By Vishvas Yadav
About the author
Founder of HR Calcy and an independent HR and payroll consultant with 16+ years in Indian HR and payroll. PGDM in Human Resources from XLRI Jamshedpur, ISO 9001:2015 and ISO 27001:2022 Lead Auditor, with HR and payroll software implementations for multinational companies across several countries. Advises on payroll and statutory compliance, labour law (PF, ESI, CLRA, gratuity and bonus) and wage structuring. Based in Bengaluru, Karnataka.
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Personal Loan Calculator: This free personal loan EMI calculator shows the monthly EMI, total interest and total repayment for any personal loan in India, and the figures most calculators leave out: the processing fee with 18% GST, the amount actually credited to your account, and the APR, the true yearly cost of the loan. It also:
- converts a flat interest rate into its reducing-balance equivalent, so you can compare offers fairly;
- works out how much personal loan you can get on your salary, after your existing EMIs;
- gives a year-wise summary and a full EMI schedule, with a CSV download.
No sign-up is needed, and nothing you enter leaves your device.
Personal Loan EMI Formula
P is the loan amount, R the monthly interest rate (yearly rate ÷ 12 ÷ 100) and N the number of monthly EMIs. Interest is charged each month only on the balance still outstanding, which is the reducing balance method Indian banks use for personal loans. Early EMIs are mostly interest; later EMIs are mostly principal.
Personal Loan EMI Example (Calculator Default)
A personal loan of ₹5,00,000 at 11% a year for 5 years, with a 1.5% processing fee plus GST:
| Item | Working | Amount |
|---|---|---|
| Monthly EMI | ₹5,00,000 at 11% for 60 months | ₹10,871 |
| Total interest | ₹10,871 × 60 − ₹5,00,000 | ₹1,52,273 |
| Total repayment | Principal + interest | ₹6,52,273 |
| Processing fee | 1.5% × ₹5,00,000 | ₹7,500 |
| GST on fee | 18% × ₹7,500 | ₹1,350 |
| Amount credited to you | ₹5,00,000 − ₹7,500 − ₹1,350 | ₹4,91,150 |
| Total cost of the loan | Interest + fee + GST | ₹1,61,123 |
| APR | Yearly cost on the ₹4,91,150 received | 11.78% |
The 11% headline rate becomes an APR of 11.78% once the fee is counted, because you repay EMIs on ₹5,00,000 but receive only ₹4,91,150.
Personal Loan EMI Table at 11%
EMIs for common loan amounts and terms at 11% a year, reducing balance:
| Loan amount | 1 year | 2 years | 3 years | 4 years | 5 years |
|---|---|---|---|---|---|
| ₹1,00,000 | ₹8,838 | ₹4,661 | ₹3,274 | ₹2,585 | ₹2,174 |
| ₹2,00,000 | ₹17,676 | ₹9,322 | ₹6,548 | ₹5,169 | ₹4,348 |
| ₹3,00,000 | ₹26,514 | ₹13,982 | ₹9,822 | ₹7,754 | ₹6,523 |
| ₹5,00,000 | ₹44,191 | ₹23,304 | ₹16,369 | ₹12,923 | ₹10,871 |
| ₹10,00,000 | ₹88,382 | ₹46,608 | ₹32,739 | ₹25,846 | ₹21,742 |
For any other amount or rate, use the calculator above. EMIs scale in proportion to the loan, so ₹20 lakh costs exactly twice the ₹10 lakh EMI at the same rate and term.
How the Interest Rate and Term Change the Cost
The same ₹5,00,000 loan, first over 5 years at different rates, then at 11% over different terms:
| Rate (5 years) | EMI | Total interest |
|---|---|---|
| 10% | ₹10,624 | ₹1,37,411 |
| 12% | ₹11,122 | ₹1,67,333 |
| 14% | ₹11,634 | ₹1,98,048 |
| 16% | ₹12,159 | ₹2,29,542 |
| 18% | ₹12,697 | ₹2,61,803 |
| 24% | ₹14,384 | ₹3,63,039 |
| Term (11%) | EMI | Total interest |
|---|---|---|
| 1 year | ₹44,191 | ₹30,290 |
| 2 years | ₹23,304 | ₹59,294 |
| 3 years | ₹16,369 | ₹89,297 |
| 4 years | ₹12,923 | ₹1,20,293 |
| 5 years | ₹10,871 | ₹1,52,273 |
A longer term lowers the EMI but raises the total interest sharply: 5 years costs five times the interest of 1 year on the same loan. Choose the shortest term whose EMI fits comfortably in your budget.
