Personal Loan EMI Calculator

A personal loan can be the best solution to manage your uninvited expenses. However, EMI is the most important word that is associated with a personal loan. Calculating your EMI beforehand can help you find out the monthly cost of your personal loan. Use our easy and simple Personal Loan EMI calculator to know how much you will need to pay as EMIs. With our EMI calculator, calculate the EMI and the total interest payable on the basis of the loan tenure and loan amount you entered.

Personal Loan EMI Calculator


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Its free! No Hidden charges and fees.

Using the Calculator

- Use the loan amount slider to choose your desired loan amount.
- Use the loan period slider to select your desired loan tenure.
- The interest rate offered to you would depend on the loan amount and loan tenure you choose.

Here's what you get with a IndiaLends Personal Loan

Interest Rate

Starting from 10.99%, without any security or collateral

Cash in 2 Days

Your loan amount will be deposited into your account within 2 days

free quote

We will give you a no obligation quote that will not affect your credit rating

Online Approval

Our loan application process takes only 2 minutes to complete and you will receive an instant online approval

No Prepayment
& Charges

Zero charges if you wish to re-pay your loan early

Fixed Monthly

Your EMI is fixed for the term of your loan

How do I calculate my Personal Loan EMI?

Our Personal Loan EMI Calculator is easy to use and provides instant results. You can calculate the EMI by only entering the following information:
  1. Principal Loan Amount( the amount you need to borrow)
  2. Loan tenure(period for which the loan amount is sanctioned)
  3. Rate of Interest
Use the slider to adjust the value to get your desired results. In case you need to add precise values, you can type the values in the relevant boxes provided next to the slider. As you change the values using the slider or hit the tab key after entering the value, the EMI is re-calculated according to the new values.

Overview of Results

After you enter the values, you will be getting the following results on our personal loan calculator:

  1. Monthly repayment(EMIs)
  2. Total interest payable
  3. Total amount to pay

The monthly repayment shows the Equated Monthly Instalment you will be paying as per the loan amount, loan tenure and the rate of interest you entered.

The total interest payable will be the total interest that is calculated on the basis of the values you entered.

The total amount to pay is the sum of the principal amount and the interest you are liable to pay for the stipulated interest rate, duration, and loan amount.

In short, the Personal Loan Eligibility Calculator helps you to find all the values that are necessary to determine whether you can afford a personal loan or not.

Personal Loan Eligibility

In order to qualify for a personal loan, you must meet the eligibility requirements of lender(s). Although this could vary from lender-to-lender, here are some of the common requirements to meet personal loan eligibility.

Age 18/21 years - 60/65 years
Employment Type 1. Salaried
2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • ₹15,000(non-metro cities)
  • ₹20,000( metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience


  • Employed at current company for at least 6/12 months


  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Personal Loan Interest Rates of 2018

IndiaLends offers personal loans from 40+ lenders at interest rate starting at 10.75%. To know the personal loan interest rates of 2018 offered by different lenders, click here.

Bank Name Interest rate (p.a) Loan amount
Yes Bank Starting from 10.75% ₹1 lakh - ₹25 lakhs
ICICI Bank 10.99% - 17.99% ₹50k - ₹25 lakhs
HDFC Bank 10.99% - 20.00% ₹50k - ₹40 lakhs
Kotak Bank 11.00% - 24.00% ₹1 lakh - ₹30 lakhs
Tata Capital 11.49%-19.00% ₹75k - ₹20 lakhs
IndusInd Bank 11.49% - 20.00% ₹1 lakh - ₹20 lakhs
IDFC First Bank 11.69% - 15.00% ₹1 lakh - ₹20 lakhs
Bajaj Finserv 12.00% - 16.00% ₹1 lakh - ₹20 lakhs
IIFL 12.00% - 20.00% ₹1 lakh - ₹20 lakhs

Factors That Affect Interest Rates On A Personal Loan

The interest rate offered on a personal loan depends on various factors. Some of the important factors are:

  • Credit score

    A credit score plays an important role in deciding the interest rate of a personal loan. In fact, a score above 750 or above can give you the power to negotiate on the given interest rate. The credit score is a numeric expression that helps in assessing your financial standing. There are numerous factors that build your credit score which are:

    1. Payment History (~35%)
    2. Credit amount owed (~30%)
    3. Length of credit history(~15%)
    4. Types of credit(~10%)
    5. New Credit (~10%)

  • Credit Payment Track Records

    Your credit history is not the same as your credit score. A credit score is the numeric expression of your financial standing wherein credit history is a part of it. Credit history is the past records of your credit performances and can give an idea of you as a customer. The credit history helps you to assess the credibility of the applicant.

  • Loan amount

    The loan amount is another factor that plays an important role in deciding the interest rate. The higher the loan amount, the better your credit profile should be. For example, the probability of loan approval an individual with an income of ₹2lacs a month is higher over someone with a monthly income of ₹70,000 every month. Which is why it is advisable to take the amount that you need to save on interest costs.

