Plan your monthly payments for travel, weddings, or any personal need.
Our personal loan EMI calculator simplifies financial planning for you. By entering your desired loan amount, the offered loan interest rate, and the tenure, you get an instant, accurate calculation of your monthly EMI. This helps you understand your monthly financial commitment before you apply for a loan.
The tool also generates a complete loan amortization schedule. This table shows the detailed breakdown of each EMI into its principal and interest components, giving you a transparent view of how your loan is repaid over time.
A personal loan is an unsecured loan, meaning it does not require any collateral or security. It can be used for various purposes like a wedding, home renovation, travel, medical emergencies, or debt consolidation. Banks provide these loans based on your credit history and income.
Your credit score is a crucial factor for personal loan approval and the interest rate offered. A higher credit score (typically 750 and above) indicates a lower risk to the lender, which often results in a lower personal loan interest rate and better loan terms. A poor score can lead to rejection or a very high interest rate.
While criteria vary by lender, common requirements to check loan eligibility include:
Loan foreclosure charges are a penalty that some banks charge if you decide to pay off your entire loan before the end of its tenure. These charges can range from 2% to 5% of the outstanding principal amount. It's important to check this clause before taking a loan, especially if you plan to prepay it.
Common documents include: Proof of Identity (Aadhaar, Passport), Proof of Address, and Proof of Income (latest salary slips, bank statements for the last 3-6 months, and recent Income Tax Returns).