Personal Loan EMI Calculator
Plan your unsecured loans carefully. Calculate EMIs and total interest instantly.
Loan Details
EMI Breakdown
Monthly EMI
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Total Interest
₹0
Total Payment
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Current Personal Loan & Reference Rates (India)
As of September 2026Sources: Reserve Bank of India (rbi.org.in) monetary policy statements, National Savings Institute (PPF notification), and public rate cards from major Indian banks.
Every formula on this page is built to standard Indian banking and regulatory conventions (RBI guidelines, IBA formulas, current FY tax rules) and independently verified with worked numeric examples before publishing.
What is this Calculator?
A Personal Loan EMI Calculator helps you figure out the exact monthly payment you will need to make against an unsecured personal loan. Personal loans are incredibly popular because they require no collateral, but they often come with higher interest rates than secured loans.
How it Works
It uses the standard amortization formula (E = P × r × (1 + r)^n / ((1 + r)^n - 1)). By inputting your desired loan amount, the interest rate offered by the bank, and your preferred repayment tenure, it breaks down your monthly commitment.
Example Calculation
If you borrow ₹3,00,000 for a wedding at an interest rate of 12% over 3 years, your EMI will be approximately ₹9,964. Over the 3 years, you will pay approximately ₹58,715 in interest.
Benefits of Using This Tool
- Budgeting: Personal loans are often taken for emergencies or life events. Knowing your EMI helps ensure you don't stretch your monthly budget too thin.
- Rate Comparison: Personal loan rates vary wildly between banks. Use this tool to see how a 2% difference in rate affects your wallet.
Shopping around? Read our comprehensive breakdown of the Best Loan Options in India before you sign any paperwork.
Frequently Asked Questions (FAQs)
Why are personal loan interest rates higher than home or car loans?
Because they are unsecured. If you default, the bank has no collateral (like a house or car) to seize, so lenders charge higher interest to compensate for that added risk. Personal loan rates in India typically range from around 10% to 24%, depending on your credit score and income.
Can I prepay or foreclose my personal loan?
Yes, most banks allow prepayment after a lock-in period (often 6-12 months), but many charge a foreclosure fee, typically 2-5% of the outstanding principal, for personal loans. Unlike floating-rate home loans, this fee is generally permitted by RBI for personal loans, so check your loan agreement before prepaying.
What factors determine my personal loan interest rate?
Primarily your credit score (CIBIL score), monthly income, existing debt obligations (FOIR), employment type and stability, and your relationship with the lender. A CIBIL score above 750 typically gets you the best available rates.
How much personal loan can I get based on my salary?
Most lenders use a Fixed Obligation to Income Ratio (FOIR) of 40-50%, meaning your total EMIs (including the new loan) shouldn't exceed that share of your monthly income. Use our Loan Eligibility Calculator to estimate the maximum amount you could qualify for.
Sources & References
- Investopedia - Financial Calculation Standards
- Consumer Financial Protection Bureau (CFPB) Guidelines