Personal loans are unsecured - so rates are higher (10-24% p.a.) and tenures shorter (1-5 years) than home/car loans. The calculator preloads typical rate bands for SBI, HDFC, ICICI, Bajaj Finserv, and NBFC lenders so you can compare offers honestly. Shows total interest paid - often eye-opening when you see the all-in number vs the headline rate.
When to use this
Run scenarios before applying: 'How much will I actually repay on a ₹5L loan at 13% over 3 years?', 'Will the lower-rate-but-longer-tenure offer cost me more in total?', 'Can I afford the EMI on top of my current commitments?'. Use the affordability check to see the income FOIR-compliant lenders will want.
Frequently Asked Questions
What's the highest personal-loan EMI banks will approve?
Most banks cap personal-loan EMI at 50-55% of net monthly income (FOIR), including existing EMIs. If you already have a home loan EMI, your personal-loan headroom shrinks accordingly. Our affordability check flags this.
Is prepaying a personal loan worth it?
Almost always yes - personal-loan rates (12-22%) are higher than any investment you can safely earn. Most lenders charge a small prepayment fee (2-5%); the 'Prepayment Savings' panel nets that against the interest you'd save.
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