PocketPersonal Loan EMI Calculator
Check your personal credit loan EMI before borrowing. Compare high-interest banks and calculate total interest payouts.
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Monthly EMI
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Total Interest Payable
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Total Payment
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EMI Compound Interest Logic
Personal loan EMI is computed using standard amortizing loan reducing interest formula:
EMI = P × r × (1+r)n / [ (1+r)n - 1 ]
Worked Example
If you take a personal loan of ₹3,00,000 for 3 years at 12.0% interest rate:
- Loan Amount (P): ₹3,00,000
- Tenure (n): 36 months
- Monthly EMI: ₹9,964
- Total Interest: ₹58,713
- Total Repayment Cost: ₹3,58,713
Frequently Asked Questions
What is the typical interest rate for personal loans in India?
Personal loans are unsecured credit, so they carry higher interest rates ranging from 10.5% to 24% p.a. depending on your CIBIL score and employer profile.
What is the maximum tenure for a personal loan?
Most banks and NBFCs in India offer personal loan tenures ranging from 1 year to a maximum of 5 years (60 months).
Are there processing fees on personal loans?
Yes, banks usually charge a processing fee of 1% to 3% of the loan amount plus GST, which is deducted upfront from your disbursed loan amount.
Does foreclosure penalty apply to personal loans?
Yes. Unsecured loan foreclosure penalties vary between 2% and 5% on the outstanding principal balance. Some banks do not charge foreclosure fees after 12 EMIs are paid.
How is personal loan eligibility calculated?
Eligibility depends on your monthly salary, employer reputation, current credit obligations, and CIBIL history. Banks usually cap EMIs at 40-50% of your net monthly income.