Calculate your personal loan EMI instantly using the standard reducing balance formula. Current personal loan interest rates (April 2026): SBI from 11.30%, HDFC Bank from 10.50%, ICICI Bank from 10.60%, Kotak from 10.99%, Bajaj Finance from 13%. Personal loan tenures range from 12 to 84 months (7 ye...
MONTHLY EMI
₹16,607
Principal
₹5.00 L
Total Interest
₹97,857
Total Payable
₹5.98 L
Interest %
19.57%
MONTHLY EMI
₹16,607
TOTAL INTEREST
₹97,857
TOTAL PAYMENT
₹5.98 L
INTEREST BURDEN
19.57%
OUTSTANDING BALANCE BY YEAR
Balance decreases as principal repayment accelerates each year
⚡ Processing fee: ₹5,000 deducted upfront
You receive ₹4.95 L but repay EMIs on ₹5.00 L
Reducing balance method · EMI = P×r×(1+r)^n/((1+r)^n−1)
Enter the loan amount you need (the principal), select the annual interest rate using the bank presets or enter a custom rate, and set the tenure in months or years.
Enter the processing fee percentage (typically 1–2% of loan amount). The calculator shows your effective cost after deducting the processing fee from the disbursed amount.
The calculator shows your monthly EMI, total amount payable, total interest, and what percentage of your repayment is interest.
Expand the amortization schedule to see a month-by-month breakdown of principal paid, interest paid, and outstanding balance for every EMI.
Priya takes a Rs 5,00,000 personal loan at 12% annual interest for 3 years (36 months). Monthly rate r = 12/12/100 = 1%. EMI = 5,00,000 × 0.01 × (1.01)^36 / ((1.01)^36 − 1) = Rs 16,607. Total payment: Rs 5,97,857. Total interest: Rs 97,857 (19.6% of principal). Month 1: interest component Rs 5,000, principal component Rs 11,607. By Month 36, the split has reversed — nearly the entire EMI is principal repayment.
| BANK | RATE FROM | MONTHLY EMI | TOTAL INTEREST | NOTES |
|---|---|---|---|---|
| HDFC Bank | 10.5% | ₹16,251 | ₹85,044 | Pre-approved customers get lower rates |
| ICICI Bank | 10.6% | ₹16,275 | ₹85,893 | Salary account holders |
| Kotak Bank | 10.99% | ₹16,367 | ₹89,212 | ₹10L loan EMI: ₹21,737 |
| Axis Bank | 10.49% | ₹16,249 | ₹84,959 | For salaried professionals |
| SBI Xpress | 11.3% | ₹16,440 | ₹91,857 | Govt/PSU employees get better rates |
| Bajaj Finance | 13% | ₹16,847 | ₹1.06 L | Quick disbursal, higher rate |
Rates as of April 2026 · Subject to credit profile · ₹5L loan, 3-year tenure · Reducing balance method
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Formula: EMI = P×r×(1+r)^n/((1+r)^n−1) · Reducing balance method · Rates as of April 2026 · Last updated: 29 April 2026 · For informational purposes only · Eagle-eyed accuracy for every calculation.