Personal loans are unsecured loans — no collateral required — making them India's fastest-growing credit product. With 'personal loan EMI calculator' hitting Breakout status today, rates across SBI, HDFC, ICICI, and Bajaj Finance are in sharp focus. This calculator estimates your exact monthly EMI, total interest cost, and full amortisation schedule — and includes current July 2026 personal loan rates from India's top lenders so you can compare before you borrow.
What Is a Personal Loan EMI Calculator?
A personal loan EMI calculator estimates your monthly repayment based on the loan amount, interest rate, and tenure.
It shows total interest payable, total amount payable, and a month-by-month amortisation schedule.
Since personal loans carry higher rates (10–24%) than secured loans, knowing the true cost before borrowing prevents over-commitment.
Enter any lender's rate to see your EMI instantly.
SBI Personal Loan Interest Rate & EMI — July 2026
Current SBI Personal Loan rates (July 2026 — verify at sbi.co.in before applying): SBI Xpress Credit (salaried): 11.45–14.60% p.a.
| SBI Pension Loan: 9.75–10.25% p.a.
| SBI Pre-Approved Personal Loan: 11.05–14.05% p.a.
EMI examples at SBI rates: ₹5 lakh at 12% for 3 years: EMI = ₹16,607/month (total interest = ₹97,852).₹5 lakh at 14% for 3 years: EMI = ₹17,090/month (total interest = ₹1,15,240).₹10 lakh at 12% for 5 years: EMI = ₹22,244/month (total interest = ₹3,34,640).SBI offers the lowest rates among PSU banks for salaried employees with salary accounts.
Pre-approved loans disburse within 30 minutes via YONO app.
HDFC Personal Loan EMI Calculator — Current Rates
Current HDFC Bank Personal Loan rates (July 2026 — verify at hdfcbank.com): Starting from 10.85% p.a.
for pre-approved customers | 11.50–21.00% p.a.
for standard applicants.
EMI examples at HDFC rates: ₹3 lakh at 11% for 2 years: EMI = ₹13,968/month (total interest = ₹35,232).₹5 lakh at 13% for 3 years: EMI = ₹16,847/month (total interest = ₹1,06,492).₹10 lakh at 11.5% for 5 years: EMI = ₹22,054/month (total interest = ₹3,23,240).HDFC Bank typically approves personal loans within 10 seconds for pre-approved customers via mobile banking.
Processing fee: up to 2.5% of loan amount (max ₹25,000).
Use the calculator above — enter HDFC's quoted rate for your exact EMI.
Personal Loan Interest Rates Comparison — July 2026
Current personal loan rates across major lenders (July 2026, for salaried individuals with 750+ CIBIL — verify before applying as rates change frequently): SBI: 11.45% onwards HDFC Bank: 10.85% onwards ICICI Bank: 10.85% onwards Kotak Mahindra: 10.99% onwards Axis Bank: 11.25% onwards Bajaj Finance: 11.00% onwards Tata Capital: 10.99% onwards Fullerton India: 11.99% onwards IDFC FIRST Bank: 10.75% onwards For a ₹5 lakh loan at 3 years: a 1% rate difference changes EMI by ₹140/month and total interest by ₹5,040.
For ₹10 lakh at 5 years: a 1% difference = ₹270/month EMI difference and ₹16,200 total interest difference.Always get quotes from at least 3 lenders — rates vary significantly based on employer category, CIBIL score, and existing banking relationship.
Personal Loan EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the loan principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly instalments.Example: ₹5,00,000 at 14% p.a.
for 3 years.
R = 14/12/100 = 0.01167.N = 36.
EMI = ₹17,090/month.Total interest = ₹1,15,240 — 23% of principal paid as interest over 3 years.
A 1% lower rate (13%) saves ₹243/month and ₹8,748 total — worth negotiating.
Personal Loan EMI Table — ₹1 Lakh to ₹10 Lakh
Pre-calculated EMIs at 12% p.a.
(approximately SBI mid-range rate): ₹1 lakh — 1 year: ₹8,885 | 2 years: ₹4,707 | 3 years: ₹3,321 ₹2 lakh — 1 year: ₹17,769 | 2 years: ₹9,414 | 3 years: ₹6,642 ₹3 lakh — 1 year: ₹26,654 | 2 years: ₹14,121 | 3 years: ₹9,963 ₹5 lakh — 1 year: ₹44,424 | 2 years: ₹23,535 | 3 years: ₹16,607 ₹10 lakh — 2 years: ₹47,073 | 3 years: ₹33,214 | 5 years: ₹22,244 All figures at 12% p.a.
monthly compounding.
Adjust the rate for your specific lender quote.
How Much Personal Loan Can I Afford?
Financial advisors recommend keeping total EMI obligations at 40–50% of net monthly income.
If your net salary is ₹60,000/month with existing EMIs of ₹15,000, remaining EMI capacity = ₹15,000/month.At 12% for 3 years: this qualifies for approximately ₹4.5 lakh loan.
At 14% for 3 years: approximately ₹4.3 lakh.
Lenders use the same FOIR calculation — if your Debt-to-Income ratio exceeds 50%, applications are typically rejected or offered at higher rates.
Personal Loan vs Credit Card — Which Costs Less?
Credit card revolving balances attract 36–42% p.a.
(3–3.5% per month).
A ₹2 lakh credit card balance costs ₹6,000–₹7,000/month in interest alone — indefinitely if only minimum payments are made.
A personal loan at 12% to consolidate the same debt: EMI = ₹9,414/month for 2 years, total interest ₹26,136.You pay less and get debt-free in 24 months instead of never.
Debt consolidation is the single best use case for a personal loan.
Tips for Getting the Best Personal Loan Rate
- Maintain CIBIL score above 750 — this is the biggest factor; a 780 score vs 720 can mean 1–2% lower rate, saving ₹10,000–₹20,000 on a ₹5 lakh loan.
- Apply with your salary account bank first — pre-approved offers carry the lowest rates.
- Compare using the calculator above with each lender's offered rate before signing.
- Never accept the first offer; negotiate, especially if you are a long-standing customer.
- Avoid multiple simultaneous applications — each hard enquiry drops your CIBIL by 5–10 points.
Frequently Asked Questions
What is the SBI personal loan interest rate in July 2026?
SBI personal loan rates (July 2026, approximate): SBI Xpress Credit for salaried: 11.45–14.60% p.a. | SBI Pre-Approved (via YONO): 11.05–14.05% p.a. | SBI Pension Loan: 9.75–10.25% p.a. Rates vary based on your employer category, CIBIL score, and loan amount. Verify at sbi.co.in or SBI YONO app for your specific pre-approved rate.
What is the HDFC personal loan EMI for ₹5 lakh?
At HDFC's starting rate of 10.85% for 3 years: EMI ≈ ₹16,368/month, total interest ≈ ₹89,248. At 13% for 3 years: EMI = ₹16,847, total interest = ₹1,06,492. At 15% for 3 years: EMI = ₹17,333, total interest = ₹1,23,988. Enter HDFC's actual quoted rate in the calculator above for your exact EMI — rates vary significantly based on credit profile.
What is the maximum personal loan tenure in India?
Most banks offer personal loan tenures up to 5 years. SBI and HDFC extend up to 6–7 years for salaried employees with strong credit profiles. Longer tenure reduces EMI but significantly increases total interest — a ₹5 lakh loan at 12% for 5 years pays ₹1,34,640 in interest vs ₹97,852 for 3 years. Choose the shortest tenure your monthly budget can sustain.
Do personal loans have prepayment charges?
Yes, for fixed-rate personal loans. Most banks charge a foreclosure fee of 1–5% on the outstanding principal. HDFC Bank: 2–4% after 12 EMIs. SBI Xpress Credit: 3% of outstanding. Bajaj Finance: 4% after 6 EMIs. Some digital lenders (MoneyView, KreditBee) charge zero prepayment fees — factor this in if you expect to prepay early.
What CIBIL score is needed for a personal loan at the best rate?
750+ gets the best rates (10.85–12% at top banks). 700–749: approved but at 1–3% higher rates. 650–699: approved by some NBFCs at 18–24%. Below 650: rejection from most banks; only high-rate NBFCs/fintech lenders may approve. Improving CIBIL from 720 to 760 before applying can save ₹15,000–₹25,000 in interest on a ₹5 lakh loan.
Is personal loan interest tax deductible?
In most cases, no. Personal loan interest is not deductible for salaried individuals on personal use. Exception: if the loan is used for home renovation, interest is deductible under Section 24(b) up to ₹30,000/year for self-occupied property. If used for business purposes, the entire interest is deductible as a business expense.
Which bank gives the cheapest personal loan in India?
As of July 2026, IDFC FIRST Bank (10.75% onwards), HDFC Bank, and ICICI Bank (both 10.85% onwards) offer the lowest starting rates for salaried individuals with 750+ CIBIL. SBI offers lower rates for government employees and defence personnel. For pre-approved customers, rates can be as low as 10.5%. Always compare the effective rate (processing fee + interest) not just the headline rate.
How quickly can I get a personal loan approved?
Pre-approved personal loans via bank apps (SBI YONO, HDFC Mobile Banking, ICICI iMobile): 10 seconds to 30 minutes. Digital lenders (Bajaj Finserv, MoneyTap, KreditBee): 2–4 hours for disbursal. Traditional bank counter applications: 2–5 business days. Speed is fastest for existing customers with salary accounts at the same bank.