Personal Loan Calculator
Calculate your personal loan EMI, check eligibility, and compare loan offers.
Personal Loan Calculator
About Personal Loan Calculator
A personal loan is an unsecured loan that doesn't require collateral. It can be used for various purposes like debt consolidation, medical expenses, home improvement, or personal emergencies.
Personal Loan Features:
- Unsecured: No collateral required
- Quick Processing: Fast approval and disbursal
- Flexible Use: Can be used for any purpose
- Fixed EMI: Predictable monthly payments
- No Prepayment Penalty: Many banks allow free prepayment
Eligibility Criteria:
- Age: 21-60 years for salaried, 25-65 for self-employed
- Income: Minimum ₹15,000-25,000 per month
- Employment: Stable job for 2+ years
- Credit Score: 700+ for best rates
- Debt-to-Income: Total EMIs should be less than 50% of income
Interest Rate Factors:
- Credit Score: Higher score = Lower rate
- Income Level: Higher income = Better rates
- Employment Type: Salaried usually get better rates
- Loan Amount: Higher amounts may get lower rates
- Relationship with Bank: Existing customers get discounts
Important: Personal loans have higher interest rates compared to secured loans.
Borrow only what you need and ensure you can comfortably afford the EMI.
Interest Rate Comparison
| Bank | Rate |
|---|---|
| SBI | 10.75% |
| HDFC | 10.85% |
| ICICI | 10.99% |
| Axis Bank | 11.25% |
| Kotak | 11.99% |
Quick Calculate
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Personal Loan Tips
- Maintain credit score above 750
- Compare rates from multiple lenders
- Read all terms and conditions
- Avoid borrowing for luxuries
- Keep EMI below 30% of income
- Consider prepayment options