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Personal Loan Calculator Rates Comparison India

Personal Loan EMI Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

INR
months

Enter loan details to compare rates

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1. What is Personal Loan EMI?

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.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

3. Current Bank Rates in India

Comparison: As of current data, major Indian banks offer personal loans at these rates:

Note: Rates may vary based on credit score and other factors.

4. Using the Calculator

Steps: Enter the loan amount in INR and select the repayment period in months. The calculator will show EMI comparisons across major banks.

5. Frequently Asked Questions (FAQ)

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%).

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