Personal Loan EMI Calculator estimates monthly EMIs, total repayment amount, and interest based on the loan amount, tenure, and rate.

You do not need to know the complex formulae to calculate your monthly payments. Just enter three key inputs – loan amount, term and interest – and the calculator will automatically do the calculations for you. To increase or decrease any of the variables, just use the sliders. Increasing the interest rate or loan amount will increase your EMI while increasing the tenure will reduce the EMI. Adjust the variables according to your requirements.

To qualify for ₹10 lakh Personal Loan, you must be between 21 and 60 years old, with a minimum earning of ₹25,000.

What is a Personal Loan?
A personal loan is an unsecured loan that individuals can borrow from lenders (Banks & NBFCs) to meet various financial needs without providing any collateral or security. That means you don’t need to mortgage property or assets to get a loan.

Unlike home or car loans, which are typically used for specified purposes only, personal loans can be used freely for various purposes, such as medical emergencies, travel, or large purchases.

Why Are Personal Loans Popular in India?
No collateral required.
Easy online application and disbursal.
Fixed EMIs make it easy to plan monthly budgets.
Customizable repayment tenure.
An increasing number of lenders are simplifying the process.

How Does a Personal Loan Work?
Knowing how personal loans work helps you borrow the right way.

Here’s a simple breakdown:

Application: --You apply for a loan online or at a lender’s branch.
Evaluation: --The lender checks your income, credit score, and documents.
Approval: --If eligible, you’re approved for a specific loan amount.
Disbursal: --Money is directly transferred to your bank account.
Repayment: --You repay the loan through fixed monthly EMIs over the specified loan tenure.
Common Uses of a Personal Loan

Here are some common ways people use personal loans:

Debt Consolidation: Pay off multiple loans or credit card debt by taking a personal loan.
Medical Emergencies: Cover urgent healthcare expenses.
Home Renovation: Redesign or repair your home.
Wedding Expenses: Fund big family occasions without draining savings.
Education: Pay for tuition, courses, or exams.
Travel or Gadgets: Go wherever you want to go, buy what you love when you need it.

DISCLAIMER:
Kindly consider these calculators as guidance only. Investors are required to make their own assessment before taking Loans.