Personal Loan EMI Calculator India 2026
Calculate your personal loan EMI for any Indian bank or NBFC. Personal loans are unsecured, so rates are higher — typically 10–24% per year for tenures of 1–7 years. Enter your loan amount, rate and tenure to instantly see your monthly EMI, total interest, the true cost after fees, and how much you can save by prepaying.
How Personal Loan EMI Is Calculated
Personal loan EMI uses the same reducing-balance formula as every other loan: EMI = P × r × (1+r)n ÷ [(1+r)n − 1]. Because rates are higher and tenures shorter, a large share of your early EMIs goes to interest — the year-by-year schedule above shows exactly how this splits.
Watch the Processing Fee on Personal Loans
Personal loans often carry the highest processing fees — commonly 1%–3% of the loan amount plus 18% GST, sometimes with documentation charges. On a ₹5 lakh loan a 2% fee is ₹10,000 plus ₹1,800 GST before you receive a rupee. Use the "Add bank charges" panel above to see the true cost.
Should You Prepay a Personal Loan?
Because personal loan rates are high, prepaying usually saves a lot of interest — but check for foreclosure charges, which some lenders apply on fixed-rate personal loans. The prepayment slider above estimates your interest saving so you can weigh it against any charge.
What is the EMI on a ₹5 lakh personal loan?
At 14% over 5 years, a ₹5 lakh personal loan has an EMI of about ₹11,634 per month and roughly ₹1.98 lakh of total interest. Enter your figures above for your exact number.
Why is the personal loan rate so much higher than a home loan?
Personal loans are unsecured — there is no asset backing them — so lenders price in more risk, usually 10–24% per year versus 8–11% for home loans.
Can I prepay or foreclose a personal loan?
Usually yes, but some lenders charge a foreclosure fee on fixed-rate loans. Floating-rate loans to individuals generally cannot be charged a prepayment penalty under RBI rules.