Personal Loan Calculator

Calculate your personal loan EMI with the help of BankBazaar Personal Loan EMI Calculator. All you need to do is enter your preferred loan amount, tenure, interest rate, and processing fee (if applicable) and hit "Calculate" to check your monthly instalments.

Personal Loan EMI Calculator

Calculate your Personal Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
Tenure in Months:
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: Rs 11,132

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 Repayment 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
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Personal Loan EMI Calculation

The table below provides you the loan repayment schedule for a loan amount of Rs.1 lakh, tenure of 5 years, interest rate of 9% p.a. and processing fee of 2%.

Year Principal Interest Total Payment Total Balance
2020 Rs.9,493 Rs.5,039 Rs.14,532 Rs.90,508
2021 Rs.17,473 Rs.7,437 Rs.24,910 Rs.73,034
2022 Rs.19,112 Rs.5,798 Rs.24,910 Rs.53,922
2023 Rs.20,905 Rs.4,005 Rs.24,910 Rs.33,016
2024 Rs.22,867 Rs.2,043 Rs.24,910 Rs.10,150
2025 Rs.10,150 Rs.229 Rs.10,379 Rs.0

Personal Loan EMI Summary

Loan Amount Rs. 1,00,000
EMI Rs.2,076
Total Interest Due Rs.24,550
Processing Fee Rs.2,000
Total Amount Payable Rs.1,26,550

Personal Loan EMI for Top Banks

Bank Lowest EMI Per Lakh Loan Tenure
SBI Rs.1,640 7 years
HDFC Bank Rs.2,162 5 years
Axis Bank Rs.2,224 5 years
CitiBank Rs.2,124 5 years
Indian Overseas Bank Rs.2,199 5 years
Standard Chartered Bank Rs.2,199 5 years
Kotak Mahindra Rs.2,162 5 years
Indian Bank Rs.1,619 7 years
Union Bank of India Rs.2,071 5 years
Karnataka Bank Rs.2,224 5 years

How to use BankBazaar Personal Loan EMI Calculator?

BankBazaar Personal Loan EMI Calculator is extremely easy to use and user-friendly. All you need to do is put your preferred loan amount, the interest rate, processing fee, and tenure. Hit “Calculate” to check your EMI. You can also view a detailed breakup of your payment schedule through an amortisation table.

Your personal loan EMI depends on various factors, including the loan amount, interest rate, and tenure. It’s essential to calculate your monthly instalment beforehand so that you can manage your finances in a better way.

Results Overview:

  • EMI: 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
  • 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. You can view this in the form of an amortisation table that’s designed to give you a holistic view of your monthly/yearly repayment obligations.

Features of EMI Calculator

  • Graphical Representation: Learn how much will be the principal amount and interest will be paid in each EMI. This information will be presented to you in the form of a pie chart.
  • Repayment Table: The repayment table, illustrates details with regard to your loan repayment. It helps you understand how much you will have to shell out each month so that you can plan the rest of your expenditures accordingly.

The elements of a repayment table are:

  • 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.
  • 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.
  • Total Payment: Sum total of the principal and interest paid
  • Outstanding Loan 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.

The repayment table provides year-wise and month-wise data. So, you can look at the details for each month as well as the cumulative data for each year.

What Factors Can Affect Your Personal Loan EMI?

  • Loan Amount: The higher the loan amount, the higher the EMI payable. The maximum loan amount you can avail is decided by the lender based on your repayment capacity, relationship with the bank, and other factors.
  • Rate of Interest: In this case, too, the rate of interest is directly proportional to the EMI. The higher the rate of interest, the higher the EMI. The bank will determine your loan’s interest rate based on a number of factors such as your Income, your credit history, repayment capacity, etc.
  • Loan Tenure: The loan tenure you choose is inversely proportional to the EMI. The longer the tenure, the lower the EMI. However, with longer tenure you may end up paying more as interest. The loan tenure options usually range between 12 months and 84 months.

How to Calculate Personal Loan 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.

