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Personal Loan EMI Calculator

Home Personal Loan EMI Calculator for Personal Loan

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.

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Updated: 17-04-2025 13:11:12 PM
Personal Loan EMI Calculator
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%
Year(s)
Personal Loan EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

Compare Personal Loan EMIs Across Top Banks

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

Why Should You Use a Personal Loan EMI Calculator?

Using a personal loan EMI calculator before applying for the loan helps you get an estimate of the EMIs, thereby, helping you to:

  • Check your EMI affordability
  • Determine the optimum loan tenure for comfortable repayments
  • Plan your finances more efficiently to ensure timely loan repayments

What Causes Your Personal EMIs to Increase or Decrease?

Key factors affecting your EMI amount includes:

  • Loan Amount: Higher the amount borrowed as a personal loan, higher will be your EMI (as long as the tenure and interest rate remain the same).
  • Interest Rate: An increase in the personal loan interest rates leads to higher EMIs and a greater overall interest cost.
  • Tenure: Opting for a longer tenure will reduce your EMI burden, but increase the overall interest cost on your personal loan.

Ways to Reduce Your Personal Loan EMI Burden

Worried about high EMIs? Here are two practical options you can consider to ease your monthly burden:

Make prepayments whenever possible:

  • Paying a portion of your loan early, gives you a choice to either reduce EMI or tenure.
  • Go for lower EMIs only when you are struggling to repay your existing EMIs.
  • If not, tenure reduction is wiser choice as it will help you save more on your loan’s overall interest cost.

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.

Transfer your personal loan:

  • You can also consider transferring your personal loan to another lender offering lower interest rates. Some lenders may also offer you better terms like longer tenures, higher loan amount, etc. through personal loan balance transfer.
  • Before opting for this facility, do a detailed cost-benefit analysis to ensure the amount you save on the interest is significantly higher than the costs* incurred during the loan transfer. In such a case, use our online personal loan EMI calculator to check how much you can save by reducing your EMIs before you opt for the balance transfer.

* 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.

Can my personal loan EMI change during the loan tenure?

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 loan prepayment: After prepaying your personal loan, you can either reduce EMIs for the same tenure or reduce the tenure for the same EMIs. So, you can choose to reduce EMIs if current EMI amount is causing strain in your finances. Otherwise, reducing tenure is more beneficial as doing so will reduce your loan’s overall interest cost.
  • In case of rate change in the floating interest rate: Some lenders offer personal loans at floating rate of interest, which are linked to their external benchmark rates. When these benchmark rates change, the rate of interest applicable also changes.

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.

What if you miss paying your personal loan EMI(s)?

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:

  • Penal interest charges: These charges are also known as “overdue interest charges” and are levied on the overdue EMIs till the date of their repayment.
  • Cheque/NACH/SI bounce charges: These charges are applicable when a personal loan EMI payment fails due to insufficient account balance or the closure of the account used for making EMI payments. This is usually a fixed charge levied each time an automated EMI deduction fails or the post-dated cheque bounces.
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

 

FAQs on Personal loan EMI Calculator

How accurate is a personal loan EMI calculator?

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.

Can EMI calculators be used for floating rate personal loans?

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.

What is the best tenure to keep EMI affordable?

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.

Will prepayments reduce my monthly EMI?

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.

How to calculate EMI manually for a personal loan?

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.

Can I compare EMIs of different banks using the calculator?

Absolutely. You can input various bank interest rates in the calculator to compare EMIs and choose the most affordable option.

Is EMI the same as interest?

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.

Why is EMI different for different banks?

EMIs vary across banks mainly due to the differences in their interest rates, processing fees, and loan tenures offered.

What is the EMI for ₹2 lakh personal loan?

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.

Which bank offers the lowest EMI on personal loans?

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.

Can I reduce my EMI after taking the loan?

Yes, by either making a prepayment or opting for a loan balance transfer to a lender offering a lower interest rate or longer tenure.

What happens if I prepay my personal loan?

Prepaying reduces your outstanding balance, which can lower your EMI or loan tenure. However, check if your lender charges prepayment penalties.

Is GST applicable on personal loan EMI?

No, GST is not charged on your EMI. But it is applicable on processing fees and other service charges levied by the lender.

Can I change my loan tenure after disbursal?

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.

How much EMI for ₹10 lakh personal loan for 5 years?

At 11% interest, EMI would be approximately ₹21,750. Try our EMI calculator to customize this based on your actual rate and tenure.

How does interest rate affect personal loan EMI?

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.

Can I use an EMI calculator for balance transfer loans?

Yes, and it’s a smart move! It helps you estimate potential savings and compare EMIs between your current loan and the new offer.

What happens if I miss a personal loan EMI?

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.

How to reduce my personal loan EMI without increasing the loan tenure?

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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