A Personal Loan EMI computes the monthly instalment for a loan. It applies the standard formula to the values you enter and returns the result instantly, without sending any data to a server. Borrowers use it to compare offers and to plan repayments.
Monthly payment, total interest, and total cost.
Standard amortization: monthly rate r = annual / 12, payment = P x r / (1 - (1+r)^-n).
Monthly EMI for unsecured personal loans (typically 10-24% interest).
The Personal Loan EMI Calculator computes monthly installments for unsecured personal loans. Personal loans in India typically range from 10.5% to 24% APR depending on credit score, income, and lender.
Personal loans are usually disbursed in 1-7 days with minimal documentation, but interest rates are much higher than secured loans like home or car loans.
Equated Monthly Installment is fixed monthly payment that pays off principal + interest over the term. The formula:
EMI = P x r x (1+r)^n / ((1+r)^n - 1)
where P = principal, r = monthly interest rate (annual / 12), n = total months. Every payment is the same amount, but the SPLIT between interest and principal shifts over time:
Personal loans in India range from 11% (prime banks for salaried + CIBIL 800+) to 24%+ (NBFCs for risky profiles). On a ₹5L loan over 5 years, the difference between 11% and 24% is ~₹2.15 lakh of extra interest - more than 40% of the principal.
| Lender type | Typical rate | Best when |
|---|---|---|
| PSU banks (SBI, BoB) | 10.5-12% for salaried | Salary account holder; CIBIL 750+; no urgency |
| Private banks (HDFC, ICICI) | 11-15%; faster approval | Pre-approved offers, salary account; need funds in 1-3 days |
| NBFC (Bajaj, HDB) | 13-18%; flexible eligibility | Self-employed; lower CIBIL; bank declined |
| Digital lenders (KreditBee, MoneyTap) | 18-24%; instant disbursal | Small amounts; short tenure; willing to pay premium for speed |
Personal loans are unsecured (no collateral) and the highest-rate retail loan after credit cards. Cheaper alternatives:
Personal loan rates (10-18%) are far cheaper than credit card (36-42% APR). For amounts >₹50,000 to be repaid over months, a personal loan is much cheaper.
Most banks now allow free prepayment after the first 6-12 months for floating-rate loans. Fixed-rate loans may have 2-5% prepayment fees.
Banks may add processing fee (1-2.5% upfront, often deducted from disbursal), GST on the fee, or insurance premium bundled into the loan. The calculator shows pure principal + interest only. Always ask for the "net disbursal amount" to know what hits your bank account.
Three big levers: (1) maintain CIBIL score above 750, (2) apply at the bank where your salary is credited, (3) negotiate using pre-approved offers from competing banks. Female applicants often get a 0.05-0.10% concession.
Banks use the reducing balance method. Interest accrues on the outstanding principal monthly, EMI splits into interest + principal accordingly. Avoid lenders quoting "flat rate" interest - that is roughly DOUBLE the effective rate.
For floating-rate personal loans: RBI banned prepayment penalties on retail loans in 2014. For fixed-rate personal loans: banks can still charge 2-5% prepayment penalty. Most Indian personal loans are floating; check your sanction letter.
The interest rate is the cost of borrowing. The APR (Annual Percentage Rate) includes the rate PLUS processing fee, GST, and any bundled insurance, expressed as an equivalent annual cost. APR is always equal to or higher than the rate, and is the right number to compare lenders.
It applies the standard formula. Accuracy is limited only by your input precision. For decisions with material consequences (taxes, medical, legal, structural), use the result as a starting point and verify with a qualified professional in the relevant field.
Yes. 100% free, no signup, no payment, no API key. The site is funded by display ads around the tool but not inside the calculation flow.
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Yes. The tool is responsive and tested on iOS Safari, Android Chrome, and major desktop browsers. Touch targets meet Apple's 44pt and Google's 48dp minimum.
Yes. Once the page has loaded, it works without internet. The calculation runs in JavaScript on your device.
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Most likely: different formula assumptions, different default values, different rounding rules, or different applicable rates. Check the methodology if both tools document it. Both can be valid for different scenarios.