Personal loan EMI calculator India. Calculate monthly EMI and total repayment for any loan amount.
📖 Read our detailed guide: Personal Loan Calculator India — everything you need to know
Read Guide →Personal loan EMI uses the reducing balance formula where P is loan amount, r is monthly interest rate, and n is tenure in months. For example, a 5 lakh loan at 12% for 3 years has an EMI of approximately 16,607 rupees. Total interest paid would be about 97,850.
Rates range from 10.5% to 24% per annum depending on credit score, income, and lender. Rates below 12% are considered good and are usually available to salaried individuals with a CIBIL score above 750 and stable employment.
Your CIBIL score significantly impacts the rate. Score 750+ gets best rates (10.5 to 14%). Score 700 to 749 gets moderate rates (14 to 18%). Score 650 to 699 gets higher rates. Below 650 most banks reject or charge very high rates. Improving your score by 50 points can save lakhs in interest.
Most banks offer personal loans up to 40 lakh, with some going up to 75 lakh for high-income individuals. The amount depends on monthly income (usually 20 to 25 times monthly salary), existing EMIs, credit score, and employment stability.
Prepaying saves significant interest, especially in early years when the interest component of EMI is highest. RBI mandates no prepayment penalty on floating-rate personal loans. For fixed-rate loans, a foreclosure charge of 2 to 5% may apply. Calculate savings before deciding.