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Personal Loan EMI Calculator

Calculate your Personal Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Personal Loan EMI: Sprite 4,402

Monthly amount paid to your Personal Loan provider

Break-up of all total amount payable
Loan Amount
Total Interest Due
Processing Fee
Loan Amount Via EMI
Loan Amount Prepaid
Total Interest
Processing Fee
Pre-payment Fee
Total Amount Payable
Your loan details as specified by you
Loan Amount
6 Months
Interest Rate
Processing Fee
Is your Credit Score good enough for getting a loan or card?

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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How to use BankBazaar.com's Personal Loan EMI calculator to understand your Personal Loan Repayment

Apply for Personal Loan

Loan parameters needed for using the EMI calculator:

  • You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
  • Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
  • The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!

Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com?s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.

  • Loan Amount: Enter the Personal Loan amount using the slider or the edit box you wish to borrow. For better financial planning our monthly outgoings (EMI?s) should not be more than 40% of your monthly income.
  • Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is monthly reducing balance.
  • Tenure: Select the period for which you wish to take the Personal Loan. Generally personal loan tenures range from 1 to 5 years.
  • Processing Fees: Bank charges a processing fee at the time of disbursing a Personal loan.Processing fees typically vary between 1% to 5% of the loan amount.
  • EMI: By entering the four fields you can see your monthly EMI which you have to pay to the lender to pay off your personal loan. Based on your loan EMI output you can check your personal loan eligibility in real time at BankBazaar.com. Based on your eligibility BankBazaar will show you customized personal loan offers from various banks. You can then select the best offer and apply online.
  • Break-up of your total amount payable: The EMI Calculator tool gives you the total personal loan amount payable to the lender. Your total loan amount payable is the sum of your loan amount (Principal), Interest payable and processing fees.
  • Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
  • Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the personal loan matures. The rest of your monthly payment is applied towards the personal loan principal.

  • Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
  • Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
  • You can switch to Annual view of your personal loan amortization.
When you decide to take a personal loan one of the most valuable tools you will ever use with regards this loan is the Personal loan EMI calculator. Unlike home or car loans, a personal loan can be one of the most convenient sources of funds since it does not come with any conditions attached to how the money is used. There are even banks that can approve really high amounts that can be borrowed but the question that can stump most people is with regards the amount that should be borrowed. There are a lot of things that need to be taken into consideration when deciding on the ideal amount to borrow. There is the consideration of the amount that you want to borrow, the amount you will have to pay as interest, the duration for which you want to take the loan and, of course, and the interest rates. There is also another question that needs to be answered and that is about the bank of NBFC (Non-Banking Financial Company) that you should approach. It is the personal loan EMI calculator helps you make these decisions.
As with all EMI calculators, the Personal Loan EMI calculator is a tool that you can use to determine the monthly instalments that you will have to pay for a personal loan that you might be planning on taking. If you are to consider the questions mentioned earlier then too the EMI calculator can help. Questions regarding loan amounts, tenures, interest rates and monthly payments are the first things that you need to consider. When you get down to answering the first three questions, you will get all the basic data that you will need to be able to use the calculator efficiently.
The basic principal behind the personal loan equated monthly instalment calculator are two particular formulae. The first one is the one used to calculate the monthly interest rate and the second one is the one used to calculate the EMI itself. Here is how these formulae work:

  • Calculating the monthly interest rate: When you approach a financial institution in order to take a personal loan, the main piece of information you are looking for is the interest rate that is being offered. Once you know it, and before you start using it to calculate the EMI, you need to convert the rate into a monthly one since the interest rate is always presented as an annual rate. To do so, the following formula is used. Interest rate/12 For example if the interest rate offered to you for your personal loan is 18% per annum then your monthly interest rate will be calculated as so: 18/12 = 1.5 This means that the monthly rate of interest will be 1.5%.
  • Calculating the EMI Calculating the EMI is a bit more complicated. It takes into account the amount you want to borrow, the duration you want to borrow for and the interest rate that you will be charged. The thing to note here is that when you consider the tenure of the loan, you won’t consider it in years, but in months. To find the EMI the following formula is used: E = P x r x (1+r)^n/((1+r)^n – 1) Here:

