Compute monthly EMI, total interest, and repayment amount for unsecured personal loans.
Result
Based on reducing balance amortization. Upfront processing fees (typically 1-3% plus GST) are separate.
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EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1]
₹3,00,000 personal loan at 13.5% interest for 3 years.
Monthly EMI: ₹10,181 | Total interest: ₹66,511 | Total repayment: ₹3,66,511.
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Open calculatorPersonal loans are unsecured credit facilities requiring zero collateral or security. Because lenders shoulder higher credit risk, interest rates generally range from 10.5% to 24% depending on credit score and employer profile.
Most Indian banks allow prepayment after an initial lock-in window (typically 6 to 12 months). Some lenders may levy a foreclosure fee of 2% to 4% on the outstanding balance.
A healthy CIBIL credit score of 750 or higher allows you to negotiate lower interest rates from banks, directly shrinking your monthly EMI and overall borrowing costs.
Personal loans provide fast, flexible liquidity for medical emergencies, home renovation, or debt consolidation without pledging assets. Because interest rates are higher than secured loans, keeping the tenure under 3 years helps contain cumulative interest.
Lenders evaluate your Debt-to-Income (DTI) ratio and stable salary record when approving personal loan applications.