Personal Loan Calculator
Calculate your personal loan EMI, total interest and repayment schedule instantly — compare rates across India's major banks and NBFCs, check your affordability against your take-home salary, and find the right loan amount and tenure before you apply.

A personal loan is an unsecured credit product — no collateral required. In India, personal loan rates range from 10.50% to 24% per annum depending on the lender, the borrower's CIBIL score, income, and employer category. This personal loan calculator computes your monthly EMI, total interest, and full repayment schedule for any loan amount and tenure. Use it to compare lenders, check whether the EMI fits within your salary, and understand the true cost of borrowing before you apply.

What is a Personal Loan Calculator?

A personal loan calculator takes the loan amount, annual interest rate, and repayment tenure as inputs and returns the fixed monthly EMI, total interest payable, and an amortisation schedule. Because personal loans are end-use-free (no restriction on how you spend the money), they are used for a wide range of purposes — medical emergencies, home renovation, weddings, travel, debt consolidation, or any unplanned expense. The calculator helps verify that the proposed EMI is affordable against your net monthly take-home salary before you commit.

What is EMI?

EMI — Equated Monthly Instalment — is the fixed monthly repayment amount you pay to the lender throughout the personal loan tenure. Each EMI covers the monthly interest accrued on the outstanding principal plus a portion of the principal itself. In the first months, most of the EMI goes toward interest; over time, the principal component increases. Personal loan tenures in India range from 12 months to 84 months (7 years).

Personal Loan EMI Formula

EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]

Where P = loan principal, R = monthly interest rate (annual rate ÷ 12 ÷ 100), N = tenure in months.

Example: ₹5,00,000 personal loan at 12% p.a. for 3 years (36 months). R ≈ 0.01. EMI ≈ ₹16,607. Total interest ≈ ₹97,852 — effectively 19.6% of the principal as the cost of borrowing.

Personal Loan Rates — Major Indian Lenders (Indicative, Mid-2025)

Best rates (10.50%–10.65%) are available only to top-tier salaried borrowers with CIBIL 750+, employed at large companies, with clean repayment history. Government/defence/PSU employees access SBI Xpress Credit at 11.45% — the cheapest government-employee product. Self-employed and lower CIBIL borrowers typically face rates of 14%–24%.

How to Use This Personal Loan Calculator

1. Enter the required loan amount: Be precise — personal loan processing fees (1%–3%) and interest stack up quickly. Borrow only what you need. Avoid the temptation to take a larger amount because you "qualify" for it.
2. Enter the applicable rate: Use the rate quoted by your lender. If you have not applied yet, use the bank's rate band starting point for your income category as a benchmark. Test both the best-case and likely-case rates to see the EMI range.
3. Set the tenure: Personal loans in India run from 12 to 84 months. Shorter tenure = higher EMI but lower total interest. Personal loans should generally be repaid as quickly as cash flow allows — longer-tenure personal loans accumulate significant interest on an unsecured product with high rates.
4. Check the salary fit: The resulting EMI should be below 30%–40% of your net monthly take-home salary (after all existing EMIs). On a ₹60,000 net salary, a ₹5 lakh personal loan at 12% for 3 years produces an EMI of ₹16,607 — 27.7% of salary, which most banks will approve. An EMI exceeding 50% of income is a strong signal to either reduce the loan amount or extend the tenure.

Rate Impact on Total Interest — ₹5 Lakh for 3 Years

The rate you receive on a personal loan is directly tied to your CIBIL score and employer profile. On a ₹5 lakh loan for 3 years, the difference between HDFC Bank's best rate (10.50%) and a high-risk NBFC rate (24%) is ₹1,19,340 in total interest — 24% of the principal borrowed, just in extra interest. Building a CIBIL score above 750 before applying is the highest-ROI action before any personal loan.

