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Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Comparing Personal Loan EMIs of Leading Banks and NBFCs
| Lender | Interest rate (% p.a.) | EMI (Rs.) Loan Amt. – Rs. 5 lakh Tenure – 5 years | EMI (Rs.) Loan Amt. – Rs. 1 lakh Tenure – 5 years |
| HDFC Bank | 10.50 onwards | 10,747 onwards | 2,149 onwards |
| Tata Capital | 10.99 onwards | 10,869 onwards | 2,174 onwards |
| ICICI Bank | 10.65 onwards | 10,747 onwards | 2,149 onwards |
| Bank of Baroda | 10.10 onwards | 10,625 onwards | 2,126 onwards |
| Axis Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards |
| Kotak Mahindra Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards |
| Bank of India | 10.25-14.75 | 10,685-11,829 | 2,137-2,366 |
| Canara Bank | 10.65-15.65 | 10,784-12,066 | 2,157-2,413 |
| HSBC | 9.99-16.00 | 10,621-12,159 | 2,124-2,432 |
| Federal Bank | 11.49 onwards | 10,994 onwards | 2,199 onwards |
| Union Bank of India | 11.40-15.50 | 10,971-12,027 | 2,194-2,405 |
| Bajaj Finance | 11.00 onwards | 10,871 onwards | 2,174 onwards |
| Punjab & Sind Bank | 10.15-12.80 | 10,660-11,325 | 2,132-2,265 |
| South Indian Bank | 12.85-20.60 | 11,338-13,414 | 2,268-2,683 |
| UCO Bank | 12.45-12.85 | 11,236-11,338 | 2,247-2,268 |
| IDFC First Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards |
| Bank of Maharashtra | 10.00-12.80 | 10,624-11,325 | 2,125-2,265 |
| Indian Overseas Bank | 10.85-13.00 | 11,249-11,505 | 2,250-2,301 |
| Karnataka Bank | 14.21 | 11,689 | 2,338 |
| IndusInd Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards |
Note: Interest rates as of 30 December 2023
Also Check: Which bank is the best for personal loans
What are the charges applicable on missing your personal loan EMI(s)?
On missing your personal loan EMI(s) payments, you might have to pay these charges over and above the actual EMI payable:
- Penal interest charges: These charges are also known as overdue interest charges and are levied on the overdue EMIs till the date of their repayment.
- Cheque/NACH/SI bounce charges: These charges are applicable when a personal loan EMI payment fails due to insufficient account balance or the closure of the account used for making EMI payments. This is usually a fixed charge levied each time an automated EMI deduction fails or the post-dated cheque bounces.
Also Look Into: Other fees and charges related to personal loans
Can my personal loan EMI change during the loan tenure?
Yes, even though your personal loan EMI is usually a fixed amount, it can change during the loan tenure under certain circumstances:
- In case of loan prepayment: After prepaying your personal loan, you can either reduce EMIs for the same tenure or reduce the tenure for the same EMIs. So, you can choose to reduce EMIs if current EMI amount is causing strain in your finances. Otherwise, reducing tenure is more beneficial as doing so will reduce your loan’s overall interest cost.
Read in Detail: Pros and Cons of Personal Loan Prepayment
- In case of rate change in the floating interest rate: Some lenders offer personal loans at floating rate of interest, which are linked to their external benchmark rates. When these benchmark rates change, the rate of interest applicable also changes. In case of an increase in the floating interest rate, if the borrower permits, the lender may extend the loan tenure while keeping the EMIs same. In case the new tenure goes beyond the maximum period permitted, then the lender may increase your EMI.
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How to reduce personal loan EMI?
To reduce your personal loan EMI payments, you can consider:
- Making prepayments whenever possible: When you partly prepay a loan, you pay a portion of the outstanding loan amount early, which in turn gives you a choice to either reduce EMI or tenure. Go for lower EMIs only when you are struggling to repay your existing EMIs. If not, tenure reduction is wiser choice as it will help you save more on your loan’s overall interest cost.
Personal loans usually have a lock-in of one year after which you can make partial or full loan prepayments. Depending on the lender, prepayments may also incur prepayment charges.
