Calculate EMI, total interest, processing fees, prepayment savings & check eligibility
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Our Personal Loan Calculator helps you estimate EMI, total interest, and processing fees for personal loans from Indian banks. It also checks your eligibility based on income and existing EMIs.
Personal loans in India typically charge 10-16% interest with processing fees of 0.5-3%. Always compare the effective interest rate which includes processing fees. Prepayment charges (usually 2-5%) apply if you close the loan early.
What is the maximum personal loan amount I can get?
Most banks offer personal loans up to 10-15 times your monthly net salary, subject to a maximum of ₹20-40 lakhs. Your existing EMIs should not exceed 50% of your monthly income (FOIR ratio).
How is personal loan EMI calculated?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is loan amount, R is monthly interest rate, and N is tenure in months. Personal loans use reducing balance method where interest is calculated on outstanding principal.
Can I prepay my personal loan without charges?
Most banks charge 2-5% prepayment penalty on the outstanding principal. However, some banks waive this after 12 months. Check your loan agreement. Our calculator shows exact prepayment savings after charges.
What documents are needed for personal loan?
Typically: ID proof (Aadhaar/PAN), address proof, last 3-6 months salary slips, bank statements, and Form 16/ITR. Self-employed need additional business proof and ITR for 2-3 years.
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