Calculate EMI, eligibility & total cost instantly
A Personal Loan EMI Calculator is a free online tool that helps you calculate the monthly installment (EMI) for your personal loan. It considers the loan amount, interest rate, and tenure to provide instant EMI calculations along with total interest payable and processing fees.
Our calculator also includes an eligibility checker that calculates your maximum loan eligibility based on your monthly income and existing EMIs, helping you understand your borrowing capacity before applying.
| Lender | Interest Rate (p.a.) | Processing Fee | Max Tenure |
|---|---|---|---|
| HDFC Bank | 10.50% - 21% | Up to 2.5% of loan | 5 years |
| ICICI Bank | 10.75% - 19% | 2% - 2.5% of loan | 6 years |
| Bajaj Finserv | 11% - 24% | Up to 3% of loan | 7 years |
| Kotak Mahindra Bank | 10.99% - 20% | 2% of loan + GST | 5 years |
| Tata Capital | 10.99% - 22% | Up to 2.75% | 6 years |
Note: Interest rates depend on credit score, income, employment type, and loan amount. Rates shown are indicative and subject to change.
Cover venue, catering, jewelry, and celebration costs without depleting savings.
Quick access to funds for surgery, hospitalization, or urgent treatment.
Finance higher studies, professional courses, or skill development programs.
Upgrade your home with repairs, interior design, or home improvements.
Fund dream vacations, honeymoons, or family trips without financial stress.
Combine multiple high-interest debts into one affordable EMI payment.
Personal loan EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate (annual rate/12/100), and N is the loan tenure in months. For example, a ₹3 lakh loan at 12% interest for 3 years results in an EMI of approximately ₹9,970.
Personal loan interest rates in India range from 10.5% to 24% per annum as of 2024. HDFC Bank offers rates starting from 10.5%, ICICI Bank from 10.75%, and Bajaj Finserv from 11%. The actual rate depends on your credit score, income, employment type, loan amount, and relationship with the lender. Good credit scores (750+) get the lowest rates.
Banks typically offer personal loans up to 10-30 times your monthly net salary. For example, with a ₹50,000 monthly salary, you can get ₹5-15 lakhs. The exact amount depends on your credit score, existing EMIs, debt-to-income ratio (should be under 50%), employment stability, and age. Most banks require minimum monthly income of ₹25,000 for salaried and ₹3 lakh annual income for self-employed.
Required documents include: Identity proof (Aadhaar, PAN, Passport), Address proof (utility bills, rental agreement), Income proof (last 3-6 months salary slips, bank statements for 6 months, Form 16/ITR for 2 years), Employment proof (offer letter, employee ID), and passport-size photographs. Self-employed need business registration, GST returns, and business bank statements.
While possible, getting a personal loan with a credit score below 750 is challenging and comes with higher interest rates (18-24%). NBFCs like Bajaj Finance, Fullerton India, and fintech lenders are more flexible than banks. To improve chances: apply for smaller amounts, add a co-applicant with good credit, show stable income, reduce existing debt, or opt for secured personal loans against FD/property.
Unsecured personal loans (most common) don't require collateral but have higher interest rates (10-24%) and stricter eligibility. Secured personal loans require collateral like FD, property, or gold, offering lower interest rates (8-12%), higher loan amounts, and easier approval even with lower credit scores. However, defaulting on secured loans risks losing the collateral.