Personal Loan EMI Calculator
Calculate your personal loan EMI, view detailed amortization schedule, and analyze prepayment savings. Personal loans are unsecured loans that don't require collateral but have higher interest rates than secured loans.
Personal Loan EMI Formula
Where: P = Loan amount, r = Monthly interest rate, n = Tenure in months
Personal Loan Interest Rates (January 2026)
| Bank | Interest Rate | Processing Fee |
|---|---|---|
| HDFC Bank | 9.99% - 21.00% | Up to 2% |
| ICICI Bank | 10.50% - 19.00% | Up to 2.5% |
| SBI | 10.05% - 15.60% | 1.5% + GST |
| Axis Bank | 10.99% - 22.00% | Up to 2% |
| Kotak Mahindra Bank | 10.99% - 20.00% | Up to 2.5% |
How to Use This Personal Loan Calculator
Enter your desired loan amount in the Loan Amount field — this is the principal you plan to borrow. Next, enter the annual interest rate quoted by your bank (for example, 12.5%). Finally, set the loan tenure in months or years. The EMI is calculated instantly using the standard reducing-balance formula.
Switch to the Prepayment tab to model the effect of making a lump-sum payment. Enter the prepayment amount and the month in which you plan to make it. The calculator shows how many months you save on the total tenure and how much total interest you avoid paying — this helps you decide whether to reduce the EMI or shorten the loan period.
The Amortization tab breaks down every monthly payment into its principal and interest components, showing your outstanding balance month-by-month until the loan is fully repaid. Use this to plan ahead for foreclosure or to track how fast equity builds up in the early years of the loan.
Frequently Asked Questions
What documents are needed for personal loan?
Identity proof (Aadhaar/PAN), address proof, income proof (3 months salary slips for salaried, ITR for self-employed), bank statements (6 months), and photographs.
Can I get a personal loan with low CIBIL score?
Most banks require minimum 700-750 CIBIL score. Some NBFCs offer loans for scores as low as 650 at higher interest rates (18-24%). Improve your score before applying for better rates.
What is the fastest way to get a personal loan?
Digital lenders and fintech apps offer instant approval and disbursal within hours. However, compare interest rates carefully as convenience often comes at a higher cost.
Should I take a personal loan or use credit card?
Personal loans have lower interest rates (10-15%) vs credit cards (36-42%). For large expenses over 6+ months, personal loan is cheaper. For short-term needs, credit card's interest-free period may be better.
Can I prepay my personal loan early?
Yes. RBI has banned prepayment charges on floating-rate personal loans from 2026. Fixed-rate loans may have 2-5% charges. Always check your loan agreement for specific terms.
What is a good EMI-to-income ratio?
Banks prefer EMI-to-income ratio below 40-50%. If your total EMIs (all loans) exceed 50% of monthly income, you may face difficulty in loan approval or managing finances.