Calculate your personal loan EMI, total interest, and repayment amount. Compare different loan options and choose the best terms.
| Month | EMI | Principal | Interest | Balance |
|---|
A personal loan is an unsecured loan that can be used for various purposes like debt consolidation, home renovation, medical expenses, or any personal financial need. Since it's unsecured, interest rates are typically higher than secured loans.
For a ₹5,00,000 personal loan at 14% interest for 3 years:
Monthly EMI: ₹17,073
Total Interest: ₹1,14,628
Total Payment: ₹6,14,628
Processing Fee (2%): ₹10,000
Factors affecting personal loan interest rates:
Instant Personal Loan: Quick approval, higher interest rates.
Salary-based Loan: Based on salary slips, competitive rates.
Pre-approved Loan: Offered by existing bank, faster processing.
Top-up Loan: Additional loan on existing loan, lower rates.
Personal loans offer flexibility but come with higher interest rates. Compare offers from multiple lenders before deciding.
The EMI is calculated using:
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of months
• SBI: 10.50% - 15.50%
• HDFC: 10.75% - 21.00%
• ICICI: 10.75% - 19.00%
• Axis Bank: 10.49% - 22.00%
• Bajaj Finserv: 13.00% - 30.00%