• Salary affordability check before applying: Enter the proposed loan amount, your lender's likely rate, and your desired tenure. If the resulting EMI exceeds 40%–50% of your net monthly take-home pay, the loan is likely to be rejected on FOIR grounds — or will strain your monthly budget. Adjust the amount or tenure until the EMI is comfortably below 35% of net income.
• Lender comparison in rupee terms: Enter HDFC Bank's rate (10.50%) and your current lender's rate for the same amount and tenure. The difference in total interest is the concrete financial reason to apply to HDFC or ICICI Bank instead of a costlier NBFC — even if the NBFC approves faster.
• Prepayment impact: Personal loans typically allow prepayment after 12–24 months (with 2%–5% charges at most banks). Use the calculator to model how a ₹1 lakh lump-sum prepayment in month 18 reduces the remaining tenure and total interest — confirming whether the prepayment saving exceeds the prepayment charge.
• Debt consolidation analysis: If you have multiple high-rate loans (credit cards at 36%–40%, consumer durable loans at 18%–24%), use the calculator to compare the total cost of your current obligations vs a single personal loan at 10.50%–14% that consolidates all of them. Debt consolidation via a personal loan is beneficial only when the consolidated rate is significantly lower than the weighted average of existing obligations.
• No-documentation mental model: Unlike home loans (which need property documents, legal clearance, and 3–6 weeks processing), personal loans are processed in 1–3 days with minimal documentation. The calculator helps you make the "how much to borrow" and "how long to repay" decisions quickly — before walking into a branch or submitting a digital application.

• CIBIL score: The single most important factor for personal loan rate. CIBIL 750+ → best-tier rate (10.50%–11%). CIBIL 700–749 → 12%–14%. CIBIL below 700 → 16%–24% or rejection. Building a CIBIL score above 750 before a planned personal loan application can save ₹30,000–₹1,20,000 in interest on a ₹5 lakh loan over 3 years compared to applying with a 680 score.
• Employer category: Government, defence, and PSU employees receive privileged rates at SBI (Xpress Credit from 11.45%), HDFC Bank, and ICICI Bank. Employees of top Fortune 500 and Nifty 50 companies receive the next-best tier. Small business owners and self-employed professionals face higher rates (14%–18%) due to income verification complexity.
• Loan amount and tenure: Larger personal loans sometimes attract lower rates (economy of scale for the lender). Longer tenures reduce the monthly EMI but increase total interest significantly — and may attract slightly higher rates from some lenders (pricing in increased default risk over time).
• Existing EMI obligations (FOIR): If you already have a home loan EMI, car loan EMI, or other personal loan EMIs, the remaining FOIR headroom limits how much new personal loan you can take. A high FOIR from existing obligations reduces the eligible loan amount — and may push some lenders to offer higher rates for what they perceive as a more financially stretched borrower.
• Banking relationship and pre-approved offers: HDFC Bank's 10-second personal loan, ICICI Bank's Insta Personal Loan (via iMobile Pay), and SBI's YONO pre-approved loans offer the fastest processing and often the best rates — exclusively to existing customers with strong account history. Check your bank's app before applying anywhere else.

• Improve CIBIL before applying: A 3–6 month delay in applying (while clearing dues and building credit) can drop the interest rate by 1%–3% — saving ₹30,000–₹1,00,000+ on a ₹5–10 lakh loan. The payoff of waiting is almost always worth it for non-emergency borrowing.
• Use pre-approved offers from your bank: HDFC Bank, ICICI Bank (iMobile Pay), and SBI (YONO) offer pre-approved personal loans to existing customers at the best available rate for that customer's profile — often 0.25%–0.50% lower than a walk-in application. Check these apps first before comparing outside lenders.
• Borrow only what you need, for the shortest feasible tenure: Personal loans at 10.50%–14% are expensive relative to secured loans. Every rupee not borrowed and every month not extended saves proportionate interest. Resist the offer to take "a little more since you qualify" — it all adds to the total cost.
• Prepay when possible: Most personal loans allow part-prepayment after 6–12 months (check your specific loan terms for the lock-in and prepayment charge). If you receive a salary bonus, commission, or any lump sum, apply it to the outstanding personal loan principal immediately. Even a ₹50,000 prepayment at month 12 on a ₹5 lakh loan at 12% for 5 years saves approximately ₹25,000–₹30,000 in total remaining interest.
• Consider alternatives for secured needs: If you own gold, a gold loan at 9.00%–10.00% is significantly cheaper than a personal loan at 10.50%–14.00%. If you own a home, a top-up home loan at 8.75%–9.00% is cheaper still. Always evaluate secured alternatives before choosing an unsecured personal loan — the cost difference can be ₹50,000–₹3,00,000 on larger loan amounts.

Personal loan of ₹5,00,000 at 12.00% p.a.

