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Personal loan EMI calculator
Personal loans are quick and unsecured, which makes them expensive. See exactly how expensive before you accept an offer.
The full cost
₹5 lakh at 12% for three years costs about ₹16,607 a month and about ₹97,858 in interest. Add a 2% processing fee and GST on it, and the cost is about ₹1.1 lakh. Always compare the annual percentage rate including fees, which lenders must show in a key fact statement before you sign.
Before you borrow
- Use the loan for needs, not wants; personal loan rates are among the highest in the market.
- Instant app loans can carry very high effective rates. Borrow only from banks, NBFCs or apps linked to an RBI-regulated lender.
- Never pay an “upfront fee” to receive a loan; that is a common fraud.
Can I prepay a personal loan?
Usually yes, after a minimum number of EMIs, often with a foreclosure charge. Check the sanction letter.
What credit score do lenders want?
Most look for 750 or more for the best rates. See our guide to credit scores.