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
How to use the personal loan emi
Use this personal loan emi to onthly emi and total cost of a personal loan — with actual cost comparison and tips to reduce interest burden. Enter your values above and get your result in seconds. The tool is free, works on all devices, and keeps your data private — nothing is stored or shared.
How the personal loan emi works
The personal loan emi calculator uses standard formulas used in financial planning, budgeting, and investment decisions. Enter your inputs, and the tool calculates the result instantly in your browser. No server-side processing means your data stays on your device. Results update in real time as you change inputs.
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:
InvestopediaCompound Interest Calculator
Calculate how your investment or savings grows over time with the power of compounding.
Simple Interest Calculator
Calculate simple interest, total amount, and interest earned using principal, rate, and time.
ROI Calculator
Calculate return on investment, net profit, and annualised ROI for any investment.
CAGR Calculator
Calculate Compound Annual Growth Rate (CAGR) for investments, revenue, or any metric over time.
Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →