Loans & EMI
Personal Loan EMI Calculator
Quick answer: The FinTax24 Personal Loan EMI Calculator computes EMI, total interest and amortisation for unsecured personal loans from banks and NBFCs. Tenures typically range 12-60 months with rates from 9.5% to 24% p.a., and the calculator surfaces prepayment savings and total cost of borrowing including processing fees (1-2%) and GST.
Personal Loan EMI Calculator
Compute EMI for personal loans based on amount, rate, and tenure.
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Disclaimer: Results are for indicative purposes only and may vary based on actual rates, rules, and policies. Please consult a FinTax24 expert for binding advice.
How to use this calculator
Follow these 5 steps for an accurate result.
- 1
Enter loan amount
Type the personal loan principal you need.
- 2
Enter interest rate
Type the rate offered by lender, in % p.a.
- 3
Pick tenure
Choose 12-60 months typically.
- 4
Add fees
Enter processing fee (1-2%) + insurance for total-cost computation.
- 5
Read EMI + total cost
Calculator shows monthly EMI, total interest, total fees and effective cost of borrowing.
Key takeaways
- Personal loan rates 9.5-24% p.a. depending on CIBIL and lender category.
- No tax benefit on personal loan for personal / consumption purpose — only for business use.
- Prepayment charges 2-4% of outstanding principal on most NBFCs, nil on bank personal loans.
- Surfaces total cost of borrowing — interest + processing fee + GST + insurance.
Frequently asked questions
Quick answers to common questions about personal loan emi calculator.
What is the typical personal loan rate?
Personal loan rates range from 9.5% to 24% per annum. Salary-account holders of PSU banks get the lowest rates (9.5-11.5%). Private banks (HDFC, ICICI, Axis) typically price at 10.5-14%. NBFCs and fintech apps charge 14-24% reflecting risk-based pricing.
Is there any tax benefit on personal loans?
No — personal loan for personal use (wedding, travel, home renovation) does not attract any tax benefit. If used wholly and exclusively for business, the interest paid is deductible under Section 37(1) but only against business income. Loan for agricultural land is non-deductible.
Does prepayment penalty apply on personal loans?
Prepayment penalty of 2-4% of outstanding principal is common on NBFC personal loans during the lock-in period (typically 6-12 EMIs). PSU bank personal loans have no prepayment penalty. Calculator shows savings from prepayment — subtract the penalty to compare.
What is the EMI on ₹1 lakh personal loan?
EMI on ₹1 lakh personal loan for 24 months at 12% p.a. is approximately ₹4,707/month. For 36 months at 12%, EMI drops to ₹3,321/month. Calculator handles any combination of amount, rate and tenure instantly.
Does the loan amount include GST on processing fee?
Yes — banks charge 18% GST on the processing fee. A 1% processing fee on a ₹5 lakh personal loan effectively becomes ₹5,900 (₹5,000 fee + ₹900 GST). Calculator surfaces this separately under fees, so true cost is visible.
Can I get a top-up on existing personal loan?
Most lenders offer top-up personal loans to existing good-track borrowers. Approval is faster (24-48 hours) and the top-up is treated as part of the same loan at the same rate. Calculator allows you to model the combined principal and new EMI.
Sources & authority: For regulations on personal loan emi calculator, refer to gst.gov.in, mca.gov.in, incometax.gov.in, rbi.org.in, RBI — fair practices for lenders, Income Tax — business-use interest, Section 37 IT Act.
Last reviewed by: FinTax24 Lending Desk · Reviewed on:
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