- Transferring your personal loan: You can also consider transferring your personal loan to another lender offering lower interest rates. Some lenders may also offer longer tenure for personal loan balance transfer. But before opting for personal loan balance transfer, do a detailed cost-benefit analysis to ensure the amount you save on the interest is significantly higher than the costs incurred during the loan transfer. An online EMI calculator for personal loan can help you check how much you can save by reducing your EMIs before you opt for the balance transfer.
Note that your existing lender may charge prepayment/foreclosure fees if the loan was availed at fixed interest rates. Additionally, the new lender may charge processing fee, administrative fee, etc. on the transferred loan.
What factors affect personal loan EMI?
The key factors affecting your overall EMI amount payable include the following:
- Loan Principal: The higher the amount borrowed as a personal loan, the higher will be your EMI as long as the tenure and interest rate remain constant.
- Interest Rate: The higher the personal loan interest rate, the higher will be your individual EMI payout as well as the total interest payable on your personal loan.
- Tenure: Opting for a longer tenure would lead to lower EMI, but would lead to higher interest cost.
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FAQs
1. What method of EMI calculation do most banks use?
Ans. Lenders usually use the reducing balance method to calculate the EMI applicable on a personal loan. The EMI calculators for personal loans, available online on lenders’ website and other websites, also use this EMI calculation method to give you results.
2. How can I change my personal loan EMI date?
Ans. In case you want to change your personal loan EMI date, you should contact your lender. The process to initiate this change may vary from one lender to another.
3. What is amortization schedule?
Ans. An amortization schedule is a table that displays the interest and principal components of your EMIs throughout the loan tenure.
4. How can I pay my personal loan EMI?
Ans. You can pay your personal loan EMIs by issuing Standard Instructions (SI) or NACH mandate to your bank or by submitting post-dated cheques to your lender. Some lenders also offer the option of direct deduction of EMIs by your employer.
5. What are the benefits of knowing personal loan EMI in advance?
Ans. Knowing personal loan EMI before taking the loan would help you in planning your finances better, Calculating personal loan EMI beforehand would also help you in knowing your EMI affordability and in determining your optimum loan tenure, without compromising your monthly contributions towards crucial financial goals.
6. What is the EMI for Rs. 3 lakh personal loan?
Ans. EMI for Rs. 3 lakh personal loan for different loan tenures assuming an interest rate of 11% p.a. are as follows:
| Particulars | 1 year | 3 years | 5 years |
| EMI for Rs. 3 lakh @ 11% p.a. | Rs. 26,514 | Rs. 9,822 | Rs. 6,523 |
| Total Interest Payable | Rs. 18,174 | Rs. 53,578 | Rs. 91,364 |
| Total Amt. Payable | Rs. 3,18,174 | Rs. 3,53,578 | Rs. 3,91,364 |
7. How much EMI can I get for Rs. 5 lakh personal loan?
Ans. EMI for Rs. 5 lakh personal loan for different loan tenures assuming an interest rate of 11% p.a. are as follows:
| Particulars | 1 year | 3 years | 5 years |
| EMI for Rs. 5 lakhs @ 11% p.a. | Rs. 44,191 | Rs. 16,369 | Rs. 10,871 |
| Total Interest Payable | Rs. 30,290 | Rs. 89,297 | Rs. 1,52,273 |
| Total Amt. Payable | Rs. 5,30,290 | Rs. 5,89,297 | Rs. 6,52,273 |
8. What is the EMI for Rs. 20 lakh personal loan?
Ans. EMI for Rs. 20 lakh personal loan for different loan tenures assuming an interest rate of 11% p.a. are as follows:
| Particulars | 1 year | 3 years | 5 years |
| EMI for Rs. 20 lakhs @ 11% p.a. | Rs. 1,76,763 | Rs. 65,477 | Rs. 43,485 |
| Total Interest Payable | Rs. 1,21,160 | Rs. 3,57,188 | Rs. 6,09,091 |
| Total Amt. Payable | Rs. 21,21,160 | Rs. 23,57,188 | Rs. 26,09,091 |
9. What is the formula used for personal loan EMI calculation?
Ans. The mathematical formula for calculating personal loan EMI is [P x R x (1+R)^N]/[(1+R)^N-1], where:
‘P’ is the Principal Amount,
‘R’ is the Rate of Interest, and
‘N’ is the Loan Tenure (in months)
Instead of manually calculating your personal loan EMI using the aforementioned formula, use an online personal loan EMI calculator to get quick and accurate results.