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Personal Loan Calculator
Plan your personal loan EMI with confidence.
Enter values to see your result
Frequently asked questions
How is personal loan EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly rate (annual rate ÷ 12 ÷ 100), n is tenure in months.
What rates do personal loans typically carry?
Indian banks offer 10.5%–24% p.a. for personal loans. Your rate depends on credit score, employer, and income.
Can I prepay my personal loan?
Most banks allow prepayment after 6–12 months. Foreclosure charges are typically 2–5% of outstanding principal.
Is a personal loan better than a credit card?
For amounts above ₹50,000 and repayment over 6 months, personal loans usually have significantly lower interest than credit card revolving debt.