Personal Loan EMI Calculator
Calculate personal loan EMI instantly and see the true cost of borrowing before you apply.
Monthly EMI
₹16,607
Total Payment
₹5.98 L
Total Interest
₹97,858
Principal
83.63%
Interest
16.37%
Total EMIs
36
Loan closes
Apr 2029
Break-even
Year 1
Interest : Principal
16.37% : 83.63%
About Personal Loan EMI Calculator
Personal loans are unsecured and have the highest interest rates among retail loans - typically 10.5%–24% per annum. They are fast (disbursed in 24–48 hours) but expensive. Use them only for genuine emergencies or when the cost of the loan is less than the cost of the alternative (e.g., liquidating a long-term SIP).
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Frequently Asked Questions
What is the current personal loan interest rate in India?▾
Personal loan rates range from 10.5% to 24% depending on your income, credit score, employer category, and lender. Public sector bank employees and those with 750+ CIBIL scores get the lowest rates. Fintech lenders like Bajaj Finserv, KreditBee, and MoneyTap offer fast approvals but at higher rates (16–24%).
How much personal loan can I get on a 50,000 salary?▾
Most banks lend 10–15x your monthly salary for personal loans - 5 to 7.5 lakh for a 50,000 salary. Maximum eligibility also depends on your existing EMI obligations. Banks typically cap total EMIs (including the new loan) at 50% of net monthly income.
Is a 3-year or 5-year tenure better for a personal loan?▾
A 3-year tenure means higher EMI but significantly less interest paid. A 5 lakh loan at 14% for 3 years costs 1.12 lakh in interest vs 1.93 lakh for 5 years. Since personal loan rates are high (10.5–24%), always choose the shortest tenure you can afford.
Is there a prepayment penalty on personal loans?▾
Most banks charge 2–5% on the prepaid amount if you prepay within the first 12 months. After 12 months, many banks allow full or partial prepayment with little or no penalty. Always check the prepayment clause before signing, as saving on interest often outweighs the penalty.
What is the difference between flat rate and reducing balance rate?▾
A flat rate of 12% is roughly equivalent to a 21% effective annual rate on a reducing balance basis. Banks and NBFCs sometimes advertise flat rates to make loans seem cheaper. Always ask for the APR (Annual Percentage Rate) or reducing balance rate for a fair comparison.
When should I avoid taking a personal loan?▾
Avoid personal loans for discretionary spending (vacations, gadgets, weddings) when you cannot comfortably repay within 2–3 years. At 14–18% interest, a 2 lakh loan becomes 2.6 lakh by year 3. Better alternatives: use savings, liquidate low-yield FDs, or negotiate a salary advance. Use personal loans only for genuine emergencies or productive investments.