1. What is Paisabazaar Personal Loan?

Paisabazaar is a leading loan marketplace in India that partners with banks like HDFC, ICICI, and Axis to offer personal loans with competitive interest rates starting at 10.50% p.a. for eligible customers.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment

Explanation: This formula calculates the fixed monthly payment (EMI) required to repay a loan over a specified term, including both principal and interest components.

3. Current Interest Rates

Details: As of 2023, Paisabazaar offers personal loans starting at 10.50% p.a. for HDFC Bank customers. Rates vary based on credit score, income, employment type, and other factors.

4. Using the Calculator

Tips: Enter loan amount (minimum ₹10,000), interest rate (10.50% to 24%), and loan term (1-5 years). The calculator will show EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount?
A: Most lenders offer personal loans starting from ₹10,000 through Paisabazaar platform.

Q2: What is the maximum loan tenure?
A: Typically up to 5 years (60 months) for personal loans.

Q3: Are there any prepayment charges?
A: Many lenders allow prepayment after 6-12 months with nominal charges (0-5% of outstanding amount).

Q4: What documents are required?
A: Typically KYC documents, income proof (salary slips/bank statements), and address proof.

Q5: How is interest calculated?
A: Interest is calculated on reducing balance method, meaning you pay interest only on outstanding principal.