Personal Loan EMI Calculator

What is Personal Loan EMI Calculator?

An EMI calculator is one such magical tool that is used to calculate the monthly installments of a personal loan. With the help of a Personal Loan EMI Calculator, a borrower can know his/her monthly installments in the most hassle-free manner. This time-saving tool calculates the exact monthly installments and helps you in taking the calculative decision.

This useful device also provides you the detailed information about Total Interest Outgo and Total Amount Payable (Principal+Interest) in the easiest and fastest manner. In order to know the same, you just need to feed few details such as:

  1. Loan Amount
  2. Interest Rate
  3. Tenure

Apply Personal Loan @ 10.75%* Rate

EMI Calculator for Personal Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

Below is a table showing personal loan interest rates and per lakh EMIs of various banks

BanksPersonal Loan Interest Rates (Per Annum)Per Lakh EMI for 5 Years
HDFC Bank10.75% - 21.30%INR 2,187 - INR 2,719
ICICI Bank10.75% - 18.49%INR 2,174 - INR 2,566
State Bank of India (SBI)9.60% - 13.60%INR 2,177 - INR 2,403
Kotak Mahindra Bank10.75% - 17.99%INR 2,174 - INR 2,539
Bajaj Finserv10.99% - 16.00%INR 2,174 - INR 2,432
Axis Bank12.00% - 24.00%INR 2,405 - INR 2,877
Tata Capital10.99% - 18.00%INR 2,275 - INR 2,705
RBL Bank17.50% - 26.00%INR 2,327 - INR 2,649
Standard Chartered Bank11.00% - 15.00%INR 2,199 - INR 2,352
Fullerton India14.00% - 24.00%INR 2,327 - INR 3,422
Citibank9.99% - 16.49%INR 2,174 - INR 2,594
HSBC10.50% - 17.84%INR 2,189 - INR 2,512
Canara Bank11.25% - 13.90%INR 2,159 - INR 2,311
IDBI Bank8.80% - 11.55%INR 2,249 - INR 2,300
Punjab & Sind Bank11.10%INR 2,240 - INR 2,252
Punjab National Bank (PNB)8.95% - 11.80%INR 2,260 - INR 2,363
IndusInd Bank11.00% OnwardsINR 2,275 - INR 2,649
Vijaya Bank10.25% - 15.60%INR 2,242 - INR 2,293
YES BANK10.75% - 17.00%INR 2,162

Top Banks Personal Loan EMI Calculator

You can use personal loan EMI Calculator of various banks including HDFC, ICICI, SBI, Axis, etc.

Personal Loan EMI Calculator HDFC

Knowing the exact calculations of your monthly installment has become much simpler with none other than the HDFC Personal Loan EMI Calculator. This magical tool with its smart algorithms allows you to know the accurate results related to your EMI, Interest Outgo and Total Amount Payable towards a loan. The device after taking into account-Loan Amount, Tenure and Interest Rate gives you the exact values in just a few seconds. It is easy to use the same for a hassle-free loan journey.

Personal Loan EMI Calculator ICICI

If you are someone who wants to know the exact and accurate EMI calculations of an ICICI personal loan, look no further as ICICI personal loan EMI calculator is here to help. Yes, this magical and time- saving device with its smart algorithms allows you to know the exact results in just a few seconds. All you need to do is simply enter- Loan Amount, Tenure and Interest Rate and this amazing tool fetch the results instantly, helping you in knowing EMI, Interest Outgo and Total Amount Payable in a better way.

Personal Loan EMI Calculator SBI

Want to know the exact calculations of your monthly installments? Use SBI Personal Loan EMI Calculator and clear your confusion. This well-designed and unique device with its smart algorithms allow you to know the exact values of EMI and Interest Outgo in a hassle-free manner. You just need to feed-Interest Rate, Loan Amount and Tenure into the device and within a few seconds, it will give you the accurate values of EMI and Interest Outgo respectively.

Personal Loan EMI Calculator Axis Bank

If you are finding it difficult to know the exact and accurate calculations of your monthly installments, nothing to worry as Axis Bank personal loan EMI calculator is here to help. Yes, this magical online tool lets you know the exact calculations of your EMI and Interest Outgo in just a few seconds. All you need to do is just enter- Loan Amount, Tenure and Interest Rate and you will be done. This smart device with its simple phenomenon gives you the results in just a few seconds. And, this is the reason why this device is widely used by many as it clears the confusion and helps you in taking a calculative decision in the future.

Let’s just have a better understanding of the same with the help of an example below.

