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
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%.
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