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 in India 2026
Personal loan rates vary significantly by lender and your credit profile. Below are indicative rates from major banks for salaried borrowers with good credit.
| Bank | Interest Rate (p.a.) | Max Loan Amount | Max Tenure |
|---|---|---|---|
| HDFC Bank | 10.50% onwards | ₹40 Lakh | 5 years |
| ICICI Bank | 10.25% onwards | ₹50 Lakh | 6 years |
| Axis Bank | 10.49% onwards | ₹40 Lakh | 5 years |
| SBI | 11.15% onwards | ₹20 Lakh | 6 years |
Updated April 2026. Rates are indicative — contact your lender for personalised offers.
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.