Personal Loan Calculator India
Calculate personal loan EMI, eligibility, and compare rates
Personal Loan Calculator India
Calculate personal loan EMI, eligibility, and total cost. Compare rates, check affordability, and plan prepayments with our comprehensive calculator.
Personal Loan Details
Typical range: ₹25,000 to ₹50 lakhs
Current personal loan rates: 10.5% - 24%
5 years (max 7 years)
Typically 1% - 3% of loan amount
Eligibility Assessment
Take-home salary after deductions
Other loan EMIs per month
Higher score = lower interest rates
Loan EMI & Cost Breakdown
Monthly EMI
For 5 years
Total Payment
Principal + Interest
Total Interest
Interest over loan tenure
Processing Fee
2% of loan amount
Eligibility Analysis
Prepayment Impact
Related Calculators
How to Use
- 1Enter your values in the input fields
- 2Review the calculated results
- 3Use the results for your planning
Frequently Asked Questions
How is personal loan EMI calculated in India?
Personal loan EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is principal, R is monthly interest rate, and N is tenure in months. Unlike home loans, personal loans have fixed EMIs throughout the tenure.
What is FOIR and how does it affect personal loan approval?
FOIR (Fixed Obligation to Income Ratio) is the percentage of monthly income used for EMI payments. Lenders prefer FOIR below 50% for salaried and 40% for self-employed individuals. Higher FOIR reduces loan approval chances.
What factors affect personal loan interest rates?
Key factors include: credit score (750+ gets best rates), monthly income, employment type, existing relationship with lender, loan amount, and tenure. Salaried employees typically get better rates than self-employed.
Can I prepay my personal loan and save interest?
Yes, most lenders allow part or full prepayment of personal loans. Prepayment reduces the outstanding principal, saving significant interest. Some lenders charge prepayment penalties, so check terms before prepaying.
What is the maximum personal loan amount I can get?
Personal loan amount depends on your income, credit score, and lender policy. Typically 10-20 times your monthly salary. Maximum limits range from ₹25 lakhs to ₹50 lakhs for high-income borrowers with excellent credit scores.