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| Bank | Lowest EMI per lakh | Max Tenure |
|---|---|---|
| SBI Personal Loan | ₹ 1,919 | 72 months |
| HDFC Bank Personal Loan | ₹ 2,162 | 60 months |
| ICICI Bank Personal Loan | ₹ 2,187 | 60 months |
| Bajaj Finserv | ₹ 2,275 | 60 months |
| Citibank | ₹ 2,149 | 60 months |
| IDFC First Bank | ₹ 2,162 | 60 months |
| Axis Bank | ₹ 2,174 | 60 months |
| Tata Capital | ₹ 1,903 | 72 months |
| Fullerton India | ₹ 2,633 | 48 months |
| IndusInd Bank | ₹ 2,174 | 60 months |
| Kotak Bank | ₹ 2,174 | 60 months |
| RBL Bank | ₹ 2,326 | 60 months |
| IIFL | ₹ 2,275 | 60 months |
| HDB Financial | ₹ 2,326 | 60 months |
| Andhra Bank | ₹ 2,202 | 60 months |
| Yes Bank | ₹ 2,174 | 60 months |
| Muthoot | ₹ 2,327 | 60 months |
| Standard Chartered Bank | ₹ 2,174 | 60 months |
| Bank of Baroda | ₹ 2,149 | 60 months |
| Union Bank of India | ₹ 2,174 | 60 months |
| Canara Bank | ₹ 2,683 | 48 months |
| Bank of Maharashtra | ₹ 2,167 | 60 months |
| IDBI Bank | ₹ 2,224 | 60 months |
| Allahabad Bank | ₹ 2,232 | 60 months |
| Federal Bank | ₹ 2,608 | 48 months |
| Karur Vysya Bank | ₹ 3,321 | 36 months |
| Syndicate Bank | ₹ 2,296 | 60 months |
| Corporation Bank | ₹ 3,367 | 36 months |
| PNB | ₹ 2,199 | 60 months |
| Indian Overseas Bank | ₹ 2,199 | 60 months |
| Indian Bank | ₹ 3,276 | 36 months |
A personal loan is an accessible credit facility that many people borrow to fulfill credit requirements. These expenses could range from necessities to luxuries, and from a wedding or medical expenses to vacations. However, just like all borrowing, a personal loan needs to be paid back. A personal loan is paid back through personal loan EMIs, which are equated monthly installments paid every month to get rid of the personal loan.
A Personal loan has many benefits associated with it. However, if not paid back on time, it could become a liability and can even impact one’s credit score. Therefore, it is better to be pre-planned with finances to manage the EMIs. This could be done with personal loan EMI calculators. A personal loan EMI calculator calculates the monthly EMI that needs to be paid on a particular loan amount based on the interest rate and tenor of the loan.
Apart from an online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate loan EMI is given below-
P*r* (1+r)^n/([(1+r)^n]-1)
In the above formula, P is the loan amount that you want to borrow
r is the rate of interest per month
n is the tenure of loan repayment in months
Loan amount – This is the amount that a borrower decides to borrow from the bank in the form of a loan. Higher the personal loan amount, higher will be the EMI.
Rate of interest – This is the interest charged on the borrowed loan amount. Lower the personal loan interest rate, lower the EMI.
Loan Tenure – This is the period for which you take a loan. Longer the personal loan tenure, lower will be the EMI. Longest loan tenure available across banks in India is 5 years, subject to borrower’s current age and retirement age.
The following table provides a comparison of EMI for Rs. 1 lakh loan at different tenures:
| Loan Tenure | 2 years | 3 years | 5 years |
|---|---|---|---|
| EMI amount for loan amount Rs. 1 lakh at 10.50% | ₹ 4,638 | ₹ 3,250 | ₹ 2,149 |
| Total amount you pay back to the bank including principal and interest | ₹ 1.23 Lakh | ₹ 1.36 Lakh | ₹ 1.68 Lakh |
| Interest you have to pay over loan tenure | ₹ 23,034 | ₹ 36,470 | ₹ 67,905 |
At the lowest interest rate of 10.50%, the lowest EMI for a tenure of 5 years is ₹ 2,149 per lakh. You need to pay an interest of ₹ 67,905 on your loan amount of Rs. 1 lakh over 5 years.
If you take a loan for 2 years at the same rate of interest, you will have to pay a higher EMI of ₹ 4,638 and total interest of ₹ 23,034 on your loan amount of Rs. 1 lakh for 2 years, which is much lesser than what you paid for a 5 years loan.
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