Personal Loan EMI Calculator
Calculate EMSs for Personal Loans. Quick and easy tool to plan repayment for medical emergencies, travel, or weddings.
Loan Details
EMI Breakdown
Monthly EMI
₹0
When to take a Personal Loan?
Personal loans are great for quick liquidity but come at a high cost.
Smart Use Cases:
- Debt Consolidation: If you have Credit Card dues charging 36-40%, a Personal Loan at 12-14% saves money.
- Medical Emergency: When insurance falls short and cash is needed instantly.
- Home Renovation: Increases asset value.
Caution Areas:
- Investing: Never take a loan to invest in stocks/crypto.
- Luxury Spending: Avoid financing vacations or luxury gadgets if it strains your monthly budget.
Eligibility Factors
- Age: 21 to 60 years.
- Income: Minimum ₹15,000 - ₹25,000 per month.
- Employment: Stability of at least 2 years, with 1 year in current organization.
Frequently Asked Questions
Are Personal Loans interest rates high?
Personal loans are unsecured loans, so they typically have higher interest rates (10% - 24% p.a.) compared to secured loans like home or car loans.
Can I use a personal loan for any purpose?
Yes, there is no restriction on end-usage. You can use it for weddings, travel, medical emergencies, home renovation, or debt consolidation.
Do I need collateral (security)?
No. Personal loans are unsecured, meaning you do not need to pledge assets like gold or property. Is is purely based on your income and creditworthiness.
How much Personal Loan can I get?
Banks generally lend up to 10-20 times your monthly net salary, provided your EMI obligations are within 50% of your income.
What is the minimum credit score required?
A CIBIL score of 750+ is ideal for quick approval and low rates. Scores between 650-700 may get loans but at higher interest rates.
What documents are required?
Standard documents include ID Proof (PAN/Aadhaar), Address Proof, last 3 months' Salary Slips, and last 3-6 months' Bank Statements.
Does Personal Loan transfer work?
Yes, you can balance transfer your personal loan to another bank if they offer a significantly lower interest rate.
Can I prepay my Personal Loan?
Yes, but most banks have a lock-in period (e.g., 6 months or 1 year) before you can prepay. Foreclosure charges of 2-5% may apply.
How fast is the disbursement?
With digital KYC and good credit history, many banks now offer instant disbursals (within minutes or hours). Standard process takes 2-3 days.
What is 'Flat Rate' vs 'Reducing Balance'?
Always choose 'Reducing Balance'. In Flat Rate, interest is calculated on the full principal throughout the tenure (making it very expensive). In Reducing Balance, interest is charged only on the remaining amount.