Suppose, Raman Verma, a 28-year-old, Senior Manager by profession is looking to avail a personal loan of ₹5,00,000. One lender has agreed to offer him the same amount at an interest rate of 10.75% per annum for a tenure of 5 years. But before availing the loan, Raman wants to know what would be his EMIs? Thus he used an EMI Calculator for the same to get all the answers. Take a look at the table below for further clarification…

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 5,00,00010.75%1₹ 44,133₹ 29,591₹ 5,29,591
₹ 5,00,00010.75%2₹ 23,246₹ 57,902₹ 5,57,902
₹ 5,00,00010.75%3₹ 16,310₹ 87,168₹ 5,87,168
₹ 5,00,00010.75%4₹ 12,862₹ 1,17,383₹ 6,17,383
₹ 5,00,00010.75%5₹ 10,809₹ 1,48,539₹ 6,48,539

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 79,814₹ 49,893₹ 4,20,185
2₹ 88,829₹ 40,878₹ 3,31,355
3₹ 98,863₹ 30,844₹ 2,32,491
4₹ 1,10,031₹ 19,676₹ 1,22,460
5₹ 1,22,556₹ 7247₹ 0

Comparison of Personal Loan EMIs for Different Loan Amounts

For your convenience, we are providing you a comparison through different loan amounts so that you can have a clear idea about the EMI and total interest outgo with having various tenure also. The interest rate that we have considered here is 10.75% per annum.

Personal Loan EMI Details for INR 1 Lakh Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
1,00,00010.751882759181,05,918
1,00,00010.7524649115801,11,580
1,00,00010.7533262174341,17,434
1,00,00010.7542572234771,23,477
1,00,00010.7552162297081,29,708

Personal Loan EMI Details for INR 2 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
2,00,00010.75 - 15117,653 - 18,05211,836 - 16,6202,11,836 - 2,16,620
2,00,00010.75 - 1529,268 - 9,69723,161 - 32,7362,23,161 - 2,32,736
2,00,00010.75 - 1536,524 - 6,93334,867 -49,5902,34,867 - 2,49,590
2,00,00010.75 - 1545,145 - 5,56646,953 - 67,1752,46,953 - 2,67,175
2,00,00010.75 - 15 54,324 - 4,75859,415 - 85,4792,59,415 - 2,85,479

Personal Loan EMI Details for INR 3 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
3,00,00010.75126480177543,17,754
3,00,00010.75213948347413,34,741
3,00,00010.7539786523013,52,301
3,00,00010.7547717704303,70,430
3,00,00010.7556485891233,89,123

Personal Loan EMI Details for INR 4 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
4,00,00010.75135306236724,23,672
4,00,00010.75218597463224,46,322
4,00,00010.75313048697354,69,735
4,00,00010.75410290939064,93,906
4,00,00010.75586471,18,8315,18,831

Personal Loan EMI Details for INR 5 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
5,00,00010.75 - 15144,133 - 45,12929,591 - 41,5505,29,591 - 5,41,550
5,00,00010.75 - 15223,246 -24,24357,902 - 81,8405,57,902 - 5,81,840
5,00,00010.75 - 15316,310 - 17,33387,168 - 1,23,9765,87,168 - 6,23,976
5,00,00010.75 - 15412,862 - 13,9151,17,383 - 1,67,9386,17,383 - 6,67,938
5,00,00010.75 - 15510,809 - 11,8951,48,539 - 2,13,6986,48,539 - 7,13,698

Personal Loan EMI Details for INR 7 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
7,00,00010.75161786414277,41,427
7,00,00010.75232544810637,81,063
7,00,00010.753228341,22,0358,22,035
7,00,00010.754180071,64,3368,64,336
7,00,00010.755151332,07,9549,07,954

Personal Loan EMI Details for INR 10 Lakhs Loan Amount

Loan Amount (In ₹)Interest Rate (in % per annum)Tenure (In Years)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)Total Amount (In ₹)
10,00,00010.75 - 15188,265 - 90,25859,181 - 83,10010,59,181 - 10,83,100
10,00,00010.75 - 15246,492 - 48,4871,15,805 - 1,63,68011,15,805 - 11,63,680
10,00,00010.75 - 15332,620 - 34,6651,74,336 - 2,47,95211,74,336 - 12,47,952
10,00,00010.75 - 15 425,724 - 27,8312,34,766 - 3,35,87612,34,766 - 13,35,876
10,00,00010.75 - 15521,618 - 23,7902,97,077 - 4,27,39612,97,077 - 14,27,396

Parameters on which Personal Loan EMI is calculated

Here are the parameters based on which personal loan EMI is calculated:

Loan Amount: The first and the most important thing to know when it comes to calculating EMIs is actually the loan amount. The monthly installment of the loan is directly dependent on the loan amount which varies from lender to lender and is calculated on the basis of the personal loan eligibility.

