Personal Loan EMI Calculation
Personal loans are unsecured loans with higher interest rates than home or car loans. They require no collateral. Use this calculator to plan your budget before applying.
Personal Loan Interest Rates in India (2025)
- SBI Personal Loan: 11.15–14.3%
- HDFC Personal Loan: 10.5–24%
- ICICI Personal Loan: 10.65–16%
- Bajaj Finserv: 11–35%
- Digital lenders (Navi, KreditBee): 15–36%
Personal Loan EMI Examples (12% Interest)
- ₹1 lakh for 2 years → ₹4,707/month
- ₹3 lakh for 3 years → ₹9,964/month
- ₹5 lakh for 5 years → ₹11,122/month
- ₹10 lakh for 5 years → ₹22,244/month
When to Take a Personal Loan
- Medical emergencies when other funds unavailable
- Home renovation (if home loan not applicable)
- Wedding expenses with planned repayment
- Debt consolidation at a lower rate than existing debt
Frequently Asked Questions
What is the minimum salary for a personal loan?
Most banks require a minimum monthly income of ₹15,000–25,000. Some digital lenders have lower thresholds. Salaried employees typically qualify more easily.
How quickly is a personal loan approved?
Digital lenders can approve in minutes. Banks typically take 1–7 working days. Pre-approved customers may get instant disbursal.
Can I get a personal loan with a low CIBIL score?
Loans are available for CIBIL scores below 650, but at much higher interest rates (20–36%). Scores above 750 get the best rates.
Is personal loan interest tax deductible?
Personal loan interest is generally not tax deductible in India unless used for business purposes or home renovation (Section 24).