Personal Loan Interest Rates (October 2026)
| Lender | Personal loan rate (a year) |
|---|---|
| Union Bank of India | 9.15% to 12.90% |
| Canara Bank | 9.95% to 16.00% |
| Kotak Mahindra Bank | From 9.95% |
| HDFC Bank | From 9.99% |
| ICICI Bank | From 9.99% |
| Axis Bank | From 9.99% |
| IDFC FIRST Bank | From 9.99% |
| SBI | From 10.00% |
| Bajaj Finance | 10.00% to 30.50% |
| Bank of Baroda | From 10.40% |
| Punjab National Bank | 10.50% to 17.05% |
| Tata Capital | From 10.99% |
Rates as listed by Paisabazaar, as on 14 October 2026. The lowest rates go to borrowers with a strong credit score, stable income and a good relationship with the lender; the rate you are offered can be several points higher. Confirm the rate, fees and APR in the lender's Key Facts Statement before you accept.
APR: the True Cost of a Personal Loan
Since 1 October 2024, the RBI requires banks and NBFCs to give every retail borrower a Key Facts Statement (KFS) before the loan is signed. It must show the Annual Percentage Rate (APR), which the RBI defines as the annual cost of credit to the borrower, including the interest rate and all other charges for the loan. The APR is worked out on the net amount disbursed, by the internal rate of return on a reducing balance.
This calculator uses the same method. Checked against the worked example in the RBI's own KFS circular (₹20,000 for 24 months at 15%, with ₹400 of fees, so ₹19,600 disbursed), it gives the same EMI of ₹970, total interest of ₹3,274 and APR of 17.07%.
What the APR includes: interest, processing fees and other charges paid to the lender, and third-party charges the lender collects. What it leaves out: charges that apply only if something happens later, such as penal charges or foreclosure charges. A fee or charge that is not in the KFS cannot be charged during the loan without your explicit consent.
Two offers at the same interest rate can have very different APRs if one carries a higher fee. Compare loans on the APR.
Flat Rate vs Reducing Balance Rate
A flat rate charges interest on the full loan amount for the whole term, even as you repay it. A reducing balance rate charges interest only on what you still owe. A flat rate therefore always costs more than the same number quoted as a reducing rate.
| ₹1,00,000 for 12 months | 10% flat | 10% reducing |
|---|---|---|
| Interest | ₹10,000 | ₹5,499 |
| Monthly EMI | ₹9,167 | ₹8,792 |
| Equivalent reducing rate | 17.97% | 10% |
Set Rate type to Flat in the calculator to see the reducing-balance equivalent of any flat-rate offer.
How Much Personal Loan Can I Get on My Salary?
Lenders look at your FOIR (fixed obligations to income ratio): all your EMIs, including the new one, as a share of your income. Most banks and NBFCs in India accept a FOIR of about 40% to 60%, depending on your income and the loan. Choose How much can I borrow in the calculator to apply this to your own numbers.
| Monthly income | EMI room at 50% | Loan at 11% for 5 years |
|---|---|---|
| ₹30,000 | ₹15,000 | About ₹6,89,000 |
| ₹50,000 | ₹25,000 | About ₹11,49,000 |
| ₹75,000 | ₹37,500 | About ₹17,24,000 |
These assume no existing EMIs; every rupee of existing EMI reduces the room for the new loan. The lender also weighs your credit score, employer, job stability and its own loan limits, so treat the figure as an upper estimate, not a sanction.
Personal Loan Charges to Check
| Charge | What to know |
|---|---|
| Processing fee | Charged once, usually deducted from the loan before it is credited. It ranges from nil to a few per cent of the loan, depending on the lender and offer. |
| GST | 18% on the processing fee and other service charges. |
| Prepayment and foreclosure charges | No charge on floating-rate loans to individuals for non-business purposes sanctioned from 1 January 2026. Most personal loans are fixed-rate, where the lender's policy in your KFS applies. |
| Penal charges | Charged on a missed EMI or other default, as a fixed charge rather than extra interest; the amount must be in your KFS. |
| Insurance | Optional loan protection cover is sometimes offered with the loan. Check whether its premium is added to the loan and to the APR. |
Which HR Calcy Loan Calculator to Use
| You want | Calculator |
|---|---|
| Personal loan EMI, fees, APR and eligibility | This personal loan calculator |
| Prepayment savings, payoff date and a dated repayment schedule | Loan repayment calculator |
| A quick EMI for any loan | EMI calculator |
| A car loan EMI with down payment | Car loan calculator |
| Gold loan interest and eligibility | Gold loan calculator |
| Interest paid each year on a home loan, and the tax deduction | Home loan interest calculator |
About the Calculator
How to Use This Personal Loan Calculator
- Choose My EMI to price a loan, or How much can I borrow to find the largest loan your income supports.
