Personal Loan EMI Calculator — Monthly Payment & Total Interest
Calculate personal loan EMI, total interest, and compare offers. Understand interest rates (10–24%), tenure options, and whether a personal loan is the right choice.
Personal loans are the most expensive mainstream credit product — interest rates of 10–24% compared to 8–9% for home loans. Yet they're also the most accessible: no collateral, minimal documentation, and approval in hours. Knowing your exact EMI and total cost before borrowing is essential.
The CalcHub Personal Loan EMI Calculator shows your monthly payment and total interest instantly.
Personal Loan EMI Table
At 12% interest rate:| Loan Amount | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|---|
| ₹1,00,000 | ₹8,885 | ₹4,707 | ₹3,321 | ₹2,633 | ₹2,224 |
| ₹2,00,000 | ₹17,769 | ₹9,415 | ₹6,642 | ₹5,266 | ₹4,449 |
| ₹3,00,000 | ₹26,654 | ₹14,122 | ₹9,963 | ₹7,899 | ₹6,673 |
| ₹5,00,000 | ₹44,424 | ₹23,537 | ₹16,607 | ₹13,165 | ₹11,122 |
| ₹10,00,000 | ₹88,849 | ₹47,073 | ₹33,214 | ₹26,334 | ₹22,244 |
Total Interest — The Real Cost
₹5,00,000 personal loan at different rates and tenures:| Rate | 2 Years | 3 Years | 5 Years |
|---|---|---|---|
| 10% | ₹53,740 | ₹81,160 | ₹1,37,460 |
| 12% | ₹64,888 | ₹98,060 | ₹1,67,320 |
| 14% | ₹76,260 | ₹1,15,640 | ₹1,98,600 |
| 18% | ₹99,560 | ₹1,52,000 | ₹2,64,500 |
| 22% | ₹1,23,860 | ₹1,90,400 | ₹3,35,800 |
Current Personal Loan Interest Rates
| Lender | Interest Rate (Approx.) | Processing Fee |
|---|---|---|
| SBI | 11.0–14.0% | 1.5% |
| HDFC Bank | 10.5–21.0% | Up to 2.5% |
| ICICI Bank | 10.75–16.0% | Up to 2.25% |
| Axis Bank | 10.49–22.0% | Up to 2% |
| Bajaj Finserv | 11.0–26.0% | Up to 3.5% |
| Kotak Mahindra | 10.99–24.0% | Up to 2.5% |
When a Personal Loan Makes Sense
| Good Reasons | Bad Reasons |
|---|---|
| Medical emergency with no insurance | Vacation or lifestyle spending |
| Debt consolidation (replacing higher-rate debt) | Investing in stocks (too risky) |
| Home renovation (if home loan top-up not available) | Wedding expenses (consider downsizing instead) |
| Business bridge funding (short-term) | Buying gadgets or electronics |
| Education gap funding | Paying off another loan (debt spiral risk) |
Personal Loan vs Alternatives
| Option | Interest Rate | Best For |
|---|---|---|
| Personal loan | 10–24% | Unsecured, quick approval, flexible use |
| Credit card EMI | 12–18% | Small purchases, existing card |
| Gold loan | 7–12% | If you own gold; lowest unsecured-equivalent rate |
| Loan against FD | 1–2% above FD rate | If you have FDs; cheapest option |
| Home loan top-up | 8–10% | Home-related expenses; much cheaper |
| Loan against property | 8–12% | Large amounts; lower rate but collateral needed |
How to Use the Calculator
- Open the CalcHub Personal Loan Calculator
- Enter loan amount (₹)
- Enter interest rate (%)
- Enter tenure (months or years)
- See: monthly EMI, total interest, total payment amount
How does credit score affect my personal loan rate?
A CIBIL score of 750+ gets you the best rates (10–12%). 700–749 gets moderate rates (12–16%). Below 700, rates climb to 18–24% or the loan may be declined. Improving your credit score from 700 to 780 can save lakhs in interest over the loan tenure.
Should I prepay my personal loan?
Almost always yes. Many personal loans allow prepayment after 6–12 months with a penalty of 2–5% of the outstanding amount. Even with the penalty, prepaying saves significant interest on a 12–18% loan. Check your loan agreement for specific prepayment terms.
Is a personal loan better than credit card debt?
If you're carrying credit card debt at 36–42% APR, a personal loan at 12–18% to consolidate that debt is a better option mathematically. But only if you don't rack up new credit card debt after consolidation — otherwise you'll have both.
Related Calculators
- Loan EMI Calculator — generic EMI calculator
- Home Loan Calculator — housing loan EMI
- Car Loan Calculator — auto loan EMI
- Credit Card Payoff Calculator — compare with personal loan