    • E will be the actual EMI that you will have to pay.
    • P will be the loan that you want to take
    • r is the monthly interest rate that is being offered
    • n is the tenure of the loan considered in months

    Once all the relevant details have been entered into the calculator, it will tell you the amount you will need to pay every month for the loan.
The biggest advantage that a personal loan EMI calculator provides is the convenience of performing complicated calculations with precision and within just a few minutes. However, there are some other advantages of an EMI calculator too. They are:

  • Accuracy: If you were to perform this calculation manually, with a pen and paper, the chances are that you will end up making a mistake sooner or later and these changes will increase dramatically, depending on the number of times you need to do the calculation. With this tool you will be able to perform the same calculation accurately within seconds.
  • Save time: Speaking of seconds, the pen and paper method can take a lot of time which means that you could be sitting calculating away to glory when you should really be out enjoying life with your family. With the calculator you can do just that because this tool will allow you to do multiple calculations in minutes.
  • Easy comparisons: Speaking of multiple calculations, it is but natural that different banks will offer you various permutations and combinations of loan amounts, tenures and interest rates. To actually sit and calculate an EMI for each one of them could turn into a tedious task and may end up, through an error in calculations, leading you to the wrong loan. With the calculator you can quickly evaluate the EMI for different loans to see which one suits you best.
  • Fit loans to budgets: If you are going in for a personal loan then odds are that you will be concerned about the EMI that you need to pay. It would be natural to be concerned since that is an expense that your monthly income will now have to bear. How this calculator can help sort this problem out is but showing you the EMI and giving you the numbers you need to calculate your monthly budget.
  • Endlessly adjustable: There is no limit to the number of times you can calculate and recalculate an EMI. Suppose you found a bank that will offer you the loan amount you want and that too at an attractive interest rate. What you need to do now is to see how much you will pay every month for it. You do that and find out that the EMI is too high for you to afford but it’s not really a problem because you can easily re-adjust the tenure or the loan amount till such time as you can arrive at an EMI that suits your pocket.
  • Processing fee accounted for: While the basic EMI calculator for personal loans will only take into account the amount borrowed, the tenure and the interest rate, there are calculators that also take into account the processing fee that the bank will charge and tell you how much your EMI will be including that fee.
  • Tell you more than just the EMI: These calculators don’t just tell you the EMI you can expect to pay but also tell you a bit more. For example some provide a graphic representation of the loan along with an amortisation table too.
While most EMI calculators for personal loans will end the interaction by providing you with the EMI, there are some that go a bit further. These calculators will also provide you with two other pieces of information that can prove invaluable to you when it comes to know how your loan will be structured and how it will progress. These two pieces of information are provided through the graphic representation and the amortisation table.

  • Graphic representation When you are done entering all the relevant data and have already been told what you can expect to pay every month, there is still one thing you need to know. And that one thing is the structure of the loan. Personal loan EMI calculators can tell you the basic structure of your loan by calculating the total amount that you will end up paying over the years and what part of that payment will be your principal and what part the interest. This information can be presented to you in the form of a pie chart or any other manner that manages to represent the information pertinent to the loan. The advantage of this tool is that a quick look at it and you will know exactly how much you will end up paying back and how much of that amount will be paid as interest; A thing of importance if you don’t want to end up paying too much in interest. This tool can also help you affirm your decision to take the loan.
  • Amortisation tables The amortisation table is actually just the repayment of the loan split into years and months and presented in the form of a table. However, the reason why this table is important is that it shows you how the EMI that you pay is being used by the bank. It can show you things like how much of your initial payment will be towards the interest and how much towards the principal. It can also show you how the loan will progress in terms of years and what you will still owe at the end of each year.
All in all there is no denying the fact that if you intend to take a personal loan then a Personal loan EMI calculator can be your best friend in helping you make the right choice and pick the best personal loan for you.