- Enter the loan amount (or your monthly income), the interest rate and the term in months; the sliders work too.
- If the offer quotes a flat rate, set Rate type to Flat.
- Enter the processing fee and choose whether 18% GST applies; add any other charges paid to the lender.
- Optionally enter your income and existing EMIs to see your FOIR. Read the EMI, total interest, amount credited and APR, then open the year-wise summary or the full schedule. Use Copy or CSV to keep the result.
How the Figures Are Worked Out
The EMI uses the standard reducing balance formula. For a flat rate, the EMI is the loan plus flat interest for the whole term, divided by the number of months, and the equivalent reducing rate is the monthly internal rate of return of those EMIs, times 12. The APR is the monthly internal rate of return of the EMIs against the amount credited (loan less fees, GST and other charges), times 12, the method in the RBI's KFS illustration. The schedule splits each EMI into interest on the outstanding balance and principal.
Tips to Get a Cheaper Personal Loan
- Check your credit score first: the best rates in the table go to borrowers with strong credit histories.
- Ask your own bank: banks often offer pre-approved loans to salary-account customers.
- Compare the APR, not the rate: a lower rate with a higher fee can cost more.
- Borrow only what you need, for the shortest term you can afford.
- Prepay when you can: check the prepayment charge first, then see the saving in the loan repayment calculator.
Plan the EMI Around Your Take-Home Pay
Your EMI comes out of take-home pay, after PF, professional tax and income tax. Work out your real in-hand salary with the salary breakup calculator before you decide how much EMI you can carry.
Frequently Asked Questions
How is personal loan EMI calculated?
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1], where P is the loan amount, R the monthly rate (yearly rate ÷ 12 ÷ 100) and N the number of months. A ₹5,00,000 loan at 11% for 60 months has an EMI of ₹10,871.
What is the EMI on a 5 lakh personal loan for 5 years?
₹10,871 a month at 11%, with total interest of ₹1,52,273. At 12% it is ₹11,122 and at 14% it is ₹11,634.
What is the EMI on a 10 lakh personal loan?
At 11%, ₹21,742 a month for 5 years, ₹25,846 for 4 years and ₹32,739 for 3 years.
What is the EMI on a 1 lakh personal loan?
At 11%, ₹8,838 a month for 1 year, ₹4,661 for 2 years, ₹3,274 for 3 years and ₹2,174 for 5 years.
What is APR on a personal loan?
The Annual Percentage Rate is the yearly cost of the loan including the interest and all other charges, worked out on the amount actually disbursed. The RBI requires lenders to show it in the Key Facts Statement for every retail loan sanctioned from 1 October 2024.
Is GST charged on the personal loan processing fee?
Yes. GST at 18% is charged on the processing fee and other service charges. It is not charged on the EMI or on the interest.
How much personal loan can I get on a ₹30,000 salary?
About ₹6,89,000 over 5 years at 11%, if the lender allows 50% of your income for EMIs and you have no other EMIs. Existing EMIs, a lower FOIR limit, your credit score and the lender's own rules can bring it down.
What is FOIR in a personal loan?
The fixed obligations to income ratio: all your monthly EMIs, including the new loan, as a percentage of your monthly income. Most banks and NBFCs in India accept a FOIR of about 40% to 60%.
What is the difference between a flat rate and a reducing rate?
A flat rate charges interest on the full loan for the whole term; a reducing rate charges it only on the balance outstanding. A 10% flat rate on a 12-month loan costs the same as about 17.97% on a reducing balance.
Can I prepay a personal loan without charges?
For floating-rate loans to individuals for non-business purposes sanctioned from 1 January 2026, no prepayment charge is allowed. Most personal loans are fixed-rate, so prepayment and foreclosure charges follow the lender's policy, which must be in your Key Facts Statement.
Why is the amount credited less than my loan amount?
Lenders usually deduct the processing fee, the GST on it and any other upfront charges before crediting the loan. You still repay EMIs on the full sanctioned amount, which is why the APR is higher than the interest rate.
Does this calculator store my data?
No. Everything is worked out in your browser. Nothing you enter is sent anywhere, and no sign-up is needed.
Disclaimer. This calculator gives estimates for planning. Your lender's sanction letter and Key Facts Statement decide your actual EMI, charges and APR. Interest rates in the table are indicative and change often.