This calculator provides estimates based on the information you provide. The actual loan terms, interest rates, and fees may vary based on your credit score, income, employment history, and the lender's policies. Please consult with your bank or financial institution for exact loan terms and conditions.
EMI Calculation Formula
The EMI (Equated Monthly Installment) is calculated using the following formula:
Use the slider or type the amount you want to borrow (₹5,000 to ₹50,00,000)
2
Set Interest Rate
Enter the annual interest rate offered by your lender (typically 10% to 25%)
3
Choose Loan Tenure
Select the repayment period in years or months (1 to 10 years)
4
Add Processing Fee
Include any upfront processing fees (usually 1% to 3% of loan amount)
Sample Calculation Example
Let's calculate EMI for a ₹5,00,000 personal loan:
Loan Amount:₹5,00,000
Interest Rate:12% per annum
Loan Tenure:3 years (36 months)
Processing Fee:1.5% (₹7,500)
Monthly EMI:₹16,607
Total Interest:₹97,852
Total Payment:₹6,05,352
Frequently Asked Questions (FAQs) for Personal Loan
A personal loan is an unsecured loan that you can use for any personal purpose like medical expenses, home renovation, education, wedding, or debt consolidation. Unlike home or car loans, personal loans don't require any collateral and are based on your creditworthiness.
Eligibility criteria typically include: Age between 21-58 years, minimum monthly income of ₹25,000, stable employment (at least 2 years), good credit score (750+), and no existing loan defaults. Requirements may vary between lenders.
Common documents include: Identity proof (Aadhaar/PAN), address proof, income proof (salary slips/bank statements), employment proof, and photographs. Self-employed individuals may need additional business documents.
Personal loan interest rates in India typically range from 10.49% to 24% per annum, depending on your credit score, income, employment type, and the lender. Banks usually offer lower rates than NBFCs.
Loan amounts usually range from ₹50,000 to ₹40,00,000, depending on your income, credit score, and repayment capacity. Most lenders offer up to 24 times your monthly income, subject to a maximum limit.
Processing fees typically range from 0.5% to 3% of the loan amount, with a minimum of ₹500 to ₹1,000. Some lenders also charge documentation fees, stamp duty, and other administrative charges.
Yes, most lenders allow prepayment after 6-12 months of loan disbursement. However, prepayment charges of 2-5% may apply. Some lenders offer free prepayment after a certain period or for specific amounts.
Missing EMI payments can result in late payment charges (₹200-₹500), negative impact on your credit score, and potential legal action. It's important to contact your lender immediately if you face financial difficulties.
Timely EMI payments improve your credit score, while missed payments can significantly damage it. Multiple loan applications within a short period can also negatively impact your credit score due to hard inquiries.
While it's challenging, some lenders offer personal loans to individuals with lower credit scores (600-700), but usually at higher interest rates. Improving your credit score before applying can help you get better terms.
Unsecured personal loans (most common) don't require collateral and are based on creditworthiness. Secured personal loans require collateral (like property or investments) and typically offer lower interest rates.
Online applications can be approved within 24-48 hours, while traditional bank applications may take 3-7 working days. The actual disbursement usually happens within 1-3 days after approval.