Calculate EMI, total interest and full repayment schedule for any personal loan in India. Personal loans typically run at 11-22% - significantly higher than home loans, so understanding the total cost up front is essential.
Typical rates (India)
Salaried good credit: 11-15%
NBFC / fintech: 14-22%
Maximum tenure: 5-7 years
Monthly EMI
₹16,847
Total interest
₹1,06,491
Total payment
₹6,06,491
36 months
Principal vs interest
Personal loans usually carry a 1-3% processing fee plus GST. Use the APR Calculator for the true all-in cost. Most lenders allow part-prepayment after 6-12 months with a 2-4% penalty.
Personal loans are the most expensive non-revolving consumer credit most Indians ever take - typically 11-22% per annum, sometimes higher if you go through fintech NBFCs. They're also among the easiest to get: most banks pre-approve a few lakhs against your salary account, the paperwork is minimal, and disbursement happens in 24-48 hours. That combination of easy access and high cost makes personal loans one of the most-misused financial products. Use them well and they're a clean way to consolidate high-cost debt or fund a one-time need; use them badly and they become a multi-year drag on your finances.
This calculator handles the standard EMI math used by every regulated Indian lender - HDFC, ICICI, SBI, Axis, Kotak, Bajaj Finserv and the major fintechs (KreditBee, Money View, Cashe). The number it produces matches what's printed on the sanction letter to within a rupee. Where it can't match is the processing fee (1-3% + GST) and the rare flat-rate quotes from less-regulated NBFCs - for that, use the APR calculator on this site to compare apples to apples.
Enter the personal loan amount you're considering.
Set the interest rate offered by the lender.
Pick a tenure (1-7 years is the typical range for personal loans).
See the EMI, total interest and total repayment.
Personal loans use the standard reducing-balance EMI formula. Each EMI is split between interest (charged on the outstanding balance) and principal (which reduces the balance). Early EMIs are interest-heavy; later EMIs are principal-heavy.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
Personal loan rates are unsecured-loan rates - the bank has no collateral to fall back on if you default, so the rate carries a credit-risk premium above the bank's funding cost. The premium is determined by your CIBIL score (750+ unlocks the lowest rates, 700-750 mid-range, below 700 either rejection or premium pricing), your employer (salaried at a top employer like a listed IT or BFSI company gets better rates than smaller-employer salaried), and your existing EMI commitments (banks cap total EMIs at 40-50% of net monthly income).
Tenure choice matters more than people realise. Personal loans typically run 1-7 years. A shorter tenure (2-3 years) at the same rate produces dramatically less total interest, despite the higher EMI. For a ₹5 lakh personal loan at 14%, 5-year tenure costs ₹6.98 lakh total (₹1.98 lakh interest); 3-year tenure costs ₹6.16 lakh total (₹1.16 lakh interest). Same rate, ₹82,000 difference. If your cash flow can absorb the higher EMI, always pick the shorter tenure.
Foreclosure rules vary widely. RBI banned foreclosure fees on floating-rate retail loans, but most personal loans are fixed-rate - so banks can and do charge 2-4% foreclosure fees on the outstanding balance. Some fintech lenders waive foreclosure fees after 6 or 12 months. Read the foreclosure clause before signing - it can be worth ₹10,000-30,000 on a typical loan.
EMI ≈ ₹10,253. Total payable ₹3,69,108. Total interest ₹69,108. Compare with a ₹3 lakh credit-card EMI conversion at 18-22%: total interest jumps to ₹93,000-1,12,000. The personal loan saves ₹25,000-40,000 over the same 3-year period, which is why personal loans are the standard tool for consolidating credit-card debt.
EMI ≈ ₹22,499. Total payable ₹13,49,940. Total interest ₹3,49,940 - over 35% of principal in interest. A 3-year tenure at the same rate produces EMI ₹33,500 with total interest ₹2,05,995. The 2-year time saving costs ₹11,000/month extra but saves ₹1,43,945 over the life of the loan.
11-22% per annum, depending on credit score, employment and lender. Salaried customers with 750+ CIBIL get the best rates. NBFC and fintech loans go higher (16-30%).
Math is identical. The difference is in rates and tenures - personal loans are 11-22% over 1-7 years; home loans are 8-9% over 15-30 years. Same formula, very different total cost.
Yes - typically 1-3% of the loan + GST. For a true cost comparison, use the APR Calculator which factors in fees.
Most lenders allow it after 6-12 months with a 2-4% penalty on the prepaid amount. Some fintechs allow it free after 12 months. Check before borrowing.
Typically up to 24 times your monthly net salary, subject to a ₹40 lakh cap at most banks. Some private banks and HNI lending can go higher with strong income.
Personal loan EMIs are generally not deductible - except when used for home renovation (interest deductible under Sec 24(b)) or for education (Sec 80E). Keep documentation if you claim.
Indian financial products - home loans, fixed deposits, mutual funds, NPS, insurance - each carry their own quirks: monthly reducing balance vs flat-rate interest, quarterly vs monthly compounding, indexation on capital gains, the choice between the old and new tax regime. We design every finance calculator to use the formula that an Indian bank, AMC, or insurer would actually use, and to surface the assumptions in plain English so you can audit the result against your own statement.
Use this calculator alongside the EMI, SIP and inflation calculators to plan your money holistically. A standalone EMI number means little until you compare it with your in-hand salary, your existing debt-to-income ratio, and the impact of inflation on the real cost of the loan. The related-tool grid below makes it one click to chain these analyses together.
The Personal Loan Calculator is part of the Finance suite on Online Calculator Tools, alongside 6 related calculators. All tools share the same UI patterns, the same privacy-first rendering (nothing is sent to a server), and the same commitment to showing the formula and assumptions behind every result.
