A personal loan EMI calculator shows your exact monthly repayment for an unsecured loan, no collateral, no reason needed. Whether it's a wedding, medical expense, or debt consolidation, enter the loan amount, interest rate, and tenure to see your EMI, total interest, and total repayment upfront.
Worked Example:
Loan = ₹5,00,000 | Rate = 11.00% p.a. | Tenure = 5 years
r = 11.00 ÷ 12 ÷ 100 = 0.009167
n = 5 × 12 = 60 months
EMI = 5,00,000 × 0.009167 × (1.009167)⁶⁰ ÷ ((1.009167)⁶⁰ − 1)
= ₹10,871 per month
Do I need collateral for a personal loan?
▾
No. Personal loans in India are unsecured, no property, gold, or fixed deposit needs to be pledged. Approval is based on your income, credit score, and existing debt obligations instead, which is also why interest rates run higher than secured loans like home or gold loans.
What are foreclosure charges on a personal loan?
▾
Most banks charge 2%-5% of the outstanding principal as a foreclosure fee if you repay a fixed-rate personal loan early, usually after a minimum lock-in of 12 months. Some digital lenders and NBFCs now offer zero foreclosure charges, check before signing.
How is personal loan eligibility calculated?
▾
Lenders typically look at your net monthly income, existing EMI obligations, employment stability, and CIBIL score. A common rule of thumb: your total EMIs (existing + new) should not exceed 40-50% of your take-home salary.
Why is the personal loan interest rate higher than a home loan?
▾
Personal loans are unsecured, if you default, the lender has no asset to recover the money from. Home and gold loans are secured by collateral, so lenders take on less risk and charge lower rates in return.