Personal Loan Calculator – Check All Banks EMI, Interest & Total Repayment Amount

Personal Loan EMI Calculator

Check: Personal Loan Interest Rates

 

All Banks Personal Loan EMI Calculation & Comparison

 

EMI Per Lakh Rupees of Loan

BankAverage Interest RateEMI for 1 Year LoanEMI for 3 Years LoanEMI for 5 Years Loan
State Bank of India12%₹ 8,885₹ 3,321₹ 2,224
HDFC Bank11.25%₹ 8,850₹ 3,286₹ 2,187
Punjab National Bank10.45%₹ 8,813₹ 3,248₹ 2,147
ICICI Bank11.25%₹ 8,850₹ 3,286₹ 2,187
Yes Bank10.75%₹ 8,827₹ 3,262₹ 2,162
Kotak Mahindra Bank10.99%₹ 8,838₹ 3,273₹ 2,174
Citi Bank10.99%₹ 8,838₹ 3,273₹ 2,174
Bank of Baroda11.70%₹ 8,824₹ 3,260₹ 2,159
Axis Bank15.75%₹ 9061₹ 3,503₹ 2,419
Standard Chartered10.89%₹ 8833₹ 3269₹ 2,169
HSBC Bank10.75%₹ 8,827₹ 3,262₹ 2,162
IDFC First12.00%₹ 8,885₹ 3,321₹ 2,224
Tata Capital11.25%₹ 8,850₹ 3,286₹ 2,187
Karnataka Bank13.15%₹ 8,939₹ 3,377₹ 2,283
Bajaj Finserv12.99%₹ 8,931₹ 3,369₹ 2,275
Ujjivan Small Finance15.60%₹9,054₹ 3,496₹ 2,411
IndusInd Bank11.25%₹ 8,850₹ 3,286₹ 2,187
InCred16%₹ 9,073₹ 3,516₹ 2,432
IDFC Bank12%₹ 8,885₹ 3,321₹ 2,224
Bank of India12.20%₹ 8,894₹ 3,331₹ 2,235
IIFL13%₹ 8,932₹ 3,369₹ 2,275
Aditya Birla Capital12.20%₹ 8,894₹ 3,331₹ 2,235
Fullerton India11.90%₹ 8,894₹ 3,331₹ 2,219
IDBI Bank12%₹ 8,880₹ 3,317₹ 2,224
Corporation Bank12.90%₹ 8,927₹ 3,365₹ 2,270
Karur Vysya bank12%₹ 8,885₹ 3,321₹ 2,224
South Indian Bank11.60%₹ 8,866₹ 3,302₹ 2,204
Indian Overseas Bank11.90%₹ 8,894₹ 3,331₹ 2,219
RBL Bank15.50%₹ 9,049₹ 3,491₹ 2,405

Factors Affecting Loan EMI & Interest Payment 

#1. Loan Amount

You can be eligible for a maximum loan amount based on your monthly repayment capacity (Monthly Income – Expenses – Other EMIs) and loan tenure.

But never take the loan more than you need. If you go for a higher amount, obviously the EMI and Interest amount will be high.

#2. Interest Rates

The EMI and total repayment amount will be high if you borrow the personal loan at high interest rates. In India, the personal loan interest rate varies from 10.50% to 24% depending upon factors like the bank, risk profile of the borrower, loan amount, etc.

If you have a regular income source, proper documents, and good credit score then banks will offer comparatively lower interest rates.

#3. Loan Tenure 

Most of the banks promote the lowest EMI offers by increasing the loan tenure. Here borrower makes the biggest mistake by taking the higher tenure loan. 

If you want lower EMI with a higher loan amount then you have to increase the loan tenure which will increase the interest component significantly.

Below example shows how interest component changes when you go for lower EMI and high tenure offers:

Loan Amount Rs. 10,00,000 @12% p.a.

Loan TenureEMI (Monthly Payments)Total RepaymentInterest Component% Interest Component
1 Year88,8491066185661856.20%
2 Years47073112976312976311.50%
3 Years33214119571519571516.40%
4 Years26334126402426402420.90%
5 Years22244133466633466625.10%

Personal Loan Prepayments

If you have an additional sum of money and wants to save the interest then you can pre-pay the outstanding loan before the completion of the loan tenure.

You can either go for full pre-closure of loan or for part pre-payment of the outstanding loan. Normally, banks charge pre-closure fees up to 5% of the outstanding loan.

If you opt for part pre-payments of the personal loan then banks will give you two option for revised outstanding loan:

Option 1: Reduce the Repayment Tenure & No Change in EMI amount

Option 2: Reduce the EMI amount and No Change in Loan Tenure

If you really want to save the interest cost then you should opt for option-1 – “reduce the repayment tenure and keep the same EMI”

FAQs – Personal Loan Calculator 

What is Personal Loan EMI?

The full form of EMI is “Equated Monthly Instalment”. It is the Fixed Monthly Installment paid by the borrower to the lender towards the repayment of the loan.

EMI is the fixed amount consists of two variable components:

  1. Interest on Outstanding Loan Amount
  2. Principal Repayment (i.e. EMI – Interest Part)

How to Calculate Personal Loan EMI?

EMI is calculated using the following formula:

How to calculate EMI

Where:

E= EMI

P = Principal Loan Amount

r= Monthly rate of Interest

n = Loan Tenure (in months)

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