Interest on personal loans varies from bank to bank. A lot of factors such as the age of the applicant, the credit score, salary amount, existing loans, etc., may affect the interest rate charged on personal loans. Here’s the range of interest rates at which the top 20 banks in India grant personal loans:

Bank Personal Loan Interest Rate
HDFC Bank 10.99% - 20.00% p.a.
Axis Bank 11.25% - 24.00% p.a.
ICICI Bank 10.99% - 22.00% p.a.
Citibank 10.99% - 16.49% p.a.
IndusInd Bank 11.99% - 23.00% p.a.
SBI 12.50% - 16.60% p.a.
Kotak Bank 11.50% - 24.00% p.a.
IDFC Bank 11.00% - 19.50% p.a.
Union Bank of India 14.40% - 14.40% p.a.
Standard Chartered Bank 11.49% - 20.00% p.a.
RBL Bank 13.99% - 16.00% p.a.
Punjab National Bank (PNB) 12.25% - 15.25% p.a.
Vijaya Bank 12.50% - 13.50% p.a.
Karur Vysya Bank (KVB) 13.90% - 16.40% p.a.
Indian Overseas Bank (IOB) 12.70% - 15.25% p.a.
Syndicate Bank 14.20% - 14.20% p.a.
Andhra Bank 13.05% - 14.30% p.a.
IDBI Bank 13.20% - 13.75% p.a.
Yes Bank 11.99% - 20.00% p.a.
Dena Bank 13.00% - 14.00% p.a.

The exact personal loan eligibility differ from lender to lender. However, they remain more or less similar across the following categories:

Age Requirements 18/21 years to 60/65 years
Loan Quantum Upto Rs.50 lakh. Most banks offer up to Rs.25 lakh. Some banks offer loans up to 20 x (net monthly income)
Net Income (Monthly) Minimum Rs.15,000 (For Semi and Rural areas) and Rs.20,000 (For Metros)
Type of Employment
  • Salaried customers
  • Self-employed professionals
  • Businessmen
Work Experience
  • Minimum 3 years of service in total
  • Tenure at current company should be more than 6/12 months
  • Business tenure of continuous 5 years
  • ITR of at least 3 years for self-employed professionals
CIBIL Score 750 or more with a mostly positive credit history

If you are unsure whether you are eligible to get a personal loan or not, you can use the BankBazaar loan eligibility calculator to know more about your eligibility. It shows the quantum of loan you will be eligible for, the rate of interest and prepayment charges you have to pay. It also displays the best loan offers available for you. To use the calculator, follow the below mentioned steps:

  • Go to the “Custom Quote” section.
  • Select your gender and click on “Search for Personal Loans”.
  • Select your current city and click on “Continue”.
  • Add the name of the company you work for and “Continue” to the next page.
  • Use the slider to add your net monthly salary (salary you get after all deductions).
  • In the next tab, select the bank with which you have your salary account.
  • Next, you’ll find a calendar where you can select the joining year and month at your current employer. Use the slider to mention your total work experience.
  • In the next page, you will be asked to select when you moved to your current city and current residence.
  • Next, you will be asked to select the type of your current residence out of the following options:
    • Owned by self/spouse
    • Owned by parent/sibling
    • Rented - With Family
    • Rented - With Friends
    • Rented - Staying alone
    • Paying guest
    • Hostel
    • Company provided
  • Then, select your birth date on the calendar and your age with the help of the slider. Click on “Continue” once you are done.
  • Select the purpose of getting a personal loan - balance transfer, top-up, home renovation, marriage, business, buying an automobile, or other. You can also skip this section if you want to.
  • Add the total amount of EMIs you currently pay, if any. Skip this section if you don’t have any other loans.
  • Click on “View Free Offers” to see the offers you are eligible for or add your personal details to receive personalized loan offers for you.

Personal Loan EMI can be easily calculated using BankBazaar EMI calculator. However, if you don’t have access to the Calculator for some reason, you can resort to calculating EMI using an Excel spreadsheet.

To compute your EMI in Excel sheet, you need to know a few things:

  1. The function for calculating EMI in Excel is PMT.
  2. You need 3 variables to compute the EMI. They are
    1. The monthly interest rate (rate)
    2. The period number (nper)
    3. The present value of the loan (pv).
  3. The result is always negative indicating the cash outflow.

The formula that you need to input in excel is: = PMT (rate,nper,pv)

Let us use an example to see how the above formula works. Let us assume the annual rate of your personal loan is 12%. Then the monthly rate will be: 12%/12 = 1% or 0.01.

