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Personal Loan Calculator

EMI · Total interest · Amortization · Tenure comparison · 2026 bank rates

Monthly EMITotal costTenure vs rate comparisonAmortization schedule

Enter your loan details

Loan amount

₹

₹10K₹50L

Annual interest rate

9%36%

Loan tenure

months

384

= 3 yr

Your monthly income (for affordability check - optional)

₹

Monthly EMI

₹16,607

per month

Total interest

₹97,858

19.6% of principal

Total repayment

₹5.98 L

over 36 months

✅

EMI is 22.1% of your income — within the recommended 40% limit

You can comfortably afford this EMI of ₹16,607/month on your ₹75,000/month income. Most banks will approve this loan.

Your EMI: 22.1%Safe limit: 40%

Loan cost breakdown

Principal

₹5.00 L

Total interest

₹97,858

Total payable

₹5.98 L

Interest

19.6%

EMI split — year by year

PrincipalInterest

Yr 1Yr 2Yr 3

In the first year, 26% of your EMI goes to interest. By the last year, 94% goes to principal repayment.

How tenure affects EMI and total cost - ₹5.00 L at 12%

Tenure	Monthly EMI	Total interest	Total repayment	Interest saved vs 5yr
1yr	₹44,424	₹33,093	₹5.33 L	Save ₹1.34 L
1.5yr	₹30,491	₹48,838	₹5.49 L	Save ₹1.18 L
2yr	₹23,537	₹64,882	₹5.65 L	Save ₹1.02 L
3yr(yours)	₹16,607	₹97,858	₹5.98 L	Save ₹69,475
4yr	₹13,167	₹1.32 L	₹6.32 L	Save ₹35,321
5yr	₹11,122	₹1.67 L	₹6.67 L	—

💡 Shorter tenure = lower total interest but higher monthly EMI. Pick the shortest tenure your income comfortably supports.

How rate affects cost - ₹5.00 L for 36 months

Interest rate	Monthly EMI	Total interest	Total repayment
10%	₹16,134	₹80,809	₹5.81 L
11%	₹16,369	₹89,297	₹5.89 L
12%(yours)	₹16,607	₹97,858	₹5.98 L
13%	₹16,847	₹1.06 L	₹6.06 L
14%	₹17,089	₹1.15 L	₹6.15 L
15%	₹17,333	₹1.24 L	₹6.24 L
18%	₹18,076	₹1.51 L	₹6.51 L
20%	₹18,582	₹1.69 L	₹6.69 L
24%	₹19,616	₹2.06 L	₹7.06 L

Personal loan rates - major Indian lenders (2026)

EMI calculated on ₹5.00 L for 36 months at minimum rate

Lender	Rate range	EMI at min rate	Total interest at min	Notes
SBI Personal Loan	11.45%–14.5%	₹16,476	₹93,140	Salaried central/state govt employees
HDFC Bank	10.5%–24%	₹16,251	₹85,044	Pre-approved for salary account holders
ICICI Bank	10.75%–19%	₹16,310	₹87,168	Quick disbursal, digital process
Axis Bank	10.49%–22%	₹16,249	₹84,959	Competitive for CIBIL 750+
Kotak Mahindra	10.99%–36%	₹16,367	₹89,212	Wide range based on profile
IndusInd Bank	10.49%–31.5%	₹16,249	₹84,959	Self-employed eligible
Yes Bank	10.99%–20%	₹16,367	₹89,212	Existing customers get better rates
Bajaj Finserv	11%–35%	₹16,369	₹89,297	NBFC, fastest disbursal
Tata Capital	10.99%–35%	₹16,367	₹89,212	Flexible repayment options
Moneyview / Digital	14%–36%	₹17,089	₹1.15 L	Instant approval, smaller amounts

*Rates as of Jan 2026. Actual rate depends on your CIBIL score, employer category, income, existing relationship with the lender, and loan amount. Always compare actual sanction letters.

Amortization schedule

Showing first 12 months

Month	Opening balance	EMI	Interest	Principal	Closing balance
1	₹5,00,000	₹16,607	₹5,000	₹11,607	₹4,88,393
2	₹4,88,393	₹16,607	₹4,884	₹11,723	₹4,76,670
3	₹4,76,670	₹16,607	₹4,767	₹11,840	₹4,64,829
4	₹4,64,829	₹16,607	₹4,648	₹11,959	₹4,52,870
5	₹4,52,870	₹16,607	₹4,529	₹12,078	₹4,40,792
6	₹4,40,792	₹16,607	₹4,408	₹12,199	₹4,28,593
7	₹4,28,593	₹16,607	₹4,286	₹12,321	₹4,16,271
8	₹4,16,271	₹16,607	₹4,163	₹12,444	₹4,03,827
9	₹4,03,827	₹16,607	₹4,038	₹12,569	₹3,91,258
10	₹3,91,258	₹16,607	₹3,913	₹12,695	₹3,78,563
11	₹3,78,563	₹16,607	₹3,786	₹12,822	₹3,65,742
12	₹3,65,742	₹16,607	₹3,657	₹12,950	₹3,52,792

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Personal Loan in India - Complete Guide for 2026

A personal loan is an unsecured loan - you don't need to pledge any asset as collateral. Banks lend based on your income, CIBIL score, employment stability, and repayment history. Because there's no collateral, interest rates are significantly higher than secured loans like home loans or car loans - typically 10–36% per annum.

