💳 Personal Loan EMI Calculator
Calculate your monthly personal loan EMI instantly. Simulate prepayments, check affordability and compare bank offers — free, private, no signup.
Loan details carried from the EMI Calculator tab. Enter your one-time prepayment below.
| Metric | Without Prepayment | With Prepayment |
|---|---|---|
| Adjust the sliders above to see prepayment savings. | ||
| Metric | Loan A | Loan B | Difference | Better |
|---|---|---|---|---|
| Enter both loan details above to compare. | ||||
How to Use This Personal Loan EMI Calculator
A personal loan EMI calculator takes the guesswork out of borrowing. Enter the loan amount, the lender's interest rate and your preferred tenure — this personal loan EMI calculator instantly shows your monthly EMI, total interest payable and a complete amortisation schedule. Four tabs handle every planning need: EMI calculation, prepayment simulation, affordability check and side-by-side bank comparison.
Set the loan amount with the slider or type directly. Pick a rate from the five bank presets or enter your own figure. Choose a tenure between 1 and 5 years — results update live with every change. Switch to the Prepayment tab to see how a lump-sum payment reduces your interest burden, the Affordability tab to find the maximum loan your monthly income supports, or the Compare tab to evaluate two lender offers side by side before deciding.
Personal Loan EMI Calculator Formula
Every personal loan EMI calculator uses the standard banking formula: EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments. On a ₹3 lakh loan at 12% per annum over 3 years, n = 36 months and the monthly EMI works out to approximately ₹9,964 — with total interest of around ₹58,704. Unlike secured loans, personal loans carry no collateral requirement, which is why rates are higher.
Personal Loan Interest Rates in 2026
Personal loan rates vary by lender, applicant profile and credit score. The bank presets in this personal loan EMI calculator reflect current published rates for salaried borrowers with a strong credit profile:
| Bank | Starting Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI | 11.05% | Up to 1.5% |
| HDFC Bank | 10.75% | Up to 2.5% |
| ICICI Bank | 10.85% | Up to 2.25% |
| Axis Bank | 10.99% | 1.5%–2% |
| Kotak Mahindra | 10.99% | Up to 2.5% |
Even a 0.5% rate difference on a ₹5 lakh loan over 3 years adds more than ₹750 in total interest. Always use the Compare tab to evaluate at least two lenders before signing.
Factors Affecting Your Personal Loan EMI
Four variables directly determine the result of any personal loan EMI calculator:
- Loan amount — borrow only what you need. Every extra ₹50,000 at 12% over 3 years adds approximately ₹1,661 to your monthly EMI and around ₹9,800 to your total interest outgo.
- Interest rate — a CIBIL score above 750, a stable employment record and a low existing debt burden typically unlock the best rates. Even 0.5% less saves thousands over a 3-year term.
- Tenure — a shorter tenure means a higher monthly EMI but substantially less total interest. A 2-year loan at 12% costs roughly half the total interest of a 5-year loan on the same principal.
- Processing fee — typically 1–3% of the loan amount, deducted upfront. Factor this into the true cost of borrowing when comparing offers across lenders.
Personal Loan EMI for Different Amounts
The table below shows indicative monthly EMIs from this personal loan EMI calculator at 12% interest for a 3-year tenure:
| Loan Amount | Monthly EMI | Total Interest |
|---|---|---|
| ₹1,00,000 | ₹3,321 | ₹19,556 |
| ₹3,00,000 | ₹9,964 | ₹58,704 |
| ₹5,00,000 | ₹16,607 | ₹97,852 |
| ₹8,00,000 | ₹26,571 | ₹1,56,556 |
Use the Prepayment tab to see how a lump-sum payment in the first year reduces your outstanding principal and total interest. All results in this free personal loan EMI calculator run entirely in your browser — no data is stored or transmitted.
Frequently Asked Questions
What is the EMI for a ₹3 lakh personal loan?
At 12% interest for a 3-year tenure, the monthly EMI on a ₹3 lakh personal loan is approximately ₹9,964 — with total interest of around ₹58,704. Change the loan amount, rate or tenure in the calculator above to get your exact figure instantly.
How does this personal loan EMI calculator work?
This personal loan EMI calculator uses the standard formula EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1], where P is the principal, r is the monthly interest rate and n is the number of months. Enter your loan amount, rate and tenure and results update instantly. Everything runs in your browser — no data is sent to any server.
Which bank has the lowest personal loan interest rate in 2026?
As of 2026, HDFC Bank offers one of the lowest starting rates at 10.75% for eligible salaried borrowers, followed by ICICI Bank at 10.85% and SBI at 11.05%. Actual rates depend on your CIBIL score, employer category, income level and existing obligations. Always get a written offer before comparing.
What is the maximum personal loan I can get on ₹50,000 salary?
Using the standard FOIR guideline (40% of gross monthly income), a ₹50,000 salary supports up to ₹20,000 in total monthly EMIs. At 12% over 3 years, that translates to a maximum personal loan of approximately ₹6 lakh. Use the Affordability tab above for a personalised estimate based on your exact income and rate.
How does prepayment reduce personal loan EMI?
A lump-sum prepayment reduces the outstanding principal immediately. Since the EMI stays fixed, the remaining tenure shortens rather than the instalment decreasing. On a ₹3 lakh loan at 12%, prepaying ₹50,000 after 12 months saves several thousand rupees in interest and shortens the remaining tenure meaningfully. Try it in the Prepayment tab.
Is this personal loan EMI calculator free to use?
Yes, completely free. All four tabs — EMI calculator, Prepayment, Affordability and Compare — are free with no signup required. Every calculation runs entirely in your browser and no personal data is stored or transmitted.