Let us also assume that your loan tenure is 4 years. Therefore, the period number or the number of EMIs you have to pay over the course of loan tenure will be (4 x 12). Assuming your loan value is Rs.4.45 lakh, we get the EMI as

= PMT (0.12/12, 4*12, 4,45,000) = Rs.11,718

When a borrower pays their personal loan off in entirety or partially before payment is due, it is known as prepayment of loan. Although, prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when considering to make prepayments on your loan:

Prepayment charge:

Most banks charge a penalty or prepayment fee when you try to pay off your loan earlier. Prepayment fee varies from bank to bank. It can be a percentage of the amount being paid or a flat fee or calculated on the interest remaining due. Some banks might not charge any prepayment fee at all.

It is important to compare the penalty fee you incur to your savings on interest charges for the remainder of your loan period. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.

Savings on the principal amount:

Prepaying early into your tenure can help you save a lot. However, due to lock-in period, it might not be possible to do so. Borrowers often think that since they have already paid many EMIs, the interest on the remaining ones will be low. Therefore, it would be useless to close the loan since there won’t be much saving on the remaining cost of interest.

However, interest paid on the unpaid principal amount remains the same as banks calculate interest on reducing balance basis. Rather than basing your decision only on the remaining tenure, factor in the interest rate charged when thinking about foreclosing your loan.

You can choose to make partial prepayment instead of foreclosing the loan. Partial payment reduces the principal amount remaining. Thus, reducing the interest part of the EMIs. However, you need to pay off a substantial amount of the loan for this method to be effective. Also, it is better to do so as early on in the loan period as possible. Otherwise, prepayment fee might surpass interest savings.

  1. What are the prepayment options I can choose from in the EMI calculator?

    Answer: The BankBazaar EMI Calculator lets you choose between a varieties of prepayment options.

  2. How long does it take to calculate the personal loan EMI?

    Answer: With the BankBazaar EMI calculator, you can calculate your EMI in as little as 30 seconds of your time.

  3. How do I calculate my EMI if the processing fee is a flat fee and not a percentage of the loan amount?

    Answer: In case the lender you are getting your loan from charges a flat amount as processing fee, you can still calculate your EMI by placing the value of Processing Fee as 0% in the calculator. But do remember that you have to pay the processing fee at the end of the day.

  4. What is the highest amount of loan for which I can calculate EMI for using the EMI calculator?

    Answer: You can calculate EMIs for a loan quantum of upto Rs.30 lakh in the BankBazaar personal loan EMI calculator.

  5. Is the EMI amount I pay subject to GST?

    Answer: Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).

Most Recent Articles on Personal Loan EMI Calculator

What Is EMI And How Is It Computed?

Now, anybody can take a loan and repay it conveniently without any struggle due to the existence of EMIs. An equated monthly installment (EMI) is a certain amount of funds that has to be repaid every month in order to clear a loan. These EMIs will be paid over a fixed period until the loan is cleared fully. An EMI is determined by the interest rate, loan amount, and loan tenure. Click here to know all about EMIs and the computation process! Calculating EMIs manually can be very taxing and can also result in errors. Compute your personal loan EMIs with this finance tool

Longer Tenure or Higher EMI for Personal Loans?

Are you confused if you should go for a shorter personal loan tenure with high EMIs or a longer tenure with low EMIs? Well, with a few basics about how a personal loan, you can make your decision. Your EMI depends on your loan period and loan tenure along with the interest rate. When you go for a longer tenure, you will definitely end up paying higher interest on your overall loan. The interest rates for longer tenures are higher than the rates for shorter tenures. Your overall interest will be high since you are paying for a longer period. But your EMIs will be low. Learn how to choose your loan tenure and you can also learn to reduce your EMIs by clicking here

How EMI breakups are done in a Personal Loans?

Paying a personal loan through EMIs is pretty easy. However, it is very important to know the basics of an EMI before you start paying it. An equal monthly installment (EMI) is the amount that you pay on a monthly basis to repay your loan. A personal loan EMI comprises principal amount and interest amount. The interest rate allotted for your personal loan will be distributed throughout your loan tenure. During the initial period of your loan tenure, your interest amount will be very high in your EMI. As your tenure comes to an end gradually, your principal amount will be higher. Check out the advanced Personal Loan EMI Calculator to compute EMIs in a jiffy. Find out more about EMI breakups heree

Personal Loan EMI Calculator
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