Personal Loan EMI Calculator
Estimate your personal loan EMI quickly. Compare scenarios and plan your finances better before applying for an unsecured loan in India.
Plan Your Unsecured Loan Smartly
A personal loanis an unsecured loan provided by banks and NBFCs in India to help you meet immediate financial needs—whether it's for a medical emergency, wedding expenses, or debt consolidation. Because it's unsecured, the interest rates are typically higher than home or car loans. Our Personal Loan EMI Calculator helps you figure out exactly how much you'll need to pay back every month.
Key Things to Know About Personal Loans
- Interest Rates
Personal loan interest rates in India generally range from 10.50% to 24% per annum, depending on your credit score and employer.
- Shorter Tenures
Unlike home loans, personal loans usually have a maximum tenure of 5 to 7 years. Shorter tenures mean higher EMIs but less total interest paid.
- Processing Fees
Banks typically charge a processing fee of 1% to 2.5% of the loan amount, which is deducted upfront.
- Prepayment Charges
Many banks charge a penalty (up to 4-5%) if you decide to pay off your personal loan before the tenure ends. Always check this clause.
Using the Comparison Feature
Since personal loan rates vary wildly between lenders, we highly recommend using our "Compare Scenarios" feature. For example, a ₹5 Lakh loan for 3 years at 11% vs 14% can make a difference of thousands of rupees in total interest. Plug in the offers you get from different banks to see which one is truly cheaper.