Interest Rate: Be it any loan, the interest rate that a person will be offered on the money borrowed is the main base that actually decides the exact amount of your EMIs. Generally, different banks offer different personal loan interest rates. So, the higher the rates are, the more EMIs you need to pay. And, if the rates are lower than your monthly installments also be reduced, hence less burden on your pocket.

Tenure: The longer the tenure, the easier it is for the debtor to repay the fund to the bank or to the financial institution from which he/she is taking the loan. For a personal loan, the lenders generally offer a tenure of up to 5 years.

How Does Personal Loan EMI Calculator Work?

A personal loan EMI Calculator works on a simple algorithm, wherein the device calculates the EMIs, Interest Outgo and Total Amount Payable of a personal loan in a hassle-free manner. The moment you feed the credentials into the device, i.e. Loan Amount, Tenure and Interest Rate, this magical tool instantly fetches the value for you in just a few seconds. It gives you the exact and accurate calculations in the best manner, hence eases the burden from your shoulder. This is the reason that this tool has been widely used by the borrowers to know the exact calculations of their monthly installments.

Personal Loan EMI Calculator Formula

The calculation in the EMI calculator is done through the below-given formula:

E = P . r . (1+r)^n/((1+r)^n – 1)

where,

E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
r = Monthly Interest Rate
n = Monthly Loan Tenure

What is an Amortization Table?

An Amortization Table shows the year-on-year repayment track of an individual availing a personal loan. It lets you know the Principal, Interest and Balance Amount of each year payable towards a loan. Every time an EMI is paid, there is some part of principal also paid along with it. The principal is the original loan amount that the borrower has to pay. However, by making regular periodic payments, the principal gradually decreases and slowly comes to zero.

Can I Choose the Right Tenure Using the Personal Loan EMI Calculator?

The personal loan tenure you choose decides greatly the interest you pay to the lender eventually. A personal loan can be given for a maximum of 5 years. But don’t choose the maximum tenure just for the sake of it. If you can pay a slightly higher EMI, opt for a relatively shorter tenure. What will be the benefit of cutting short the tenure? Well, the interest will reduce by doing so. You can check the same using the Personal Loan EMI Calculator.

Example – You earn INR 60,000 a month and want a personal loan of INR 6 lakh for 5 years. The interest rate offered is 14% per annum. Should you go for 5 years or a year less? In case you do not have any existing loan obligations, you will have space for extra monthly payments. But you should use the calculator to know the right tenure for you. The table below shows the repayment scenarios in each of the two tenure options. The results are obtained using the calculator.

TenureEMIInterest Outgo
5 YearsINR 13,961INR 2,37,657
4 YearsINR 16,396INR 1,87,003

As you can see, by choosing a shorter tenure of 4 years, you are supposed to save interest payments worth INR 50,654 (approx.). The EMI will increase by INR 2,435 (approx.) on choosing a shorter tenure. You can now decide the right course of action.

Features and Benefits of a Personal Loan EMI Calculator

EMI calculator has many advantages and some of them are as follows:

Accuracy: The manual calculation of the monthly installment might not give the accurate results as the calculation is a little tricky. However, if the calculation is done through online EMI calculator, the result would be accurate for sure. So, it would be suggested to use the EMI calculator instead of getting into such a complicated calculation.

Time-Saving: As the calculation is a little difficult, doing it manually would be a little time consuming and might not be convenient for all. But, with online EMI calculator tool, a person can get correct results in few seconds. Hence, using a calculator is more suitable in this world where everyone is in hurry.

Easy Comparisons: On the basis of the loan amount, tenure and interest rates, a borrower gets various options to choose from. But, comparing all the options manually is not so easy and convenient. But, with the help of the calculator, a loan seeker can do a quick comparison of EMI and choose the best-suited one.

Endless Adjustable: A person is free to do the calculation of the EMI as many times as he/she wants. In times when a borrower is looking for the lowest interest rates on the loan amount that he/she desires, high EMI amount stops him/her to move ahead. But, there is always an option to re-adjust the tenure or the loan amount till the time the person is comfortable in paying till the EMI. For such cases, an EMI calculator is the perfect tool to use.

Fit loans to Budgets: Anyone who is looking for a personal loan would be concerned about the rates and the loan EMI that he/she will have to pay every month. Now, these payments are done on regular basis from the borrower’s monthly income. With the help of the calculator of personal loan EMI, a person can get the exact loan EMI that he/she will be liable to pay to the bank. Doing so would help him/her manage the monthly financial expenses and budget according.

