Personal Loan EMI Calculator

Calculate your personal loan EMI with processing fees and effective cost of loan

Loan Amount (₹)

Interest Rate (% p.a.)

Tenure

Processing Fee (%)

GST on Processing Fee (%)

About Personal Loans in India

Interest rates: Typically range from 10% to 24% p.a. depending on credit score, income, and employer
Tenure: Usually 1 to 5 years (12-60 months)
Processing fee: 1-3% of loan amount + 18% GST on the fee
No collateral: Personal loans are unsecured — no collateral or guarantor needed
No tax benefit: Personal loans for personal use do NOT qualify for any income tax deduction
Business use: If used for business, interest may be claimed as a business expense
Prepayment penalty: Many banks charge 2-5% on prepayment after 6-12 months
Credit score impact: Timely EMI payments improve your CIBIL score; defaults hurt it severely
Effective cost: The processing fee increases the effective cost of the loan beyond the stated interest rate

About Personal Loan EMI Calculator

The Personal Loan EMI Calculator computes the monthly installment for unsecured personal loans, which typically carry interest rates of 10.5% to 24% depending on your income, CIBIL score, and employment type. Personal loans are unsecured, meaning no collateral is required, but this also means higher interest rates compared to home or car loans. The calculator helps you determine affordable EMI levels and total interest cost for various loan amounts and tenures.

Personal loans are popular for medical emergencies, wedding expenses, travel, debt consolidation, and home renovation. The maximum tenure is usually 5 years (60 months), and loan amounts range from ₹50,000 to ₹40 lakh. Banks charge a processing fee of 1-3% of the loan amount. Our calculator factors in all these costs and provides a clear picture of the total cost of borrowing, helping you make an informed decision for FY 2026-27.

Key Features

EMI computation for personal loans
Total interest cost analysis
Processing fee impact calculation
Foreclosure and prepayment penalty check
CIBIL score-based rate estimation

Frequently Asked Questions

What is the interest rate for personal loans in India?

Personal loan interest rates in India range from 10.5% to 24% per annum, depending on the lender, borrower's income, CIBIL score, employment type (salaried vs self-employed), and loan amount. Banks like SBI offer rates from 10.5-11.5%, while NBFCs may charge 14-24%. A CIBIL score above 750 helps secure the lowest rates.

Can I prepay my personal loan?

Yes, most banks and NBFCs allow personal loan prepayment after 6-12 EMIs have been paid. However, prepayment charges of 2-5% may apply on the outstanding principal. RBI has mandated that banks cannot charge foreclosure penalties on floating-rate personal loans, but most personal loans carry fixed rates where charges may still apply. Always check the loan agreement for prepayment terms.

Personal Loan EMI Calculator