Personal Loan EMI Calculator

Calculate monthly EMI for personal loans — no collateral, instant calculation.

Loan Amount

$50K$5M

Annual Interest Rate

8%36%

Loan Tenure

1 Mo60 Mo

Monthly EMI

$10,253

Total Interest Payable

$69,118

Total Amount Payable

$369,118

Principal (81%)Interest (19%)

Principal vs Interest

Yearly Breakdown

Amortization Schedule

Year	EMI	Principal	Interest	Balance
Year 1	$123,036	$86,444	$36,592	$213,556
Year 2	$123,036	$99,354	$23,682	$114,202
Year 3	$123,046	$114,202	$8,844	$0

About Personal Loans

A personal loan is an unsecured multipurpose loan with no collateral requirement — you can use it for any purpose: medical emergencies, wedding expenses, home renovation, travel, or debt consolidation. Interest rates are higher (10–24% p.a.) than secured loans due to the higher credit risk. Tenures range from 12 to 60 months. Eligibility is based on your credit score, monthly income, existing obligations (FOIR), and employment stability. Pre-approved offers with instant disbursal are available for existing bank customers.

EMI Formula

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Where P = Principal, r = Monthly Interest Rate, n = Number of Months

How does CIBIL score affect personal loan rate?

Your CIBIL score is the single biggest factor in personal loan pricing. Score 750+: best rates (10–13%). Score 700–749: moderate rates (14–18%). Score 650–699: high rates (18–24%) or possible rejection. Check your CIBIL score free at CIBIL.com before applying to avoid hard inquiry rejections.

Personal loan vs credit card for expenses?

Personal loan interest (10–22% p.a.) is significantly lower than credit card interest (24–48% p.a.). If you have large credit card outstanding, converting it to a personal loan (balance transfer) saves substantial interest — often 30–50% of the interest cost.

Can I foreclose a personal loan early?

Yes, but most lenders charge 2–5% prepayment penalty on the outstanding amount. Some lenders (especially fintechs) offer zero foreclosure charges after 6–12 EMIs. Calculate whether the penalty is worth the interest saving using our comparison tool.

Frequently Asked Questions

What is the minimum salary required for a personal loan?

Most banks require ₹15,000–₹25,000 net monthly salary for personal loans. NBFCs like Bajaj Finance may accept ₹12,000. Self-employed individuals need minimum annual income of ₹2–3 lakh with 2+ years of business vintage.

How fast can I get a personal loan?

Pre-approved personal loans can be disbursed within minutes to your account via net banking. For regular applications, after document submission, processing takes 1–3 business days. Fintechs like MoneyTap, KreditBee can disburse same-day.

What is the maximum personal loan amount I can get?

Personal loan amounts typically go from ₹50,000 to ₹40 lakh. Your eligibility is roughly 10–20× your net monthly salary, subject to existing EMI obligations. Some premium customers (high salary, 800+ CIBIL) can get up to ₹50–75 lakh.

Can I get a personal loan with a low CIBIL score (below 650)?

It's difficult but not impossible. Some NBFCs and fintech lenders (PaySense, CASHe) lend to scores of 600–650 but at rates of 22–36%. It's usually better to spend 3–6 months improving your score first — making timely payments and reducing credit utilization.

What is FOIR and how does it affect personal loan eligibility?

FOIR (Fixed Obligation to Income Ratio) is the percentage of your income going toward existing EMIs + proposed EMI. Most banks cap FOIR at 40–50%. For example, if your income is ₹50,000 and existing EMIs are ₹15,000, your available EMI capacity is ₹10,000–₹10,000 (50% - 30% = 20%) = ₹10,000, limiting your eligible loan amount.