Personal Loan EMI Calculator
Need funds for a wedding, vacation, or medical emergency? Calculate your personal loan EMI instantly and plan your finances with clarity.
Enter Personal Loan Details
Your Loan Summary
Monthly EMI
₹ 0
Total Interest Payable
₹ 0
Total Amount Payable
₹ 0
Personal Loan Amortization Schedule
| Month | Principal (A) | Interest (B) | Total Payment (A + B) | Balance | Loan Paid to Date |
|---|---|---|---|---|---|
| Enter loan details and click "Calculate EMI" to see your amortization schedule. | |||||
Understanding Personal Loan EMIs
A personal loan is an unsecured loan, meaning you don't need to provide any collateral like property or gold. This flexibility makes it a popular choice for immediate financial needs, but it often comes with a higher interest rate compared to secured loans like home loans.
Who is Eligible for a Personal Loan?
Lenders primarily assess your repayment capacity. Key eligibility factors include:
- Stable Income: Salaried individuals and self-employed professionals with a regular income are preferred.
- Credit Score: A CIBIL score of 750 or higher significantly improves your chances of approval and helps you get a lower interest rate.
- Employment History: A stable employment history with a reputable company is a positive indicator for lenders.
Personal Loan FAQs
What is the typical interest rate for a personal loan?
Personal loan interest rates in India typically range from 10.5% to 24% per annum. The final rate depends on your credit score, income, the lender's policies, and your relationship with the bank.
Can I prepay my personal loan? Are there charges?
Yes, you can usually prepay your personal loan after a certain lock-in period (typically one year). However, unlike home loans, lenders often charge a prepayment penalty, which can be between 2% and 5% of the outstanding principal amount. It's important to check the terms and conditions of your loan agreement.
How quickly can I get a personal loan?
The disbursal time for personal loans has become very fast. If you have a good credit history and all your documents are in order, you can get a pre-approved loan from your bank within a few hours. For other customers, the process can take anywhere from 2 to 7 days.