Personal Loan EMI Calculator – Compare & Choose the Best Bank
Table of Contents
Now, without affecting your CIBIL, you can check your personal loan eligibility and EMI using our Personal Loan EMI Calculator.
Most banks use the same EMI calculation formula for personal loans. The EMI depends on three key factors: Loan Amount, Interest Rate (Adjustable), and Loan Tenure. Since you manually select the interest rate while using an EMI calculator, the calculated EMI remains the same across all banks.
However, when you apply for a loan—either online or through a bank representative—you must provide details like your salary, PAN card, and financial history. The bank then evaluates your credit score (CIBIL score) and eligibility before offering a personalized interest rate. This process often involves a hard inquiry, which can lower your CIBIL score.
To avoid unnecessary impact on your credit score, we recommend using our Personal Loan EMI Calculator. It helps you estimate your possible interest rate and loan eligibility without affecting your CIBIL score. Below, we’ve included a comparison chart of EMIs across top banks in India (approximate values) to help you make an informed decision.
Personal Loan EMIs across Top Banks in India
| Bank | Interest Rate (p.a.) | EMI (₹) | Total Interest (₹) | Total Amount Payable (₹) |
|---|---|---|---|---|
| SBI | 11.15% – 14.85% | 10,916 – 11,856 | 1,49,000 – 2,11,360 | 6,49,000 – 7,11,360 |
| HDFC Bank | 10.85% – 24.00% | 10,834 – 14,696 | 1,40,040 – 3,81,760 | 6,40,040 – 8,81,760 |
| ICICI Bank | 10.85% – 16.65% | 10,834 – 12,366 | 1,40,040 – 2,41,960 | 6,40,040 – 7,41,960 |
| PNB | 10.40% – 17.95% | 10,772 – 12,683 | 1,38,320 – 2,60,980 | 6,38,320 – 7,60,980 |
| Bank of Baroda | 11.05% – 18.75% | 10,909 – 12,902 | 1,45,540 – 2,74,120 | 6,45,540 – 7,74,120 |
| Bajaj Finance | 11.00% onwards | 10,871 onwards | 1,42,260 onwards | 6,42,260 onwards |
| Canara Bank | 10.95% – 16.40% | 10,859 – 12,266 | 1,41,540 – 2,36,960 | 6,41,540 – 7,36,960 |
| Bandhan Bank | 11.55% onwards | 11,000 onwards | 1,60,000 onwards | 6,60,000 onwards |
Personal Loan EMI Calculator (PAN Card Not required)
Why Use This Calculator?
Our Personal Loan EMI Calculator helps you estimate your monthly payments, check loan eligibility, and make an informed decision without affecting your CIBIL score. Enter your loan amount, tenure, and CIBIL score if you know your CIBIL.
Key Benefits of Using This EMI Calculator:
- ✅ Instant EMI Calculation: Know your monthly installment in seconds.
- ✅ Check Loan Eligibility without PAN card: No PAN card is required.
- ✅ CIBIL-Safe Eligibility Check: Check loan eligibility without affecting your credit score. (checking loan eligibility from banks’ websites affects your CIBIL Score)
- ✅ Real-Time Interest Rate Estimation: Get an approximate interest rate based on your CIBIL score.
- ✅ Total Interest Breakdown: See how much extra you’ll pay over the principal amount.
- ✅ Smart Loan Planning: Helps you decide the right loan amount based on your salary.
How to Use the Calculator?
- Enter Loan Amount – Input the total loan amount you want.
- Select Loan Tenure – Choose the repayment period in years.
- Enter Net Salary (Optional) – Helps check eligibility based on income.
- Provide CIBIL Score (Optional) – To get an approximate interest rate.
- Click “Calculate EMI” – Get instant results with EMI, interest, and eligibility status.
Plan Smart, Borrow Wisely!
