📊 Personal Loan EMI Calculator 2026
Calculate your monthly EMI, total interest, and view complete amortization schedule for instant personal loans, salary loans, and more.
Range: ₹50,000 - ₹50,00,000
Range: 8% - 24% (Based on credit score)
Personal loan tenure: 1-5 years
Good credit score helps get lower interest rates
Your Personal Loan Summary
Monthly EMI
₹ 9,964
Loan Amount
₹ 3,00,000
Total Interest
₹ 58,704
Total Payment (Principal + Interest)
₹ 3,58,704
Processing Fee
₹ 6,000
Interest vs Principal
Tenure Comparison
1 Year
₹ 26,620/month
₹ 19,440
Total Interest
3 Years (Current)
₹ 9,964/month
₹ 58,704
Total Interest
5 Years
₹ 6,674/month
₹ 1,00,440
Total Interest
Longer tenure reduces EMI but increases total interest by 71%
Compare Personal Loan Interest Rates
SBI
Xpress Credit
11.25%
Processing: 0.5%
HDFC Bank
Insta Loan
11.75%
Processing: 1.5%
ICICI Bank
Instant Loan
12.00%
Processing: 1.0%
Axis Bank
Insta Loan
12.50%
Processing: 1.25%
Amortization Schedule
📚 Understanding Personal Loan EMI
🔹 What is EMI?
EMI (Equated Monthly Installment) is a fixed payment made to a lender at a specified date each calendar month. It consists of both principal and interest components.
🔹 EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where P = Principal, R = Monthly Interest Rate, N = Tenure in months
❓ Frequently Asked Questions
What is the maximum amount I can get as personal loan?
Most banks offer personal loans up to ₹40 lakhs for salaried individuals and up to ₹50 lakhs for self-employed professionals. The amount depends on your income, credit score, and repayment capacity.
What is the minimum credit score required?
Most banks require a minimum CIBIL score of 700-750 for personal loan approval. Some NBFCs may approve loans with score 650+ but at higher interest rates. Score above 750 gets the best rates.
What documents are required for personal loan?
Typically required: Identity proof (Aadhar/PAN), address proof, income proof (salary slips for last 3 months, bank statements for last 6 months), and employment proof. Some banks offer pre-approved loans with minimal documents.
Can I foreclose my personal loan?
Yes, most banks allow foreclosure but may charge a penalty of 2-5% on the outstanding amount for fixed rate loans. Floating rate loans usually have no foreclosure charges. Some banks have a lock-in period of 6-12 months.
⚠️ Disclaimer: This calculator provides estimates based on entered values. Actual loan terms may vary based on bank policies, credit score, and other factors.