Personal Loan Calculator
Calculate your personal loan EMI, total interest payable, and processing fee estimate. Compare indicative rates from top lenders to find the best deal.
Monthly EMI
₹17,088.81
Processing Fee
₹10,000
2% of loan amount
Total Interest
₹1,15,197
Total Payable
₹6,15,197
Loan Breakdown
- Principal 81.3%
- Interest 18.7%
Amortization Schedule
| Year / Month | Opening Bal. Open | Principal | Interest | Closing Bal. Close |
|---|---|---|---|---|
| ▶ 2026 | ₹5,00,000 | ₹1,44,078 | ₹60,987 | ₹3,55,922 |
| ▶ 2027 | ₹3,55,922 | ₹1,65,595 | ₹39,470 | ₹1,90,326 |
| ▶ 2028 | ₹1,90,326 | ₹1,90,326 | ₹14,740 | ₹0 |
Lender Comparison
Indicative EMIs for your loan amount and tenure at each lender's starting rate. Actual rates depend on your credit profile.
* Rates shown are indicative minimum rates. Final rate offered may vary.
| Lender | Rate (p.a.) | Monthly EMI | Total Interest | Total Payable |
|---|---|---|---|---|
| SBI | 10.5% | ₹16,251.22 | ₹85,044 | ₹5,85,044 |
| HDFC Bank | 10.5% | ₹16,251.22 | ₹85,044 | ₹5,85,044 |
| Bajaj Finserv | 11% | ₹16,369.36 | ₹89,297 | ₹5,89,297 |
How is Personal Loan EMI Calculated?
The EMI (Equated Monthly Installment) is calculated using the standard amortization formula:
- P = Loan Amount (₹10,000 – ₹50,00,000)
- r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Tenure in Months (6–84)
The Processing Fee is a one-time charge deducted upfront: Loan Amount × Processing Fee % / 100.
Frequently Asked Questions
What is the typical interest rate for a personal loan in India? ▼
Personal loan interest rates in India typically range from 10.5% to 36% per annum depending on the lender, your credit score, income, and employment type. Salaried employees with a high CIBIL score (750+) usually get the lowest rates.
What is a processing fee on a personal loan? ▼
A processing fee is a one-time charge levied by the lender to cover administrative costs. It typically ranges from 0.5% to 3% of the loan amount and is usually deducted from the disbursed amount. Always factor this into your total cost of borrowing.
What is the maximum personal loan tenure in India? ▼
Most banks and NBFCs offer personal loans with a maximum tenure of 60–84 months (5–7 years). A longer tenure reduces your monthly EMI but increases the total interest paid. Choose the shortest tenure you can comfortably afford.
How can I reduce my personal loan EMI? ▼
You can reduce your EMI by negotiating a lower interest rate (improve your CIBIL score first), choosing a longer tenure, or borrowing a smaller amount. Compare lenders using the table above to find the most competitive rate for your profile.