Calculate personal loan EMI and interest
A personal loan is an unsecured loan provided based on your creditworthiness, income, and repayment capacity. No collateral is required. You receive a lump sum and repay through fixed EMIs over a chosen tenure, typically 1-5 years.
Key criteria include: age 21-60 years, stable income (minimum ₹15,000-25,000/month for salaried), good credit score (700+), employment history (1-2 years), and low existing debt. Self-employed need 2-3 years of business vintage.
Personal loan interest rates range from 10-24% depending on credit score, income, and lender. Prime borrowers get 10-14%, average profiles 14-18%, and higher-risk borrowers 18-24%. Compare multiple lenders for best rates.
Loan amount depends on income and existing obligations. Generally, lenders offer 10-24x monthly salary. EMI shouldn't exceed 40-50% of net income. With ₹50,000 salary and no existing EMIs, you might get ₹5-8 lakh.
Yes, most lenders allow prepayment after a lock-in period (usually 6-12 months). Prepayment charges range from 2-5% of outstanding principal. Some lenders offer zero prepayment penalty. Always check terms before borrowing.
© 2026 CalculatorZon - Free Online Calculators. Fast, accurate and interactive.