Personal loans are best used for genuine needs - medical emergencies, home renovation, wedding expenses, or consolidating high-interest credit card debt. They should never be used to fund discretionary spending or investments, since the 12–24% interest rate makes most investments unviable against the guaranteed cost of borrowing.

Factors that determine your personal loan interest rate

📊CIBIL score

The most important factor. 750+ gets the best rates (10–12%). 700–749 adds 1–2%. Below 700, expect 18%+ or rejection. Check your score free on CIBIL's website before applying.

🏢Employer category

PSU / government employees and MNC employees get the lowest rates. Established private companies get standard rates. Self-employed and startup employees may pay 2–4% more.

💰Income level

Higher income means lower risk for the lender. Most banks set a minimum income (₹25,000–₹30,000/month) and offer better rates for incomes above ₹75,000–₹1L.

📅Loan amount & tenure

Larger loan amounts (₹5L+) sometimes get marginally lower rates. Shorter tenures reduce total interest significantly even at the same rate. Banks prefer shorter tenures.

🤝Existing relationship

Salary account, existing home loan, or FD with the bank often gets 0.25–0.5% rate concession and faster approval with less documentation.

⚖️Debt-to-income ratio

Lower existing EMI obligations relative to income means you're a safer borrower. Banks check your FOIR (Fixed Obligation to Income Ratio) — keep it below 40–50%.

When to take a personal loan - and when not to

✓ Good reasons to borrow

Medical emergency

Urgent healthcare where alternatives aren't available

High-interest debt payoff

Consolidating 40% credit card debt into 14% personal loan

Home renovation

Adds value to an asset you own — productive use

Education gap funding

Short bridge between savings and tuition due date

Wedding (controlled)

If kept to a sensible amount you can repay in 2–3 years

✗ Poor reasons to borrow

Vacation / holiday

Pleasure spending with high-interest debt is a wealth destroyer

Investments

No investment reliably returns 15%+ needed to beat loan cost

Gadgets / electronics

Depreciating assets on borrowed money — double negative

Business capital

Business loan is better — deductible interest, designed for this

Recurring expenses

Borrowing for regular expenses means spending beyond means

Check your home loan eligibility

See the maximum home loan you can get based on your income

Eligibility Calculator →

Frequently asked questions

What is the maximum personal loan amount I can get?▼

Most banks offer personal loans up to ₹40–50 lakh for salaried individuals and up to ₹25–40 lakh for self-employed. The actual amount depends on your income (banks typically lend up to 10–15× monthly income), CIBIL score, employer category, and existing loan obligations. A ₹1 lakh/month income with good CIBIL and no existing loans can typically get ₹10–12 lakh comfortably, up to ₹20–25 lakh with strong profile.

Can I foreclose a personal loan before the tenure ends?▼

Yes, but most banks charge a foreclosure fee of 2–5% on the outstanding principal after a lock-in period (typically 6–12 months). After this lock-in, many banks allow pre-closure at 2% fee. Some banks reduce the fee progressively — 5% if foreclosed in Year 1, 4% in Year 2, etc. RBI mandated (2012) that banks cannot charge foreclosure fees on floating rate personal loans — but most personal loans are fixed rate, so the fee applies. Always calculate whether the interest saved justifies the foreclosure charge.

Does taking a personal loan affect my CIBIL score?▼

Yes, in multiple ways. Applying for a loan triggers a 'hard inquiry' which temporarily reduces your score by 5–10 points. Once the loan is disbursed, it appears as a new liability, reducing your score initially. However, consistently paying EMIs on time builds your credit history and improves your score significantly over 12–24 months. The net long-term effect of a well-managed personal loan on CIBIL is neutral to positive.

Is personal loan interest tax-deductible?▼

Generally no — personal loan interest is not deductible from income. However, there are two exceptions: (1) If the personal loan is used specifically for business purposes, the interest is deductible as a business expense. (2) If used for home purchase or renovation, Section 24(b) allows deduction of up to ₹2 lakh on interest (if the house is self-occupied) or full interest (if rented out). You need to maintain documentary proof that the loan proceeds were used for the stated purpose.

Should I use credit card or personal loan for large expenses?▼

It depends on the amount and your repayment timeline. For amounts under ₹50,000 that you can repay within 45 days: credit card (zero cost if paid in full before due date). For amounts you'll convert to EMI on credit card: personal loan is almost always better. Credit card EMI APR is typically 20–44%, while personal loans from banks are 10–18%. The comparison: a ₹1 lakh credit card EMI at 36% for 12 months costs ₹20,400 in interest. A personal loan at 14% for 12 months costs ₹7,800 in interest — saving ₹12,600.

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