Monthly Interest Rate = Interest Rate/12

For Example, if the interest rate offered to you for your personal loan is 18% p.a. then your monthly interest rate will be calculated as follow:

18/12 = 1.5

This means that the monthly rate of interest will be 1.5%.

Should I Prepay My Personal Loan Early?

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

1. 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. It can also be calculated based on the overdue interest amount. Some banks might not even 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. This will help you determine whether prepaying your loan will be beneficial or not. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.

2. 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 making your decision based 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 prepayment 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.

What are the Benefits of Using a Personal Loan EMI Calculator?

Here’s some of the benefits of using a personal loan EMI calculator.

Compare loans: Enter a fixed loan amount and tenure and vary the interest rate and processing fee depending on the rates fixed by the concerned bank. That’ll give you a holistic idea regarding total cost of your loan and based on that you can choose your personal loan product.

Saves time: Calculating EMI takes less than a minute when you are using a calculator. Also, EMI calculators are extremely easy-to-use and 100% accurate.

Choose your preferred loan tenure: Vary loan tenures and compare your EMI to see which one is better suited for your financial health. If you are okay with paying higher EMI and would like to close your loan early, go for a shorter tenure. Otherwise you can always opt for a longer tenure.

Check your repayment schedule: BankBazaar’s personal loan EMI calculator also gives you a complete break-up of your repayment schedule. That way you will get an idea how much you’ll have to pay as interest and how much will be your principal outstanding.

Verify EMI information: You can validate your repayment schedule as offered by the bank by using an EMI calculator. Other than that, with a calculator you can also calculate the processing fee that you have to pay upfront (usually deducted from the sanctioned amount).

What is the Formula Used for Personal Loan EMI Calculation?

The mathematical formula for calculating EMIs is EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where E: Equated Monthly Instalment,

P: Principal or loan amount,

R: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and

N: Number of monthly instalments or loan tenure in months.

What is COVID-19 EMI Moratorium?

In the wake of COVID-19 pandemic, RBI introduced a rule where every bank should offer a moratorium of 3 months to their term-loan customers. This means that any term-loan customer won’t have to pay their EMI for 3 months. However, interest would still be levied on the outstanding loan amount during this period and you have to pay it after the moratorium ends. To be precise, with EMI moratorium you get a 3-month EMI relief and tenure extension. RBI later decided to extend the moratorium for another 3 months and the new deadline stands at 31 August 2020. However, this is an opt-in facility, so if you don’t want EMI moratorium, you can opt-out of it by contacting your lender.

Does EMI Moratorium Affect Your Monthly Instalments?

Though opting for personal loan moratorium can bring in temporarily relief, it can weigh heavily on you in the future. Note that interest will still be accrued on the outstanding portion of your loan during the moratorium period, which essentially means that you will have to pay three EMIs and the interest compounded for three months later. So, opt for moratorium only if you are facing a financial crunch or have a plan to build a reserve fund.

Can You Pay Your EMI at One Go?

If you are referring to prepayment or foreclosure, yes you can do that. However, different banks have different conditions for personal loan prepayment. For instance, HDFC allows you to prepay only if you have completed 12 EMIs. Also, a certain prepayment charge may be levied depending on the bank at the time of pre-payment or foreclosure. So, read your lender’s terms and conditions before opting for foreclosure or prepayment.

What Happens If You Fail to Pay Your EMI?

It’s always advised to pay your EMIs on time. Most banks charge a penalty fee of 2% on your EMI if you fail to make repayments. Also, any missed payment will hurt your credit score and may jeopardise your chances of getting a loan in the future. Use a personal loan EMI calculator and calculate your EMI beforehand to avoid any financial stress.

How to Calculate the Lowest EMI on Your Personal Loan?

In order to calculate lowest EMI, you need to consider your preferred loan amount, the lowest rate offered by the concerned bank, and the maximum tenure. Enter these details while calculating and you will get the lowest EMI applicable on your loan. However, for long-term loans, you pay more towards interest though your monthly repayments are smaller when compared to short-term loans. For short-term loans, the situation is reversed, which means you pay less towards interest though your monthly repayment amount is higher than loans with longer tenures.

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