Personal Loan EMI Calculator – Plan, Compare & Borrow Smart
Whether you’re applying for your first personal loan or considering switching lenders for better rates, knowing your EMI (Equated Monthly Instalment) in advance is the smartest way to stay in control of your finances.
The IndiaLends Personal Loan EMI Calculator helps you calculate personal loan EMI instantly so you can choose the right loan amount, compare lenders, and make stress-free repayment plans.
What is a Personal Loan EMI and How Does It Work?
An EMI is a fixed monthly amount you pay to your lender until your loan is fully repaid.
It’s made up of:
- Principal repayment – The portion of your payment that reduces your outstanding loan amount.
- Interest payment – The portion that goes to the lender as the cost of borrowing.
In the early stages of your loan, a larger share of the EMI is interest; later, the principal share becomes bigger.
Why the EMI Calculator is a Must-Have Tool for Borrowers
Before committing to a loan, you should know:
- Can you comfortably pay the EMI every month?
- How much will the loan cost you in total?
- Which lender gives you the lowest EMI for your chosen tenure?
Our EMI calculator online answers all these questions in seconds — without complex math.
How to Calculate Personal Loan EMI
Method 1: Manual Calculation
Use the formula:
E = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
- E = EMI
- P = Loan amount
- R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = Number of months
Method 2: Using IndiaLends EMI Calculator
- Budget Planning – Avoid financial stress by knowing your fixed monthly commitment.
- Loan Comparison – See how different lenders, interest rates, or tenures affect your EMI.
- Prepayment Planning – Check how paying extra can save you money.
- Smart Borrowing – Prevent over-borrowing by testing affordability first.
Interest Rates & Loan Details – Bank & NBFC Comparison
| Bank/NBFC |
Interest Rate (p.a.) |
Loan Amount |
Processing Fees |
Part Payment |
Pre-closure Charges |
Tenure |
| IDFC First Bank |
12% – 21% |
₹1L – ₹40L |
Up to 2% |
Up to 40%/year |
5% + GST |
12–60 months |
| HDFC Bank |
11.25% – 17.75% |
₹50K – ₹40L |
Up to 2.5% (₹1,999 min) |
25% allowed |
2%–4% |
12–60 months |
| ICICI Bank |
11.50% – 17.25% |
₹50K – ₹25L |
Up to 2.25% + GST |
N/A |
5% + GST |
12–60 months |
| Bajaj Finserv |
12.49% – 15.30% |
₹1L – ₹20L |
Up to 2% |
Flexible |
4% + GST |
12–60 months |
| Kotak Mahindra Bank |
10.75% – 17.99% |
₹1L – ₹30L |
Up to 2.5% + GST |
N/A |
5% + GST |
12–60 months |
| Tata Capital |
11.25% – 18.75% |
₹75K – ₹25L |
₹999 – 3% |
25% free |
0%–3.5% |
12–72 months |
| IndusInd Bank |
11.50% – 19% |
₹1L – ₹25L |
Up to 3% + GST |
N/A |
4% after 12 EMIs |
12–60 months |
| RBL Bank |
11.99% – 18% |
₹1L – ₹20L |
1.5% + ₹7,500 upfront |
NIL |
NIL |
12–60 months |
| Yes Bank |
10.99% – 15.99% |
₹1L – ₹25L |
Up to 2.5% + GST |
20–25% allowed |
0%–4% |
12–60 months |
| Credit Saison India |
From 13% |
₹50K – ₹5L |
Up to 3% |
Not Allowed |
5% + GST |
12–60 months |
| InCred Financial Services |
Up to 36% |
Up to ₹10L |
Up to 5% |
Not Allowed |
4%–5% + GST |
Up to 60 months |
Tip: Use the personal loan EMI calculator with each bank’s rate to see exactly how your EMI changes.
Real-Life Scenarios Where EMI Calculation Helps
- Wedding Planning – Avoid post-event debt stress by checking affordability first.
- Medical Emergencies – Quick calculation ensures you can manage repayments.
- Home Renovation – Choose a loan amount that won’t strain your monthly budget.
- Debt Consolidation – Compare your current EMIs with one combined loan.
- Travel Loans – Ensure your dream trip doesn’t turn into long-term debt.
Tips to Reduce Your EMI
- Opt for Longer Tenure – Spreads repayments, but watch total interest cost.
- Negotiate Lower Interest Rate – A better rate = lower EMI.
- Make Prepayments – Reduces outstanding principal faster.
- Improve Credit Score – A score above 750 can get you better offers.
- Compare Lenders – Use our table to find the best match for your needs.
EMI Calculator – Detailed Results
When you use the IndiaLends EMI calculator, you get:
- EMI amount.
- Total interest payable.
- Total repayment cost.
- Month-by-month amortization table.
- Pie chart breakdown of principal vs interest.
