Personal Loan EMI Formula:
Enter loan details to compare rates
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EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month.
The calculator uses the standard EMI formula:
Where:
Comparison: As of current data, major Indian banks offer personal loans at these rates:
Steps: Enter the loan amount in INR and select the repayment period in months. The calculator will show EMI comparisons across major banks.
Q1: What factors affect personal loan interest rates?
A: Credit score, income, employment history, loan amount, and relationship with the bank.
Q2: How can I get the lowest interest rate?
A: Maintain a high credit score (750+), show stable income, and compare offers from multiple banks.
Q3: Are there any hidden charges?
A: Watch for processing fees (0.5-2.5%), prepayment penalties, and late payment fees.
Q4: What's the typical loan tenure?
A: Most banks offer 1-5 years (12-60 months) for personal loans.
Q5: Can I prepay my personal loan?
A: Most banks allow prepayment after 6-12 months, sometimes with a prepayment penalty (1-3%).