What is the max personal loan I can get?

Depends on income + credit profile. Formula: banks typically approve 15-30× your monthly net income (subject to FOIR — Fixed Obligation to Income Ratio, usually <55%). At ₹1L monthly income: ₹15-30L personal loan possible. Major banks cap at ₹40L; NBFCs at ₹10L typically.

Can I prepay personal loan without penalty?

Depends on lender + tenure. Most banks charge 2-5% prepayment penalty on floating rate personal loans. Some lenders (Bajaj Finserv Flexi, IndusInd Consumer) offer zero prepayment penalty. Read loan document CAREFULLY before signing. Prepayment is highly recommended given the 12-18% interest rate.

What documents are needed?

Standard: PAN, Aadhaar, last 3 salary slips, last 6 months bank statements, employer confirmation letter. Self-employed: 3-year ITR + business proofs + bank statements. Digital lenders often complete via video KYC + Account Aggregator framework — 15-30 min end-to-end approval possible.

What is the max personal loan I can get?

Depends on income + credit profile. Formula: banks typically approve 15-30× your monthly net income (subject to FOIR — Fixed Obligation to Income Ratio, usually <55%). At ₹1L monthly income: ₹15-30L personal loan possible. Major banks cap at ₹40L; NBFCs at ₹10L typically.

Can I prepay personal loan without penalty?

Depends on lender + tenure. Most banks charge 2-5% prepayment penalty on floating rate personal loans. Some lenders (Bajaj Finserv Flexi, IndusInd Consumer) offer zero prepayment penalty. Read loan document CAREFULLY before signing. Prepayment is highly recommended given the 12-18% interest rate.

What documents are needed?

Standard: PAN, Aadhaar, last 3 salary slips, last 6 months bank statements, employer confirmation letter. Self-employed: 3-year ITR + business proofs + bank statements. Digital lenders often complete via video KYC + Account Aggregator framework — 15-30 min end-to-end approval possible.

Personal Loan EMI Calculator (India)

Unsecured personal loan EMI — India bank rates 10-18%, HDFC/ICICI/SBI/Axis + digital lenders (Bajaj Finserv, IndiaLends, etc). Higher rate than home loan, shorter tenure.

Result

Monthly EMI

₹16,607

Loan amount₹500,000
Total interest₹97,858
Total payment₹597,858
Interest as % of principal20%
Effective monthly costInclude typical 0.5% processing fee amortized over tenure₹19,107

Personal-finance essentials

Amazon affiliate

The Total Money Makeover

Dave Ramsey - the classic

Shop on Amazon

I Will Teach You to Be Rich

Ramit Sethi - modern practical guide

Shop on Amazon

The Psychology of Money

Morgan Housel - behavior over strategy

Shop on Amazon

As an Amazon Associate we may earn from qualifying purchases. This does not add cost for you.

How to use this calculator

Enter loan amount needed.
Enter interest rate offered by lender.
Enter tenure in months.
Read monthly EMI + total interest cost.

About this tool

Personal loan is India's most expensive form of retail credit — unsecured, higher rate (10-18% for prime borrowers, 18-30% for below-prime), typical tenure 12-60 months. Suitable ONLY for urgent needs (medical emergency, wedding, immediate consumption). Never use personal loan for investment or long-term consumption. HDFC/ICICI/SBI/Axis are the major bank lenders; digital NBFCs (Bajaj Finserv, IndiaLends, KreditBee, MoneyView) offer instant approval but higher rates. Compare 3-4 offers via aggregators (Bankbazaar, Paisabazaar) before applying. Applying to multiple lenders simultaneously drops CIBIL 5-15 points — apply to 2-3 max.

Frequently asked

Top banks offer 10-11% to prime borrowers (CIBIL 780+, government/PSU/listed corporate employees, income above ₹15L). Standard rate: 12-15% for salaried with CIBIL 720+. Below 700 CIBIL: 18-24%. Sub-680 CIBIL: 24-30%+ from NBFCs. Improve CIBIL before applying — every 30-point improvement can drop rate by 0.5-1%.