Enter your loan details to see your monthly EMI and payment breakdown
Year-by-year principal paydown, interest paid, and remaining balance
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|
Free personal loan EMI calculator India — instant monthly EMI for unsecured loans.
Everything Indian borrowers need to know about personal loan EMIs
A personal loan EMI calculator works out the Equated Monthly Instalment on an unsecured personal loan — the fixed monthly amount that repays the principal and interest over the tenure you choose. Personal loans in India are offered by banks, NBFCs, and a growing number of fintech lenders, and unlike a home or car loan there is no asset backing the borrowing. That means the lender is relying entirely on your income and credit history, which is why personal loan rates sit well above secured loan rates, and why the tenure is usually shorter.
Common uses include medical emergencies, wedding expenses, home renovation, higher education, foreign travel, debt consolidation, and bridging a temporary cash-flow gap. Because personal loans are unsecured, most lenders do not restrict the end use — though many explicitly prohibit using the money for speculative activities such as trading in shares or crypto, and for land purchase in some cases.
The flexibility comes at a price. Where a home loan might be available at 8.5%, a personal loan is more typically priced at 12% to 18%. The same ₹5,00,000 borrowed over 36 months at 8.5% costs about ₹15,780 a month and ₹68,100 in interest; at 15% the EMI rises to about ₹17,330 and the interest to roughly ₹1,24,000. That gap is the cost of borrowing without security, and it is the first number worth understanding before you apply.
The central number is your Fixed Obligation to Income Ratio, or FOIR. Lenders add up all your existing EMIs — home loan, car loan, credit card minimums — plus the proposed personal loan EMI, and compare the total to your net monthly income. Most Indian lenders look for a FOIR of 50% or lower; some will stretch to 60% for high-income salaried applicants with strong credit.
Your CIBIL score is the second gate. A score above 750 typically qualifies you for the lender's best advertised rate. Between 700 and 750 you may be offered a higher rate or a smaller amount, and below 700 approval becomes difficult with mainstream lenders. Employer category matters too — many banks maintain preferred lists of companies and offer lower rates and faster processing to applicants from them.
The interest rate is only part of the story. Indian personal loans commonly carry a processing fee of 1% to 3% of the loan amount, which is deducted from the disbursed amount. Some lenders also charge a documentation fee, a stamp duty on the agreement, and a foreclosure charge if you repay early. Add-on insurance bundled with the loan — often presented as optional but sometimes applied by default — is another cost that gets financed and therefore attracts interest.
Because the processing fee is deducted up front, the effective annualised cost is higher than the quoted rate. If a ₹5,00,000 loan at 12% carries a 2% processing fee, you receive ₹4,90,000 but repay EMI on ₹5,00,000 — the real cost of the money you actually got is meaningfully above 12%.
Personal loans in India are amortised on a reducing balance basis, so interest is charged on the outstanding principal. Any amount you prepay reduces that principal immediately and therefore the interest that accrues from that point. Most lenders impose a lock-in of 6 to 12 EMIs before prepayment is allowed, and fixed rate loans often carry a foreclosure charge of 2% to 5% of the outstanding amount. Floating rate personal loans to individual borrowers generally have no prepayment penalty. Use the extra payment field above to see what a monthly top-up would save, then confirm the charges in your loan agreement before acting.
Indian credit cards typically charge 36% to 42% annualised on revolving balances, which makes a personal loan at 12% to 16% look attractive for consolidation. Moving ₹2,00,000 of card debt from 40% to 14% over 36 months cuts the interest cost dramatically. Two cautions apply. First, check that the personal loan is genuinely cheaper once processing fees are counted. Second, and more importantly, the cards have to stay paid down — if the freed-up limit gets spent again, you end up servicing both the original debt and the loan.
Personal loan interest rates in India generally range from about 10.5% to 24% per annum for salaried applicants, depending on the lender, your credit score, income and employer category. Rates for self-employed applicants and those with lower credit scores tend to sit at the higher end of that range.
Most Indian banks and NBFCs offer personal loan tenures from 12 to 72 months, with 36 to 60 months being the most common. A longer tenure lowers the EMI but raises the total interest. Because personal loans carry higher rates than secured loans, stretching the tenure is comparatively more expensive than it is on a home loan.
Lenders usually cap your total monthly EMIs, including the new personal loan, at around 50% to 60% of your net take-home salary (your FOIR). On a net salary of ₹60,000 with no other EMIs, that suggests a maximum personal loan EMI of roughly ₹30,000 to ₹36,000, which over 60 months at 12% corresponds to a loan of about ₹13.5 lakh to ₹16 lakh.
No. Personal loans in India are unsecured, so no collateral or guarantor is required. This is precisely why personal loan rates are higher than home or car loan rates — the lender has no asset to recover if you default, so the rate prices in that additional risk.
Most Indian lenders allow prepayment after a lock-in period, commonly 6 to 12 EMIs. Foreclosure charges of 2% to 5% of the outstanding principal are common on fixed rate personal loans. Floating rate personal loans to individuals generally carry no prepayment penalty. Confirm the terms in your sanction letter before prepaying.
No. All calculations happen directly in your browser using JavaScript. We don't collect, store, or transmit any of your financial data to our servers. Your privacy and security are our top priorities.
Plan your borrowing with accurate EMI calculations in rupees
Get Started Now →Looking for the US version? Visit the US personal loan EMI calculator.
See all calculators in the India EMI calculator guide.