Extending from 3 years to 7 years reduces the monthly EMI from ₹16,607 to ₹8,733 — but adds ₹1,35,720 in total interest. For a ₹5 lakh personal loan, the 3-year option costs only ₹97,852 in interest — nearly 2.4× less than the 7-year option. Personal loans should be repaid as fast as cash flow allows to limit total interest on an inherently high-rate unsecured product.

• Accepting the first offer without comparison: The difference between HDFC Bank's best personal loan rate (10.50%) and a mid-tier NBFC (14%–16%) is ₹30,000–₹1,00,000 in total interest on a ₹5 lakh loan for 3 years. Spending 30 minutes comparing two or three lenders using this calculator before applying is among the highest-return time investments available to a personal loan borrower.
• Not checking pre-approved offers first: If you have an HDFC Bank, ICICI Bank, or SBI account with a good transaction history, check the bank's app before comparing external lenders. Pre-approved offers are typically at the lender's best rate tier for your profile and are processed in minutes. Many borrowers who would qualify for a pre-approved offer apply to an NBFC out of habit — paying a premium rate unnecessarily.
• Choosing the maximum tenure to minimise EMI: A 7-year personal loan at 12% on ₹5 lakh costs ₹2,33,572 in total interest — 47% of the principal borrowed. A 3-year loan costs ₹97,852 — 20% of the principal. Personal loans are short-term products by nature; using them as a 7-year commitment dramatically increases the cost. Choose the shortest tenure where the EMI stays below 35% of your net salary.
• Ignoring the processing fee in total cost comparison: A lender offering 11.00% with a 2% processing fee (₹10,000 on a ₹5 lakh loan) costs more in the first year than a lender offering 11.50% with 0.25% processing fee (₹1,250). Always compare the effective first-year APR (rate + amortised fees) — not just the headline interest rate.
• Using a personal loan when a gold or home loan alternative exists: For homeowners or gold owners facing a short-term cash crunch, a gold loan at 9%–10% or a home loan top-up at 8.75%–9% is significantly cheaper than any personal loan. The documentation and processing time difference is 1–2 days vs 3–7 days — a minor inconvenience that saves ₹50,000–₹3,00,000 in interest on larger borrowing needs.

Disclaimer

All EMI figures are mathematical estimates based on the standard reducing-balance formula. Actual personal loan rates, processing fees, and terms vary by lender, borrower profile, and prevailing market conditions. Rates shown are indicative and subject to change. Pre-approved offers are subject to lender eligibility assessment. This calculator does not account for GST on processing fees, insurance premiums, or other charges. Consult directly with the lender for exact terms before applying. This calculator does not constitute financial or investment advice.

What is the personal loan interest rate in India?

Personal loan rates in India range from 10.50% (HDFC Bank's best tier for top-category salaried borrowers) to 24%+ (NBFCs for lower CIBIL borrowers). SBI Xpress Credit starts at 11.45% for government/defence/PSU employees. ICICI Bank starts at 10.65% for pre-approved iMobile customers. Self-employed and lower-CIBIL borrowers typically face rates of 14%–18% at major banks and up to 35% at some digital lending platforms.

What is the maximum personal loan amount I can get in India?

ICICI Bank offers up to ₹50 lakh — the highest personal loan limit among major Indian banks. HDFC Bank and Axis Bank cap at ₹40 lakh. SBI Xpress Credit caps at ₹35 lakh. The actual amount sanctioned depends on income, existing EMI obligations, and FOIR limits — typically 40%–50% of net monthly income as maximum EMI across all loans. Very high loan amounts (₹30 lakh+) are typically accessible only to high-income salaried borrowers at premium employers.

How does my CIBIL score affect personal loan eligibility and rate?

CIBIL 750+: best-tier rate (10.50%–11%), maximum eligible amount, fastest processing. CIBIL 700–749: rate premium of 1%–2%, possible lower loan ceiling. CIBIL below 700: typically rejected by major banks; NBFCs may lend at 18%–24%. No CIBIL history: treated similar to below-700; requires income and employment verification, may face rejection. Building CIBIL above 750 before applying saves ₹30,000–₹1,20,000 in interest on a ₹5 lakh loan for 3 years vs a 680 CIBIL.

What documents are required for a personal loan?

Salaried: PAN card, Aadhaar, last 3 months' salary slips, last 6 months' bank statements, employment certificate or offer letter. Self-employed: PAN, Aadhaar, last 2 years' ITR with computation, CA-certified P&L and balance sheet, last 12 months' bank statements, GST registration. Pre-approved digital loans (HDFC, ICICI iMobile, SBI YONO) may require only OTP and e-sign with no physical documents — processed entirely within the banking app.