Tells More Than EMI: An EMI calculator is not restricted to the monthly installment calculation. There are some calculators that provide a graphic representation of the personal loan and amortization table where a person gets to the gradual payment he/she has made to the banks/NBFCs from where the personal loan has been availed.

Accounted Processing Fee: In general, the personal loan EMI calculators tells the monthly installment on the basis of the interest rates, tenure, and loan amount. But, banks have certain processing fee that is also kept in account while calculating the monthly installments. There are some EMI calculators that consider the processing fee charged by the bank and shows the amount after adding that amount. Now that GST has been implemented, all indirect taxes like processing fees, service charges, and prepayment charges have increased marginally.

How Much EMI Can You Afford on a Personal Loan?

The decision of choosing from different EMI options will rest pretty much on your income and existing obligations, if any. These two dictate greatly the repayment potential you will be having. Lenders can grant you the loan amount where you are allowed to have an EMI upto 60% of your net take home income. However, if you can do it with a lesser amount, it will be better. The reason being personal loans are unsecured loans and can come with a higher rate of interest. Having a reduced loan amount will mean a much lower EMI, giving you extra space for meeting your other obligations. A sudden rise in the monthly expenses can’t be ruled out, and if that happens, having a reduced EMI will come to your rescue.

How Can a Personal Loan EMI Calculator Help You Save on Prepayment?

Prepayment is a term that means either a full or part payment of the loan. It can also be done via a balance transfer to another lender if you get the facility at a lower interest rate. The savings can be considerable if you execute prepayment well. A personal loan EMI calculator can help you with this. As the calculator flashes the repayment estimates on a personal loan, you can plan your prepayment better. Prepayment will offer good savings if you do around halfway stage or even before. Most lenders won’t allow prepayment before the first 12 EMIs. But after that, you can do and save. Let’s use the EMI calculator with regards to prepayment from your own sources and via a balance transfer.

For example, you took a personal loan worth INR 6 Lakh at an interest rate of 16% per annum for 5 years. The loan has so far run for 2 years and the outstanding balance stands at INR 4,15,018. The EMI for the same is INR 14,591. At this pace, you’ll end up paying interest worth INR 2,75,450. Now, we will use the Personal Loan EMI Calculator in terms of full prepayment, part prepayment and balance transfer taking a cue from this example.

When Making Full Prepayment

The EMI calculator shows the interest paid so far to be INR 1,65,199. If you deduct the same from INR 2,75,450, the savings will be INR 1,10,251. As the prepayment comes with a charge of around 2%-4% on the outstanding balance, you may have to pay around INR 8,300-16,600+18% Goods and Services Tax (GST). If you consider the GST, the prepayment charge would be around INR 9,794-19,588. Deducting the charge from INR 1,10,251 will give you the resultant savings worth INR 90,663-1,00,457.

When Making a Part Payment

If you don’t have the savings to pay off the outstanding balance of INR 4,15,018 after 2 years, you can think of part payment. Suppose you pay INR 2 lakh, the outstanding balance will reduce to INR 2,15,018. The EMI will fall sharply to INR 7,559, while interest obligations are estimated at INR 57,120 for the remaining three years. If we add the interest of INR 1,65,199 paid so far to the interest to be paid over the remaining tenure, the total comes as INR 2,22,319, which is INR 53,131 lesser than what would be the case if you continue to pay the loan as scheduled at the time of disbursal.

As prepayment charges will apply, you can deduct the same from INR 53,131 to arrive at the eventual savings. If you factor in the prepayment charge at 2%-4% of the part payment amount, the fees will be around INR 4,720-9,440 inclusive of 18% GST. Deducting this from INR 53,131 will lead to a sum of INR 43,691-48,411. This is the savings you’re likely to have on a part payment.

When Doing a Balance Transfer to Another Lender at a Lower Rate

You have got the balance transfer facility from another lender at a lower 12% interest rate looking at your solid repayment track, the EMI will come down to INR 13,785 if the EMI calculator is to be considered. This is INR 806 less than what would have been the case if you continue to pay the loan as scheduled. Further, the extent of interest outgo can be upto INR 81,220 for the next 3 years. Add the sum of INR 1,65,199, which you have paid as interest to the lender till now, to INR 81,220 payable over the next 3 years. This will result in a total interest outgo of INR 2,46,419.

A balance transfer can come with a fee of around INR 5,000-10,000 + GST. If you add the fee of INR 5,900-11,800 inclusive of 18% GST to the interest outgo of INR 2,46,419, the total outgo comes as INR 2,52,419-2,58,219. The savings on a balance transfer will come as INR 17,231- 23,031.

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  • Personal Loan Interest Rates September 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 18.00%