💳 Personal Loan EMI Calculator
Calculate your monthly EMI, total interest, and amortization schedule instantly
| Year | Principal Paid | Interest Paid | Balance |
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💡 Why Use Our Calculators?
❓ Frequently Asked Questions About Personal Loans
Get answers to the most common personal loan questions from eligibility to approval
❓ What is the minimum and maximum personal loan amount?
Most banks offer personal loans ranging from ₹50,000 to ₹40 lakhs. The actual amount depends on your income, credit score, and repayment capacity.
Generally, banks approve loans up to 10-15 times your monthly salary. For example, with ₹50,000 salary, you can get ₹5-7.5 lakhs.
❓ What credit score is required for approval?
A credit score of 750+ is ideal for instant approval with lowest rates:
- 750-900: Best rates (10-12%), instant approval
- 700-749: Good rates (12-15%)
- Below 650: High rates (20%+) or rejection
❓ How is personal loan EMI calculated?
Formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where P = Principal, R = Monthly interest rate, N = Tenure in months. Our calculator does this instantly!
❓ Can I prepay without penalties?
Yes! As per RBI guidelines, banks cannot charge prepayment penalties on floating rate personal loans.
However, fixed-rate loans may have 2-5% prepayment charges. Always check your loan agreement.
❓ What documents are required?
For Salaried: KYC documents, last 3 months salary slips, last 6 months bank statements, employment proof.
For Self-Employed: Add ITR of last 2 years, business proof, GST registration.
❓ How long does approval take?
- Instant Digital: 5 min – 2 hours
- Online: 24-48 hours
- Traditional: 3-7 days
❓ What is the ideal loan tenure?
2-3 years offers the best balance. For ₹5L at 12%: 2 years = ₹65K interest | 5 years = ₹1.67L interest. Shorter tenure saves significantly!
❓ Can I get a loan with low salary?
Yes! Minimum required is ₹15,000-₹25,000/month. With ₹20,000 salary, you can get ₹1-2 lakhs. Higher salary qualifies for larger amounts.
❓ What if I miss an EMI payment?
Consequences:
- Late payment penalty ₹500-1,500
- Credit score drops 50-100 points
- After 90 days: Becomes NPA, legal action
❓ Can I transfer my loan for lower interest?
Yes! Balance transfer lets you shift to lower rates. On ₹5L at 15% to 11%, save ₹32,000+ in interest. Consider processing fees (1-2%) before transferring.
🚫 Common Personal Loan Mistakes to Avoid
Avoid these costly mistakes that trap you in expensive debt
Not Checking Credit Score
Applying without knowing your score leads to rejections. Each rejection drops score by 10-20 points! Check free before applying.
Not Comparing Lenders
Rates vary 3-8% between banks! On ₹5L, 2% difference = ₹30,000 extra. Compare at least 3-4 banks.
Choosing Maximum Tenure
₹5L at 12% for 5 years = ₹1.67L interest vs 2 years = ₹65K. You pay 2.5X more! Choose shortest affordable tenure.
Ignoring Hidden Charges
Processing (1-3%), GST (18%), documentation add ₹15,000-50,000! Calculate total cost, not just EMI.
Borrowing More Than Needed
Banks approve ₹10L but need ₹5L? Each extra lakh costs ₹20K in interest over 3 years. Borrow only what needed!
Providing False Information
Banks verify everything through ITR, salary slips. False info leads to rejection and potential legal action.
💰 Personal Loan Interest Rates 2025
Compare current rates from top banks and NBFCs
💡 Smart Tips to Get Best Personal Loan
Expert strategies to save thousands on your loan
Boost Credit Score
Improve from 700 to 750+ before applying. Pay bills on time, maintain utilization below 30%.
Apply to Salary Bank
Banks offer 0.5-2% lower rates to existing salary account holders. Faster approval too!
Shortest Tenure
2-3 years is optimal. ₹5L at 12%: 2yr = ₹65K interest | 5yr = ₹1.67L. Save ₹1.02L!
Festival Offers
Apply during Diwali, New Year for 1-2% lower rates, zero processing fees, cashback.
Prepay in Year 1
Maximum interest in initial EMIs. Prepaying ₹50K in year 1 saves ₹15-20K interest.
Negotiate Fees
Processing fees 1-3%. Negotiate for 50% waiver. On ₹5L, save ₹10,000-15,000!
✅ Personal Loan Eligibility Criteria
Check if you meet the basic requirements for approval
For Salaried
- ✓ Age: 21-60 years
- ✓ Min Income: ₹15,000-25,000
- ✓ Experience: Min 1-2 years
- ✓ Current Job: Min 6 months
- ✓ Credit Score: 750+ preferred
For Self-Employed
- ✓ Age: 25-65 years
- ✓ Business: Min 3 years
- ✓ Income: ₹3-5 lakhs+
- ✓ ITR: Last 2 years
- ✓ Business Proof: GST
💰 Loan Amount by Salary
| Monthly Salary | Eligible Amount | EMI @ 12% (3yr) |
|---|---|---|
| ₹20,000 | ₹1-2 lakhs | ₹3,321 – ₹6,643 |
| ₹30,000 | ₹2-3.5 lakhs | ₹6,643 – ₹11,625 |
| ₹50,000 | ₹5-7.5 lakhs | ₹16,607 – ₹24,911 |
| ₹1,00,000 | ₹10-15 lakhs | ₹33,214 – ₹49,822 |
| ₹1,50,000+ | ₹15-40 lakhs | ₹49,822 – ₹1,32,858 |
⏳ How Tenure Affects Total Cost
Different tenures impact EMI and total interest dramatically
Example: ₹5 Lakh at 12% Interest
💡 Key Insight
5 years vs 2 years reduces EMI by ₹12,414 but costs extra ₹1,02,456 in interest! Always choose shortest affordable tenure. Sweet spot: 2-3 years.
🎯 Calculate Your Personal Loan EMI Now
Get instant results, compare rates, and make smart borrowing decisions. Calculate now and save thousands!
