Personal Loan EMI Calculator
Calculate EMI for personal, gold, and consumer loans.
₹
%
Personal loan rates: 10–24% p.a.
months
Monthly EMI
₹16,607
Principal
₹5,00,000
Total Interest
₹97,858
Total Payable
₹5,97,858
About Personal Loans in India
EMI calculation formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months. This uses the reducing balance method — interest is calculated on the outstanding principal each month.
Personal loan benchmarks
Banks: 10.5–18% p.a. for salaried employees
NBFCs: 12–24% depending on credit score
Credit score above 750: qualify for lowest rates
Credit score below 650: may be rejected or charged 22%+
Current SBI personal loan rate: check sbi.co.in for latest
Reducing your EMI burden
Longer tenure = lower EMI but higher total interest
Part-prepayment reduces principal and future interest
RBI allows prepayment with no charge for floating rate loans
Balance transfer to lower-rate lender can save significantly
🔒 All calculations happen in your browser — no data is sent to any server. Results are for informational purposes only.