How to Use This Personal Loan EMI Calculator
Enter the loan amount you need (from ₹10,000 to ₹20 Lakh) and the interest rate your lender has quoted. Choose your repayment tenure between 1 and 5 years. The calculator instantly shows your monthly EMI, total interest you'll pay over the entire period, and the year-by-year amortization breakdown. Use the sliders to experiment — increasing the tenure lowers your monthly EMI but raises total interest, while a shorter tenure saves interest but demands higher monthly payments.
Personal Loan EMI for Common Loan Amounts (14% p.a.)
Monthly EMI at a typical personal loan rate of 14% p.a. across popular amounts and tenures. Use the calculator above for your exact rate and amount.
| Loan Amount | 2 Years | 3 Years | 5 Years |
|---|---|---|---|
| ₹1 Lakh | ₹4,803 | ₹3,418 | ₹2,327 |
| ₹2 Lakh | ₹9,606 | ₹6,836 | ₹4,654 |
| ₹3 Lakh | ₹14,408 | ₹10,254 | ₹6,980 |
| ₹5 Lakh | ₹24,014 | ₹17,090 | ₹11,634 |
| ₹10 Lakh | ₹48,028 | ₹34,179 | ₹23,268 |
At 14% p.a. Figures are indicative — actual rates vary by lender and credit profile.
Personal Loan Interest Rates
Personal loan rates vary significantly by lender and your credit profile, and are usually higher than secured loans such as home or car loans.
We don't list bank-wise personal loan rates because they change often, and the rate you are offered depends on your credit score, income and loan amount. Ask your bank or lender for the rate offered to you, then enter it in the calculator above.
Personal Loan Eligibility
Lenders assess personal loan eligibility based on your monthly income, employment type, credit score, and existing EMI obligations. A common rule of thumb is that total EMIs — including the new personal loan EMI — should not exceed 40–50% of your net monthly income. A credit score of 750+ dramatically improves your chances of approval and a lower interest rate. Salaried employees at reputed companies typically get better rates than self-employed borrowers. Most banks require a minimum net monthly income of ₹15,000–₹25,000.
Personal Loan vs Credit Card EMI
Personal loans and credit card EMI conversions both let you spread a large expense over time, but they differ significantly in cost. Personal loan interest rates in India range from 10% to 24% p.a. — far lower than the 36–42% effective annual rate on most credit card revolving balances. Credit card EMI plans often appear interest-free but hide processing fees. For amounts above ₹50,000 and tenures beyond 6 months, a personal loan almost always works out cheaper. Use this personal loan EMI calculator to compare the true monthly cost before deciding.
Tips to Reduce Personal Loan Cost
The most effective way to reduce your personal loan cost is to improve your CIBIL score before applying — even moving from 700 to 750 can reduce your rate by 1–2%. Compare offers from at least 3–4 lenders; rates vary significantly between banks. Avoid the minimum tenure trap — while a longer tenure lowers EMI, it dramatically increases total interest on high-rate unsecured loans. If you receive a bonus during the loan period, make a partial prepayment — on a ₹3 lakh loan at 14% for 3 years, a ₹50,000 prepayment in month 12 saves over ₹15,000 in interest.
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Frequently Asked Questions
What interest rate will I get on a personal loan?
It depends on the lender, your credit score, income and employer category. Banks usually offer their lowest personal loan rates to salaried borrowers with a high credit score, while NBFCs and instant-loan apps often charge much more for quick, low-documentation loans. Ask the lender for your rate and enter it in the calculator above to see your EMI.
How does my credit score affect my personal loan interest rate?
Your CIBIL score has the single biggest impact on your personal loan rate. A score of 750+ typically earns the lowest available rate (10–12% from top banks). A score of 700–749 might attract rates of 13–18%. Below 700, most banks reject the application or offer rates of 18–24%+. Even a 50-point improvement in your CIBIL score can reduce your rate by 1–3%, saving thousands on a ₹3 lakh loan over 3 years. Check and improve your score before applying.
How much personal loan can I get on my salary?
Most banks offer personal loans of 10–24 times your net monthly salary, up to ₹20–40 lakh. The exact amount depends on your CIBIL score, existing EMI obligations, and employer category. A common rule is that your total EMIs (including the new loan) should not exceed 40–50% of your take-home pay. A ₹50,000/month salary might qualify you for ₹5–12 lakh depending on your existing EMI burden.
Personal loan vs credit card EMI — which is cheaper?
For amounts above ₹50,000 and tenures beyond 6 months, a personal loan is almost always cheaper. Personal loan rates (10–24% p.a.) are far lower than the effective annual rate on credit card revolving balances (36–42% p.a.). Credit card no-cost EMI plans appear interest-free but often include hidden processing fees of 1–2% that translate to a real annualised cost of 8–15%.
Can I prepay my personal loan early?
Most lenders allow personal loan prepayment after 6–12 months of EMI payments. A partial prepayment reduces your outstanding principal and cuts all future interest calculations. Full foreclosure eliminates the remaining interest entirely. Prepayment charges typically range from 2–5% of the prepaid amount — factor this into your break-even calculation. On a ₹3 lakh loan at 14% for 3 years, a ₹50,000 prepayment at month 12 saves over ₹15,000 in interest.