Personal Loan EMI + True APR
Last updated: September 2026.
Monthly EMI
₹16,369
× 36 months · interest ₹89,297
True APR
13.42%
vs advertised 11.0%
Upfront + total cost
₹1,01,097
Fee ₹10,000 + GST ₹1,800 · in hand ₹4,88,200
Partial prepayment
You can pay a lump sum over your EMIs. On floating-rate loans sanctioned or renewed on or after 1 Jan 2026 there is no lock-in and no charge; on fixed-rate or older loans your lender may set a lock-in (often 6–12 months), a minimum amount (often 1–2 EMIs) and 1–5% charges — all must be written in your KFS.
Pays off in 33 months · saves ₹14,274 interest
This table provides a year-by-year breakdown of your loan amortization schedule over the loan tenure.
How to use this calculator
- Enter loan amount, rate, tenure and processing fee % — or tap any number box and type.
- Card 1 shows EMI. Card 2 shows the true yearly rate (APR) including fee + GST.
- Compare total cost below — advertised rate vs true APR.
What is this tool?
A personal loan gives you cash without collateral, but the advertised rate hides processing fees and GST. This calculator shows your EMI plus the true yearly cost (APR) so you can compare offers fairly. Use it before signing any personal loan.
What banks don't tell you (personal loans)
The advertised rate isn't lying, but it isn't the full story. A 2% processing fee plus 18% GST turns an 11% loan into roughly 11.6% APR — worse on short tenures.
Ask for the Key Fact Statement — it carries the APR, every fee and the prepayment terms. Not in the KFS means no promise.
No prepayment penalty on floating-rate personal loans since January 2026. For fixed-rate loans, get the terms in writing first.
Read the full Real Loan & EMI Guide →
This tool gives an estimate for guidance only. It is not financial advice. Confirm rates with your bank or RBI before deciding.
Common personal-loan questions
What is APR?
APR is the true yearly cost of the loan including fees and GST. Always compare two loans by APR, never by advertised rate.
Why GST on the processing fee?
The processing fee is a service, so 18% GST applies. It is usually deducted from your disbursal — you receive less in hand.
Can I prepay a personal loan early?
Floating-rate loans: yes, since January 2026 with no penalty and no lock-in. Fixed-rate loans: check the sanction letter terms.
Worked example: ₹5 lakh at 12% for 3 years with a 2% fee
- EMI at 12% for 36 months = ₹16,607; total paid ₹5,97,852; interest ₹97,852.
- Processing fee 2% = ₹10,000 + 18% GST (₹1,800) = ₹11,800, usually cut from the amount disbursed.
- You receive ₹4,88,200 but repay ₹5,97,852 — the true cost (APR) is about 13.3%, not 12%.
- Paying off ₹1 lakh early in month 12 (with a 2–4% foreclosure fee) can still save over ₹15,000 of interest.
How the Personal loan calculator works: the rules
- Personal loans are unsecured, so rates depend on your credit score, income and employer.
- RBI's Key Fact Statement must show the APR including fees — always ask for it.
- Fixed-rate personal loans can carry part-prepayment or foreclosure charges; read the sanction letter.
Personal loan calculator: frequently asked questions
What credit score do I need for a personal loan?
Most banks prefer a CIBIL score of 750 or above. Lower scores can still get loans, but usually at higher rates.
Is the processing fee refundable?
No. It is usually deducted from the loan amount and GST at 18% is added on top.
Can I prepay a personal loan?
Yes, but many lenders allow it only after 6–12 EMIs and charge 2–5% on the prepaid amount for fixed-rate loans.
How much personal loan can I get on my salary?
Lenders usually keep all EMIs within 40–50% of your net monthly income. On ₹50,000 net pay with no other loans, an EMI of about ₹20,000–₹25,000 is typical.
What is an instant loan app's real cost?
Small instant loans often have high fees and short tenures. Check the APR in the KFS and confirm the lender is RBI-registered or partnered with a regulated entity.
Does a personal loan affect my credit score?
Applying creates a hard enquiry, and on-time EMIs improve your score. Missed EMIs are reported to credit bureaus and hurt it.
Official sources: RBI — Digital lending and KFS rules· Last reviewed 2026-10-30. Results are estimates — confirm final figures with your lender, insurer or tax adviser.