Personal Loan EMI Calculator India — Unsecured Loan Guide
Home · Car · Personal · Education Loan — Amortization, Prepayment & Bank Comparison
Personal loans in India are unsecured — no collateral needed — but carry higher interest rates (10.5% to 24% p.a.) than home or car loans. EMI depends heavily on your CIBIL score: 750+ gets best rates, below 700 means rejection or higher rate. Use this calculator to see exact EMI, total interest burden and whether a personal loan is the right choice for your need.
💡 Best Tenure Suggestion
Compare how tenure affects your EMI and total interest
🔄 Prepayment Calculator
See how a lump-sum prepayment reduces your loan burden
🏦 Compare Loan from 3 Banks
See EMI difference across banks for your loan amount of ₹10,00,000
📅 Amortization Schedule
Month-by-month loan repayment breakdown
| Month | EMI | Principal | Interest | Balance | Paid % |
|---|---|---|---|---|---|
| Month 1 | ₹8,678 | ₹1,595 | ₹7,083 | ₹9,98,405 | |
| Month 2 | ₹8,678 | ₹1,606 | ₹7,072 | ₹9,96,799 | |
| Month 3 | ₹8,678 | ₹1,618 | ₹7,061 | ₹9,95,181 | |
| Month 4 | ₹8,678 | ₹1,629 | ₹7,049 | ₹9,93,552 | |
| Month 5 | ₹8,678 | ₹1,641 | ₹7,038 | ₹9,91,912 | |
| Month 6 | ₹8,678 | ₹1,652 | ₹7,026 | ₹9,90,260 | |
| Month 7 | ₹8,678 | ₹1,664 | ₹7,014 | ₹9,88,596 | |
| Month 8 | ₹8,678 | ₹1,676 | ₹7,003 | ₹9,86,920 | |
| Month 9 | ₹8,678 | ₹1,688 | ₹6,991 | ₹9,85,232 | |
| Month 10 | ₹8,678 | ₹1,700 | ₹6,979 | ₹9,83,533 | |
| Month 11 | ₹8,678 | ₹1,712 | ₹6,967 | ₹9,81,821 | |
| Month 12 | ₹8,678 | ₹1,724 | ₹6,955 | ₹9,80,098 |
How to Use EMI Calculator India
Select your loan type (Home, Car, Personal, Education), enter loan amount, set interest rate and tenure. Get instant monthly EMI, total interest, amortization schedule, and bank comparison — all free, no login required.
EMI Formula — How It Works
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1) where P = Principal, r = monthly rate (Annual/12/100), n = months.
Example: ₹10 lakh at 8.5% for 20 years → EMI = ₹8,678/month · Total Interest = ₹10.83 lakh · Total Payment = ₹20.83 lakh.
When Should You Prepay Your Loan?
Prepaying in the first half of the tenure saves maximum interest — because early EMIs are mostly interest. A ₹2 lakh prepayment in year 2 of a 20-year home loan can save ₹4–6 lakh in total interest. Use our Prepayment Calculator above to see your exact savings.
Home Loan vs Car Loan vs Personal Loan — Key Differences
Home Loan: Lowest rates (8.5–9.5%), longest tenure (30 years), secured against property. Car Loan: Medium rates (8–10%), tenure 1–7 years, car as collateral. Personal Loan: Highest rates (10.5–24%), no collateral, fastest disbursement.
Frequently Asked Questions
What CIBIL score is needed for a personal loan?
Minimum CIBIL 700 for most banks. 750+ gets best rates (10.5–12%). 700–750 gets 14–18%. Below 700 — only NBFCs or fintech lenders at 24%+ or outright rejection. Check and improve your score before applying.
Is it better to take personal loan or credit card EMI?
Personal loan is usually cheaper (12–18% p.a.) vs credit card EMI (24–36% p.a.). But credit card EMI has no processing fee and instant approval. For amounts above ₹1L and tenure 2+ years, personal loan wins on total cost.
Can I close personal loan early?
Yes — most banks allow foreclosure after 6–12 EMIs. Prepayment penalty: 2–5% of outstanding principal. If penalty is less than interest savings, foreclose. Example: ₹5L loan at 15%, prepay in year 2 saves ₹45K interest vs 3% penalty = ₹12K fee.
What is the maximum personal loan tenure in India?
Maximum tenure is 5 years for most banks. Some NBFCs offer 7 years. Longer tenure reduces EMI but significantly increases total interest. ₹5L at 15% — 3 years total interest ₹1.27L, 5 years = ₹2.10L (65% more!).