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Personal Loan EMI Calculator
Calculate exact monthly EMI, total interest payable, and repayment amortization schedule for your personal loan in India.
Instant Amortization
RBI Compliant 2026
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Personal Loan EMI Parameters
Adjust loan amount, interest rate, and tenure sliders below.
₹5,00,000
11.5%
5 Yrs
Calculated Monthly EMI
₹0
₹0
Total Interest Outgo
₹0
Total Amount Payable
Principal vs Interest Split
Real-time
Annual Amortization Schedule (First 10 Years)
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| Loading schedule... | |||
Complete Guide to Personal Loans in India (2026)
A personal loan is an unsecured credit facility requiring no collateral or security. It provides quick access to funds for medical emergencies, home renovation, weddings, or debt consolidation.
1. Personal Loan Eligibility Criteria & Factors
| Parameter | Salaried Applicant Requirement | Self-Employed Requirement |
|---|---|---|
| Minimum Income | ₹15,000 – ₹25,000 per month | Annual Net Profit > ₹3.0 Lakh |
| CIBIL Credit Score | 750+ (700 minimum) | 750+ (700 minimum) |
| Age Limit | 21 to 60 Years | 25 to 65 Years |
| Work Experience | Min 1 year total, 6 months in current company | Min 3 years continuous business existence |
| Max FOIR (Obligation Ratio) | 50% – 60% of net monthly income | 50% – 60% of monthly cash flow |
2. Reducing Balance vs. Flat Interest Rate Warning
Be cautious when lenders advertise flat interest rates. For example, a 7.5% flat interest rate over 5 years effectively equates to a 13.5% reducing balance interest rate! Always use reducing rate EMI calculation to understand your actual annual cost of borrowing.
3. Top Indian Bank Personal Loan Interest Rates (2026)
- HDFC Bank: 10.50% – 21.00% p.a. (Processing Fee: Up to ₹4,999)
- ICICI Bank: 10.85% – 16.25% p.a. (Processing Fee: Up to 2.25%)
- State Bank of India (SBI): 10.55% – 15.35% p.a. (Processing Fee: 0.50% – 1.50%)
- Axis Bank: 10.75% – 22.00% p.a. (Processing Fee: 1% – 2%)
- Bajaj Finserv: 11.00% – 28.00% p.a. (Flexi loan facility options)
4. Associated Charges & Hidden Fees to Check
- Processing Fee: 1% to 3% of loan principal amount deducted upfront.
- Foreclosure / Pre-closure Fee: Personal loans are unsecured, so banks can charge 2% to 5% penalty on outstanding principal if closed before tenure, though some banks waive penalty after 12 EMIs.
- Bounce Charges: ₹400 to ₹750 per failed ECS / NACH debit attempt.