What is a personal loan?
A personal loan is an unsecured loan for any purpose, given on the basis of your income and credit score. Rates are higher than home or car loans, and lenders deduct a processing fee from the amount.
Ready answers
How to use this calculator
- Enter the loan amount and the interest rate the lender quoted.
- Enter the tenure in months.
- Enter the processing fee %; GST of 18% is added on it.
Read more: What is EMI?. New to these words? See the money glossary.
Common questions
What is a normal personal loan interest rate?
Banks and lenders usually charge about 10% to 24% a year, depending on your income and credit score.
Can I close a personal loan early?
Usually yes, but many lenders charge a foreclosure fee. Check your loan agreement.
Personal loan ki EMI kitni hogi?
Example: ₹5 lakh 12% par 3 saal ke liye lagbhag ₹16,607 mahina. Processing fee aur GST alag se katte hain.