Personal Loan EMI Calculator
Calculate monthly EMI and total cost of a personal loan — with actual cost comparison and tips to reduce interest burden.
Did this tool work for you?
How to use this calculator
- 1
Enter the loan amount — personal loans in India typically range from ₹50,000 to ₹50 lakh.
- 2
Enter the annual interest rate — bank personal loans range from 10–20%; NBFC and app-based loans can be 18–36%.
- 3
Set the tenure in months — personal loans in India are typically 12–60 months.
- 4
Enter the processing fee percentage — banks charge 1–3% of the loan amount upfront.
Frequently asked questions
What are typical personal loan rates in India?
SBI personal loans: 11–15%. HDFC Bank: 10.5–24%. ICICI Bank: 10.65–19%. Bajaj Finance: 11–35%. Fintechs and app-based lenders: 18–36%. Your rate depends on credit score (700+ gets best rates), income, existing debt, and relationship with the bank.
Is personal loan interest tax-deductible?
Personal loan interest is not tax-deductible for personal consumption. However, if the personal loan is used for a specific purpose, deduction may apply — for business use (business income deduction), for higher education (Section 80E), or for home renovation (Section 24 if the property is let out).
What is the difference between flat rate and reducing balance rate?
Flat rate calculates interest on the original principal for the entire tenure — the effective rate is about double the stated rate. Reducing balance (most bank loans) calculates interest on the outstanding principal each month — as you repay, interest reduces. Always compare on reducing balance basis.
Can I foreclose a personal loan early?
Yes — most banks allow personal loan prepayment after a lock-in of 6–12 months. Foreclosure charges range from 2–5% of the outstanding amount. SBI and some PSU banks charge no prepayment penalty. Prepaying saves significant interest, especially in the first half of the tenure.
Personal Loan EMI Calculator India — True cost with processing fee
Why the processing fee matters more than the rate
A personal loan with 13% rate and 3% processing fee costs more than a 14% loan with 0.5% fee for short tenures (under 2 years). The processing fee is a one-time upfront cost that significantly impacts the effective rate. Always compare loans on Total Cost (EMIs + processing fee) rather than just the interest rate.
Personal loan vs credit card EMI
Credit card EMI conversion (for large purchases) typically charges 14–18% with low or zero processing fee. Personal loans offer 10–15% for good credit profiles. For amounts above ₹1 lakh over 2+ years, a personal loan is usually cheaper. For amounts under ₹50,000 or durations under 6 months, credit card EMI may be simpler.
Learn more from an authoritative source:
InvestopediaCar Loan EMI Calculator
Calculate monthly car loan EMI, on-road price breakdown, and total ownership cost — for new and used cars in India.
Loan Against Property Calculator
Calculate EMI, total interest, and eligible loan amount for a Loan Against Property (LAP) — using your property value and LTV ratio.
California Paycheck Calculator
Calculate your California take-home pay after federal tax, CA state income tax, SDI, and Social Security/Medicare — for any pay frequency.
California Income Tax Calculator
Calculate your 2024 California state income tax using the exact CA FTB brackets — from 1% up to 13.3% for million-dollar earners.
California Sales Tax Calculator
Calculate California sales tax by city — Los Angeles, San Francisco, San Diego, San Jose, Sacramento — with combined state + local rates.
California Property Tax Calculator
Estimate your California property tax under Proposition 13 — 1% base rate on assessed value, plus local bonds and special assessments by county.
Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →