Personal Loan EMI Calculator
Calculate monthly EMI for personal loans. Compare rates across banks and understand total interest cost before borrowing.
Personal Loan Rates by CIBIL Score (2026)
Personal loans are unsecured - no collateral required. This makes them faster to disburse (often within 24 hours) but also more expensive than secured loans. Your CIBIL score is the single most important factor in determining your interest rate.
| CIBIL Score | Typical Rate | Likely Lenders |
|---|---|---|
| 750 and above | 10.5% – 12% | All major banks (SBI, HDFC, ICICI, Axis) |
| 700 – 749 | 13% – 16% | Most banks; some NBFCs |
| 650 – 699 | 16% – 22% | NBFCs, digital lenders (Bajaj, MoneyView) |
| Below 650 | 24% – 36% | High-risk lenders only - avoid if possible |
When Does a Personal Loan Make Sense?
Good Use Cases ✓
- Medical emergency - faster than insurance reimbursement
- Consolidating credit card debt at 24–42% into a 12% loan
- Home renovation that increases property value
- Wedding expenses when no liquid savings remain
- Bridge loan while waiting for a fixed deposit to mature
Avoid If Possible ✗
- Buying depreciating assets - use asset-specific loans at lower rates
- Investing in stocks or crypto - EMI obligation + market risk is dangerous
- Vacation or lifestyle spending - save first, spend later
- Stacking loans when existing EMIs already exceed 40% of income
Personal Loan vs Credit Card: Cost Comparison
For a ₹50,000 expense repaid over 12 months - the difference in total cost is stark:
| Factor | Personal Loan (12% p.a.) | Credit Card Revolving (42% p.a.) |
|---|---|---|
| Monthly Payment | ₹4,442 (fixed EMI) | ₹5,000+ (minimum barely covers interest) |
| Total Interest (12 months) | ₹3,304 | ₹21,000+ |
| Discipline Required | EMI auto-debited | Manual payment - easy to miss |
| Credit Score Impact | Positive (on-time EMIs) | Negative if revolving balance grows |
Hidden costs to check: Processing fee (1–3% of loan amount), GST on fees (18%), prepayment charge (2–5% for fixed-rate loans), and any insurance add-ons the bank bundles - always ask for these to be itemised before signing.