With this tool, you can compare different loan options and choose the best bank before applying. Avoid surprises and make confident financial decisions! 🚀
💰 Personal Loan EMI Calculator
Check your EMI & Loan eligibility without affecting your CIBIL score
How to Choose the Best Personal Loan Based on Profile
| Best For | Top Banks | Why? |
|---|---|---|
| ✅ Lowest Interest Rates | SBI, BOI, PNB | These banks generally offer the lowest personal loan interest rates, especially for salaried employees with strong credit scores. |
| ⚡ Quickest Approval & Disbursal | HDFC Bank, ICICI Bank, Bajaj Finance | Private banks and NBFCs process applications faster, sometimes within 24 hours. |
| 💰 Lowest Processing Fees | BOI, Canara Bank | These banks have minimal or no processing fees, making them budget-friendly. |
| 🏦 Highest Loan Amounts | Axis Bank, ICICI Bank, HDFC Bank | Ideal for those looking for higher loan limits (₹40L+), depending on income and credit score. |
| 📉 Best for Low CIBIL Score Applicants | Bajaj Finance, Fullerton India, Tata Capital | NBFCs are more flexible with CIBIL scores but may charge higher interest rates. |
| 🎓 Best for Students & Education-related Needs | SBI, Bank of Baroda, PNB | Offer lower rates for students taking personal loans for education-related expenses. |
| 💼 Best for Business Owners & Self-Employed | Kotak Mahindra Bank, IndusInd Bank, HDFC Bank | Have specialized personal loans for self-employed professionals. |
| 🏡 Best for Home Renovation Loans | IDFC First Bank, SBI, ICICI Bank | Offer personal loans at competitive rates for home improvement projects. |
| 🛍️ Best for Shopping & Consumer Loans | Bajaj Finance, Tata Capital, HDFC Bank | Provide easy EMI loans for shopping, gadgets, and furniture. |
| 🧑⚕️ Best for Medical Expenses | HDFC Bank, ICICI Bank, Tata Capital | Quick disbursal for emergency medical needs. |
| 💳 Best for Balance Transfer (High-Interest Loans to Low-Interest) | HDFC Bank, ICICI Bank, SBI | Offer competitive rates for refinancing existing personal loans. |
Best Bank for Personal Loans Based on Employment Type
| Personal Loan for | Best Banks | Why? |
|---|---|---|
| Personal Loan for Salaried Employees (Govt & PSU) | SBI, PNB, Bank of Baroda | Offer special low-interest rates & relaxed eligibility for government employees. |
| Personal Loan for Salaried Employees (Private Sector) | HDFC Bank, ICICI Bank, Axis Bank | Quick approval & high loan amounts based on salary. |
| Personal Loan for Self-Employed (Business Owners) | Kotak Mahindra, IndusInd, IDFC First | Have business-friendly loan policies with relaxed income proof requirements. |
| Personal Loan for Doctors & Medical Professionals | HDFC Bank, ICICI Bank, Bajaj Finance | Special loans for doctors with flexible repayment. |
| Personal Loan for Lawyers & Chartered Accountants | SBI, ICICI Bank, IDFC First | Banks offer lower rates & higher eligibility for professionals. |
| Personal Loan for Employees in Startups / IT Sector | HDFC Bank, Axis Bank, ICICI Bank | Favorable loan terms for IT professionals and those working in MNCs. |
| Personal Loan for Transport & Logistics Business Owners | Bank of Baroda, Kotak Mahindra, IndusInd | Loans customized for transport business financing. |
| Personal Loan for Freelancers & Gig Workers | NBFCs like Bajaj Finance, Tata Capital, Fullerton India | More flexible documentation & approval process. |
🚀 Key Takeaways
- If you want the lowest EMI, go for SBI, BOI, PNB.
- If you need quick approval, go for HDFC, ICICI, Bajaj Finance.
- If you are self-employed, prefer Kotak Mahindra, IndusInd, IDFC First.
- If you have a low CIBIL score, NBFCs like Bajaj Finance, Tata Capital are more flexible.
