Personal Loan Calculator
Calculate your personal loan EMI, total interest, and repayment amount
Loan Details
₹
Amount you want to borrow
Typical range: 10.5% to 24%
Repayment period (1-7 years typically)
Loan Summary
Enter your loan details and click calculate to see the EMI
Personal Loan Guide
What is a Personal Loan?
A personal loan is an unsecured loan that can be used for any purpose - medical expenses, home renovation, wedding, vacation, or debt consolidation. No collateral is required, but interest rates are typically higher than secured loans.
Typical Uses:
- • Medical emergencies
- • Wedding expenses
- • Home renovation
- • Debt consolidation
- • Travel and vacation
- • Education expenses
Eligibility Criteria:
- • Age: 21-60 years
- • Minimum salary: ₹15,000-₹25,000
- • Work experience: 1-2 years
- • Good credit score (750+)
- • Indian resident
- • Income proof and bank statements
Interest Rates in India:
- • SBI: 10.50% - 15.50%
- • HDFC Bank: 10.50% - 21.00%
- • ICICI Bank: 10.50% - 19.00%
- • Kotak Bank: 10.99% - 24.00%
- • Bajaj Finserv: 13.00% - 30.00%
✅ Advantages
- • No collateral required
- • Quick approval (24-48 hours)
- • Flexible usage
- • Fixed interest rates
- • Predictable EMIs
❌ Disadvantages
- • Higher interest rates
- • Processing fees
- • Prepayment charges
- • Impact on credit score if defaulted
- • Limited loan amount
💡 Tips
- • Compare rates from multiple banks
- • Check your credit score first
- • Read terms and conditions
- • Consider prepayment options
- • Avoid multiple loan applications