Personal Loan EMI Calculator – Check EMI Before You Apply
Check personal loan EMI, eligibility (FOIR), and total repayment instantly before applying to any bank or NBFC.
Related tools
More in loans
Personal Loan EMI for ₹1 Lakh, ₹2 Lakh, ₹5 Lakh, ₹10 Lakh
See how your EMI changes with different loan amounts. All calculations at 14% interest for 3 years.
| Loan Amount | Monthly EMI | Total Interest | Total Repayment |
|---|---|---|---|
| ₹1,00,000 | ₹3,417 | ₹23,012 | ₹1,23,012 |
| ₹2,00,000 | ₹6,834 | ₹46,024 | ₹2,46,024 |
| ₹5,00,000 | ₹17,084 | ₹1,15,024 | ₹6,15,024 |
| ₹10,00,000 | ₹34,168 | ₹2,30,048 | ₹12,30,048 |
Personal Loan Interest Rates – All Banks & NBFCs (2025)
| Lender | Rate (Salaried) | Processing Fee | Max Loan |
|---|---|---|---|
| SBI | 10.50% - 13.50% | 0.50% | ₹20L |
| HDFC Bank | 10.75% - 22.00% | 1.00% | ₹40L |
| ICICI Bank | 10.85% - 20.00% | 0.50% | ₹30L |
| Bajaj Finserv | 11.00% - 28.00% | 1.50% | ₹25L |
What is FOIR and Why Banks Use It?
FOIR (Fixed Obligation to Income Ratio), also known as the debt-to-income ratio, is a key eligibility metric used by Indian banks.
FOIR Formula:
FOIR = (Total Existing EMIs / Monthly Income) × 100Example (Eligible)
Income: ₹80K, Existing EMI: ₹15K, FOIR: 18.75% → Eligible for new EMI up to ₹25K
Example (Not Eligible)
Income: ₹80K, Existing EMI: ₹30K, FOIR: 37.5% → May not qualify for large loan
How to Get Personal Loan at Lowest Interest Rate
Check Your CIBIL Score First
A score of 750+ gets the best rates. Check your score free on platforms like CRED, CIBIL, or Experian before applying.
Apply During Special Offers
Banks run festive season offers (Diwali, New Year) with reduced rates and waived processing fees.
Use Your Salary Bank Account
Applying with the bank where you receive salary often gets you 0.5-1% lower rate and faster approval.
Choose Optimal Tenure
1-3 year tenures get better rates than 4-5 year tenures. Use the calculator to find the tenure that balances EMI and rate.
Personal Loan for Salaried vs Self-Employed
| Factor | Salaried | Self-Employed |
|---|---|---|
| Interest Rate | 10.50% - 22% | 12% - 28% |
| Processing Fee | 0.50% - 1% | 1% - 2.50% |
| Documents Needed | Salary slips + bank statement | IT returns + CA certification |
| Approval Time | 5 minutes - 24 hours | 2 - 7 days |
How is Personal Loan EMI Calculated?
In plain words
Personal loan EMI is calculated using the reducing balance method. Since personal loans have higher interest rates (10-36%) compared to secured loans, understanding your EMI before applying helps you plan your monthly budget and check FOIR eligibility.
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
P = Loan Principal
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Loan Tenure in MonthsA quick example
Let us calculate the EMI for a typical personal loan:
Step by step
- 1.Monthly interest rate R = 14% ÷ 12 ÷ 100 = 0.011667
- 2.Total months N = 3 × 12 = 36 months
- 3.EMI = 5,00,000 × 0.011667 × (1.011667)^36 ÷ ((1.011667)^36 - 1)
- 4.Monthly EMI ≈ ₹17,084
- 5.Total repayment over 3 years = ₹6,15,024
- 6.Total interest paid = ₹1,15,024
So the answer is: Monthly EMI ≈ ₹17,084 | Total Interest: ₹1,15,024 | Total Cost: ₹6,15,024