  • Loan tenure

    The loan tenure or the duration for which the loan is sanctioned is another factor that comes into play. There is an inverse relationship between the loan tenure and the interest rate. The longer the loan tenure, the lower the interest rate and vice-versa. Moreover, the longer your long period is, the costlier your loan will be. This also depends on the type of interest.

    1. Fixed interest Rate- If your interest rate is fixed throughout the loan tenure, it would be costlier in the long run.
    2. Floating Interest Rate- If the interest rate depends on the market rate, the interest cost reduces over the course of time.

  • Relationship with the lender

    A good relationship with the lender can give you the chances of getting the best interest rates on your personal loan. This is because the lender knows your integrity and credibility and would know the risks involved. Please note the relationship with the applicant should be informal. For example, the chances of getting the best interest rate with a lender where you have a salary account is higher than with a new lender.

  • Negotiation Power

    The power of negotiation comes if you have a good credit profile. Moreover, you should be able to convince the lender about your credibility if they a doubts.

  • Employer

    Your employer is another important factor that is considered when deciding your personal loan interest rate. The reputation of the employer and the number of years you’ve been associated with them contributes to determining the interest rate. For example, if you work with a highly reputed and established firm, the chances of you getting a low-interest rate is higher.

  • Income

    Individuals with higher income and job stability are likely to get a low-interest personal loan. This is because a consistent income gives the lender the much-needed trust that the loan will be repaid. This is why lenders have a minimum income requirement as their prerequisites.

Features and Benefits of a Personal Loan EMI Calculator

A personal loan EMI calculator helps you calculate EMI and interest cost of your personal loan. There are a lot of benefits associated with a Personal Loan EMI calculator. Here are a few features and benefits of using an EMI calculator:


  1. A personal loan EMI calculator helps you calculate the amount you need to pay as EMIs.

  2. By calculating the EMIs, you can plan your budget and spending accordingly.

  3. You can know the total amount to be paid and the total interest payable. This will help you determine the loan tenure that suits you as per your budget.


  1. Saves a lot of time

    Calculating EMI with an EMI calculator eliminates the hassle of using paper and pen. Moreover, you can do multiple calculations in minutes.

  2. Accurate

    Calculating EMI using the traditional method can be a lot of manual work, and thus are prone to mistakes. A small mistake can end up giving the wrong information, leading a direct impact on your personal loan. This is why it is recommended to use a personal loan calculator which applies the formula and helps you calculate your EMI in minutes.

  3. Plan your budget

    It is obvious that there is a necessity to plan your budget when you apply for a personal loan. This is because it becomes important to make room for your EMI in your monthly budget. A personal loan EMI calculator helps you by calculating the amount that needs to be set aside from your monthly budget and makes the planning process easy.

  4. Easy Comparisons

    Different lenders have different terms of service that makes the loan amount, interest rate and loan tenure different for an individual. It would get difficult and tedious to sit and calculate the EMI of different lenders when you can simply compare it on a personal loan EMI calculator.

  5. Gives you more information

    Some calculators not just give you information about your personal loan EMIs, but also the processing fee associated with it, a graphic representation of the loan and an amortisation table too. This gives a complete understanding of your personal loan.

How can IndiaLends help me get best personal loans deals?

IndiaLends is the one-stop solution for your money-related worries. We provide personal loan offers from 40+ lenders at minimal documentation. With EMI starting at ₹1400, we can help you connect with lenders based on your personal loan eligibility. With our algorithms with machine learning, we will find the best suitable bank/NBFC offering minimal interest rate.

Some of the other reasons to apply for a personal loan via IndiaLends are given below:

Personal Loan EMI Calculator FAQs

Q. How loan EMI is calculated?

A. The traditional method to calculate EMI is using the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the principal, N is the monthly instalments and R is the rate of interest. The modern method is using an EMI calculator which uses the same formula, however is easy to calculate.

Q. What is the EMI process?

A. The EMI process includes paying the EMI or Equal Monthly Instalments which includes the principal amount and interest each month. The process involves equal payment made by the borrower to the lender on a specified date of every month.

Q. What is EMI calculator?

A. An EMI calculator is used to calculate EMIs of a loan and the total interest payable on a loan. It helps you save time and give accurate results.

Q. What is the difference between down payment and EMI?

A. A down payment is the amount paid upfront at the starting of a loan which is part of the total amount due. This amount is reduced from the total outstanding amount before calculating the EMI. An EMI is a fixed payment made at a specified date each calendar month.

Q. Can a debit card be used for EMI?

A. Certain lenders provide the facility of using a debit card for EMI payments. However, this is completely at the sole discretion of the bank and the terms of service depends on the lender.

Q. How do you calculate the interest on a loan?

A. You can calculate the interest rate by the number of payments to be made in a calendar year as interest rates are expressed annually. The formula to calculate interest of a loan is: (Interest rate/No of payments) x loan principal.

Q. What do you mean by no cost EMI?

A. A no cost EMI means the purchase of items through EMIs without any additional costs. The additional cost in this situation involves processing fee, interest cost and others.

Q. What is the PMT formula?

A. PMT formula is used to calculate loan payments on Excel. The PMT function calculates the loan payments that has constant payments and a fixed interest rate.