📌 Pro Tip: Always compare processing fees, prepayment charges, and eligibility criteria before choosing a personal loan. 🚀
💡 Pro Tip: Before applying for a personal loan, it’s always a good idea to compare interest rates and loan terms across multiple banks. You can check the official RBI website for the latest banking guidelines and financial regulations to make an informed decision. Always ensure you borrow from trusted lenders to avoid hidden charges and high-interest rates.
Frequently Asked Questions (FAQs)
How much EMI for 20 lakh personal loan?
The EMI for a ₹20 lakh personal loan depends on the loan tenure and interest rate. Here’s a simple estimate:
For 3 years at 10.5% interest → EMI is around ₹64,900 per month
For 5 years at 10.5% interest → EMI is around ₹42,900 per month
For 7 years at 10.5% interest → EMI is around ₹33,400 per month
💡 Tip: Use our Personal Loan EMI Calculator to check the exact EMI based on your interest rate and tenure—without affecting your CIBIL score.
How is EMI calculated on Personal loans?
EMI (Equated Monthly Installment) for personal loans is calculated using the standard EMI formula:
EMI = [P × r × (1 + r)ⁿ] / [(1 + r)ⁿ – 1]
Where:
P = Loan Amount (Principal)
r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
n = Loan Tenure in Months
Example Calculation:
If you take a ₹5 lakh loan at 10.5% interest for 5 years (60 months):
r = 10.5% ÷ 12 = 0.00875 (monthly rate)
n = 60 months
Your EMI will be around ₹10,750 per month.
💡 Tip: No need to calculate manually! Use our Personal Loan EMI Calculator to get instant EMI results—without affecting your CIBIL score. 🚀
What is the EMI for 4 lakhs personal loan?
The EMI for a ₹4 lakh personal loan depends on the interest rate and loan tenure. Here’s an estimated breakdown:
At 10% interest for 5 years → ₹8,499 per month
At 12% interest for 5 years → ₹8,899 per month
At 14% interest for 5 years → ₹9,299 per month
What is the EMI for a 7 lakh loan for 5 years?
The EMI for a ₹7 lakh personal loan depends on the interest rate. Below are estimated EMIs for different rates:
At 10% interest for 5 years → ₹14,873 per month
At 12% interest for 5 years → ₹15,573 per month
At 14% interest for 5 years → ₹16,248 per month
Who is eligible for 10 lakh personal loan?
Eligibility for a ₹10 lakh personal loan depends on multiple factors, including income, credit score, and employment type. Here’s a general guideline:
✅ Salaried Employees
Minimum monthly income: ₹35,000 – ₹50,000 (varies by bank)
Stable job with at least 1 year of work experience
CIBIL score 700+ for better interest rates
✅ Self-Employed Individuals
Minimum annual income: ₹3 – ₹5 lakh
Business must be running for at least 2 years
Strong financial records & ITR filings
✅ Other Key Factors
A high CIBIL score (750+) improves approval chances
Lower existing loan obligations help get a higher loan amount
Some banks offer special benefits for professionals like doctors, CA, and government employees
Is a Bajaj Finserv loan safe?
Yes, Bajaj Finserv loans are safe, as it is a legitimate and RBI-registered NBFC (Non-Banking Financial Company) in India. However, like any financial product, you should be aware of the terms and conditions before applying.
Why Bajaj Finserv is Safe?
RBI-Regulated: Bajaj Finserv is an RBI-approved lender, ensuring compliance with banking norms.
Trusted Brand: One of India’s leading NBFCs, serving millions of customers.
Secure Digital Process: Loans are processed securely with proper encryption and authentication.
No Hidden Charges: All fees, interest rates, and charges are transparently mentioned.
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Want to Save Lakhs on Interest? Use our Best Loan Calculator with Extra Payments to see how prepayments can reduce your EMI and total interest. Start saving today!
Disclaimer: The information provided in this table/calculator is for reference and informational purposes only. Actual loan terms, interest rates, and eligibility criteria may vary based on the bank’s policies, your credit profile, and other factors. We recommend verifying details directly with the respective financial institution before making any financial decisions. Using this tool does not impact your CIBIL score.
