping you to:
The mathematical formula for calculating personal loan EMI is [P x R x (1+R)^N]/[(1+R)^N-1], where:
‘P’ is the Principal Amount,
‘R’ is the Rate of Interest, and
‘N’ is the Loan Tenure (in months)
Instead of manually calculating your personal loan EMI using the aforementioned formula, use an online personal loan EMI calculator to get quick and accurate results.
| 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 | 10.85-24.00 | 10,834-14,384 | 2,167-2,877 |
| Tata Capital | 11.99 onwards | 11,120 onwards | 2,224 onwards |
| ICICI Bank | 10.85-16.25 | 10,834-12,226 | 2,167-2,445 |
| Bank of Baroda | 11.05-18.75 | 10,884-12,902 | 2,177-2,580 |
| Axis Bank | 11.00 onwards | 10,871 onwards | 2,174 onwards |
| Kotak Mahindra Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards |
| Bank of India | 10.85-16.10 | 10,834-12,186 | 2,167-2,437 |
| Canara Bank | 10.95-16.40 | 10,859-12,266 | 2,172-2,453 |
| HSBC | 10.15-16.00 | 10,660-12,159 | 2,132-2,432 |
| Federal Bank | 11.49-14.49 | 10,994-11,762 | 2,199-2,352 |
| Union Bank of India | 11.35-15.45 | 10,959-12,013 | 2,192-2,403 |
| Punjab & Sind Bank | 11.25-14.00 | 10,934-11,634 | 2,187-2,327 |
| South Indian Bank | 12.85-20.60 | 11,338-13,414 | 2,268-2,683 |
| UCO Bank | 12.45-12.85 | 11,236-11,338 | 2,247-2,268 |
| IDFC First Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards |
| Bank of Maharashtra | 10.00-12.80 | 10,624-11,325 | 2,125-2,265 |
| Indian Overseas Bank | 10.85-14.00 | 11,249-11,634 | 2,250-2,327 |
| Karnataka Bank | 13.68 | 11,551 | 2,310 |
| IndusInd Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards |
Note: Interest rates as of 13 December 2024
Also Check: Which bank is the best for personal loans?
On missing your personal loan EMI(s) payments, you might have to pay these charges over and above the actual EMI payable:
Also Look Into: Other fees and charges related to personal loans
Yes, even though your personal loan EMI is usually a fixed amount, it can change during the loan tenure under certain circumstances:
Read in Detail: Pros and Cons of Personal Loan Prepayment
To reduce your personal loan EMI payments, you can consider:
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.
Note that 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.
The key factors affecting your overall EMI amount payable include the following:
An Equated Monthly Instalment (EMI) is a fixed amount that a personal loan borrower pays every month on a specified date to its lender. Like most other loans, a personal loan EMI too comprises the principal component and the interest component so that the entire loan gets paid off over the loan tenure.
Using a personal loan EMI calculator before making the loan application will help you get an estimate of your personal loan EMIs. This will further help you in choosing optimum tenure for your proposed personal loan based on your repayment capacity.
A personal loan EMI calculator calculates the proposed personal loan’s EMI and interest cost on the basis of three basic inputs provided by the user, i.e., the loan amount, interest rates and loan tenure. Additional fees and charges such as processing fees, documentation charges, etc. that may be applicable are not considered by this calculator.
A personal loan EMI is calculated using this formula – P x R x (1+R)^N] / [(1+R)^N-1], where P is the loan amount, R is the interest rate and N is the tenure (in years). As manual calculations are time-consuming and prone to human errors, consumers can save their time and efforts by using a personal loan EMI calculator. The calculator requires just a few loan details from users such as the loan amount, interest rate and tenure to give the required results.
The interest on a personal loan is calculated on the basis of the loan amount, interest rate and tenure. Prospective and existing borrowers can use a personal loan EMI calculator to get the required results.
A personal loan EMI calculator can help you compare the total interest cost of various personal loan offers from multiple lenders based on the offered loan amount, interest rates and tenures and then, choose the optimum option as per your EMI affordability.
Lenders usually use the reducing balance method to calculate the EMI applicable on a personal loan. The EMI calculators for personal loans, available online on lenders’ website and other websites, also use this EMI calculation method to give you results.
In case you want to change your personal loan EMI date, you should contact your lender. The process to initiate this change may vary from one lender to another.
You can pay your personal loan EMIs by issuing Standard Instructions (SI) or NACH mandate to your bank or by submitting post-dated cheques to your lender. Some lenders also offer the option of direct deduction of EMIs by your employer.
Knowing personal loan EMI before taking the loan would help you in planning your finances better, Calculating personal loan EMI beforehand would also help you in knowing your EMI affordability and in determining your optimum loan tenure, without compromising your monthly contributions towards crucial financial goals.
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