Personal Loan EMI Calculator India 2026
Personal loans are unsecured, so pricing is all about your credit profile: 10%–24% p.a. as of July 2026. A CIBIL score of 750+ gets you close to 10%. Check your EMI before you apply.
How personal loan EMI is calculated
Personal loans use the standard reducing-balance method. Each EMI first covers the month's interest on the outstanding principal; the remainder reduces the principal.
P = loan amount r = annual rate ÷ 12 ÷ 100 n = months
Example: ₹5 lakh personal loan at 12% — tenure comparison
| Tenure | Monthly EMI | Total interest | Total payment |
|---|---|---|---|
| 2 years | ₹23,537 | ₹64,882 | ₹5,64,882 |
| 3 years | ₹16,607 | ₹97,858 | ₹5,97,858 |
| 4 years | ₹13,167 | ₹1,32,012 | ₹6,32,012 |
| 5 years | ₹11,122 | ₹1,67,333 | ₹6,67,333 |
What your CIBIL score costs you — ₹5 lakh over 4 years
| Interest rate | Monthly EMI | Total interest |
|---|---|---|
| 10% (CIBIL 750+) | ₹12,681 | ₹1,08,702 |
| 12% | ₹13,167 | ₹1,32,012 |
| 16% | ₹14,170 | ₹1,80,167 |
| 20% | ₹15,215 | ₹2,30,329 |
| 24% (weak credit profile) | ₹16,301 | ₹2,82,444 |
The spread is dramatic: between 10% and 24%, total interest on the same loan rises from ₹1,08,702 to ₹2,82,444. Improving your score before applying is often worth more than negotiating with the lender.
Frequently asked questions
What is the EMI on a 5 lakh personal loan?
At 12% p.a. for 4 years, the EMI on a ₹5 lakh personal loan is ₹13,167, with total interest of ₹1,32,012. Over 2 years the EMI is ₹23,537 but total interest drops to ₹64,882.
What are personal loan interest rates in India in July 2026?
Personal loan rates range roughly 10%–24% p.a. as of July 2026, depending heavily on your credit profile. Borrowers with a CIBIL score of 750+ can get rates near 10%, while thin or weak credit files pay 18–24%.
How does my CIBIL score affect the personal loan rate?
Personal loans are unsecured, so lenders price almost entirely on your credit history. On a ₹5 lakh, 4-year loan, a 750+ borrower at 10% pays about ₹1,08,702 in interest, while a borrower at 20% pays about ₹2,30,329 — more than double.
Is the FinCalix personal loan calculator free?
Yes. FinCalix is a 100% free Android app with 45+ Indian financial calculators including EMI with full amortization schedule, prepayment analysis and PDF/Excel export. It works fully offline with no login and no ads.
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