Personal Loan EMI Calculator

At 14% interest rate, the EMI for a ₹3 lakh personal loan for 3 years is approximately ₹10,251 per month. Total interest paid is around ₹69,036. For ₹5 lakh at 12% for 5 years, EMI is ₹11,122 (total interest: ₹1.67 lakh). Use the calculator above to check your exact numbers.

Minimum net monthly salary: ₹15,000–₹20,000 for most private banks. SBI requires ₹15,000. HDFC, ICICI, Axis Bank typically require ₹25,000+. For higher loan amounts (₹5 lakh+), most banks need ₹30,000+ net monthly income. Self-employed individuals need annual net profit of ₹2 lakh+.

Difficult for salaried employees — salary slip is usually mandatory. Alternatives: Form 16, bank statement showing salary credits for 6 months, employer certificate with letter head. For self-employed: ITR (last 2 years), bank statements (6–12 months), profit & loss statement, and GST returns can substitute. Some digital lenders (PaySense, MoneyView, KreditBee) offer loans based on alternative data without strict documentation.

Most banks offer up to ₹40–50 lakh for top-tier customers. Typical limits: Salaried (salary ₹25K–₹50K) → ₹5–15 lakh. Salaried (₹1 lakh+/month) → up to ₹40 lakh. Self-employed → ₹50 lakh (depends on ITR). The actual amount is 10–20× your net monthly salary. Your CIBIL score and existing EMI obligations also determine the final amount.

FOIR (Fixed Obligation to Income Ratio) is the percentage of your income already committed to existing EMIs. Banks want your total EMIs (including the new personal loan) to stay below 40–55% of net monthly income. Example: You earn ₹60,000/month, pay ₹15,000 as home loan EMI. FOIR used = 25%. Banks will approve a personal loan where new EMI doesn't exceed ₹15,000–21,000 more.

5 ways to get a lower rate: (1) Maintain CIBIL score 750+ — can lower your rate by 2–4%; (2) Apply to your salary account bank — they usually give 0.5–1% lower rates for existing customers; (3) Apply during festive season (Oct–Nov) when banks run special offers; (4) Offer collateral (gold, FD) for a secured personal loan at 9–11% vs 14–24% unsecured; (5) Use a loan aggregator (PaisaBazaar, BankBazaar) to compare 10+ lenders simultaneously.

Yes. Processing fee: 1–3% of loan amount + 18% GST on the fee. Example: ₹5 lakh loan at 2% = ₹10,000 + GST = ₹11,800 deducted upfront. Some banks waive it for premium customers or during festive offers. Always check the effective APR (Annual Percentage Rate) which includes processing fee — sometimes a 'low interest rate' offer has high fees making it costlier overall.

Yes, you can foreclose (fully prepay) a personal loan. Penalty: Most banks charge 2–5% of outstanding principal as foreclosure charge. Some banks (like HDFC, Kotak) allow zero prepayment after 12 months. RBI rules: Banks cannot charge prepayment penalties on floating-rate loans. Personal loans are typically fixed-rate, so prepayment penalty applies. Always calculate savings vs penalty before prepaying.

Yes, in both ways: Negatively — (1) Each application creates a hard inquiry (-5 to -10 points); (2) Taking a large unsecured loan increases credit utilisation. Positively — (1) Paying all EMIs on time every month gradually builds your score; (2) Closing the loan successfully boosts your score. Net effect: A personal loan repaid on time for 1+ years typically improves your CIBIL score by 20–40 points.

Yes, but stricter requirements. Banks want: ITR for last 2–3 years, business vintage of 2+ years, stable or growing income (not declining profit year-over-year), GST registration and returns, bank statements showing regular business turnover. NBFCs like Bajaj Finance, Fullerton India, and Capital First are more flexible with self-employed applicants. Expect 1–3% higher interest rate than salaried individuals.

Timeline: Miss 1 EMI → Late payment fee + CIBIL score drops 50–100 points. Miss 3 EMIs (90 days) → Account becomes NPA, recovery agents involved. Miss 6 EMIs → Bank may sue you in civil court. Since personal loans are unsecured (no collateral), banks cannot seize property without a court order. However, persistent default destroys your CIBIL score for 7 years, blocking all future loan access. If struggling: Contact bank proactively — most offer EMI moratoriums or loan restructuring.

Personal loan: Lump sum disbursed upfront, fixed EMI over 12–60 months, 10–24% interest, best for large planned expenses (₹1 lakh+). Credit card EMI: Converts existing purchase to EMIs, 12–30% effective interest (even '0% EMI' has processing fee of 1–3%), best for purchases already made on card. Personal loan is almost always cheaper for amounts over ₹1 lakh. Credit card EMI is convenient for smaller purchases where you don't want a new loan.

Yes, there's no legal restriction on having multiple personal loans. However: (1) Each loan creates a hard inquiry hurting your CIBIL; (2) Combined EMIs must stay within FOIR limits (40–55% of income); (3) Second loan is harder to get if first loan is recent (< 6 months old); (4) Interest rate on second loan may be higher. Most banks check your total outstanding loans before approving a new one.