Personal Loan EMI Calculator
See your monthly EMI, total interest paid, and payment breakdown for any personal loan.
Use Personal Loans Wisely
Personal loans are for emergencies, consolidating high-rate debt, or planned lumpsum expenses — not lifestyle purchases. Rates are 10–24%, so total interest adds up fast. Always use the shortest tenure you can afford.
Before You Borrow
- Check your CIBIL score — above 750 unlocks the lowest rates.
- Compare APR, not just rate — include processing fee (1–3%) and insurance.
- Don't stack loans — your total EMI should stay under 50% of income.
- Consider a top-up on your home loan — usually 2–4% cheaper than a personal loan.
Frequently Asked Questions
Personal loan interest rates?
10.5–24% p.a. in India. Rates depend heavily on credit score, employer, and lender type. Banks: 10.5–16%. NBFCs & fintech: 12–24%.
How is it different from a home/car loan?
Personal loans are unsecured — no collateral. That's why rates are higher. Tenure is shorter (1–5 years) and approvals are faster (often 24–48 hours).
What's a typical personal loan tenure?
12–60 months. Shorter tenures mean higher EMI but much lower total interest — a 3-year loan costs far less than a 5-year one.
Should I use a personal loan for investing?
No. Personal loan rates (~14%) exceed long-term equity returns (~12%). You'd almost certainly lose money on a leveraged bet.
Prepayment charges?
Most lenders charge 2–5% on prepayment in the first year. After that, many waive it. Read the schedule before signing.