Can I prepay a personal loan?

Yes — most personal loans allow prepayment after a lock-in period of 6–12 months. SBI: no prepayment charges. HDFC Bank: 2%–4% of outstanding principal after 12 months. ICICI Bank: 3%–5% within 24 months, reducing thereafter. Check your specific loan agreement for the exact lock-in period and charge. Prepayment is beneficial when: (interest saving on remaining months) > (prepayment charge on outstanding principal). Use the calculator to verify the net saving before prepaying a personal loan with charges.

Is personal loan interest tax deductible in India?

No — personal loan interest has no tax deduction under the Income Tax Act for personal use. The exceptions: if the personal loan is used for home purchase or renovation, the interest may qualify under Section 24(b) (needs documentation of end use). If used for business, deductible under Section 37. For education purpose: the correct product is an education loan (Section 80E), not a personal loan. For EV purchase: the correct product is an EV-specific loan (Section 80EEB). A personal loan repurposed for these uses does not automatically qualify — the deduction requires the loan to be in the correct category from a scheduled bank or notified institution.

What is the difference between a personal loan and a credit card loan?

A personal loan: fixed disbursement, fixed EMI, fixed tenure, rate 10.50%–24%. Credit card loan (EMI on outstanding balance or pre-approved): rate 12%–42% depending on the card and bank, often disguised as "0% interest EMI" (which carries processing charges equivalent to 2%–4% of the transaction). For amounts above ₹50,000 over 12+ months, a personal loan is almost always cheaper than credit card revolving debt. For small, very-short-term needs (repaid within the billing cycle), using the credit card interest-free period is cheaper than a personal loan.

How long does it take to get a personal loan in India?

Pre-approved digital loans (HDFC 10-second loan, ICICI iMobile Insta Loan, SBI YONO): 10 minutes to a few hours — no branch visit needed. Standard digital application at major banks: 1–3 working days from submission of complete documents. NBFC digital platforms (Bajaj Finserv, MoneyTap): 24–72 hours. Branch-based application: 3–7 working days. Government employee loans (SBI Xpress Credit via salary account): 1–2 working days with digital application.

What is the FOIR and how does it affect my personal loan eligibility?

FOIR (Fixed Obligation to Income Ratio) is the maximum proportion of net monthly income that can go toward all EMI payments combined. Most Indian banks cap FOIR at 40%–50%. If your net monthly income is ₹75,000 and you already have a car loan EMI of ₹15,000, the available FOIR headroom for a new personal loan EMI is ₹15,000–₹22,500 (at 40%–50% FOIR). This limits the personal loan amount and tenure you can qualify for regardless of CIBIL score.

Can a self-employed person get a personal loan in India?

Yes — most major banks offer personal loans to self-employed professionals (doctors, CAs, architects) and self-employed non-professionals (business owners). Rates are higher (13%–18%) vs salaried borrowers. Documentation requires ITR for 2–3 years, CA-certified financials, and 12 months' bank statements. The minimum income threshold and business vintage (typically 2+ years) are stricter than salaried requirements. Digital NBFCs like Bajaj Finserv and MoneyTap often have more flexible underwriting for self-employed borrowers — at higher rates.

What happens if I miss a personal loan EMI payment?

Missing an EMI triggers: (1) overdue interest and penal charges (typically 1%–3% per month on overdue amount); (2) negative reporting to CIBIL — a single missed payment can drop a CIBIL score by 50–100 points; (3) recovery calls from the bank. Missing 3+ consecutive EMIs may result in the loan being classified as NPA and triggering legal recovery. If you anticipate difficulty making an EMI, contact the bank proactively before missing — most banks offer one-time restructuring or moratorium for borrowers facing genuine temporary hardship.

Should I take a personal loan or a gold loan for emergency cash?

If you own gold ornaments, a gold loan (SBI from 9%, ICICI Bank from 10%) is almost always cheaper than a personal loan (10.50%–16%). On ₹3 lakh for 2 years: SBI gold loan at 9% — total interest ₹28,512. Personal loan at 12% — total interest ₹39,316. Saving: ₹10,804. The gold loan requires pledging jewellery at the bank branch; disbursal is same-day. Choose the personal loan only if no gold is available or if carrying jewellery to a branch is genuinely not feasible.