Personal Loan EMI Calculator

The processing fee (typically 1-3% of the loan amount, plus 18% GST) is deducted up-front from the disbursed amount. You sign a loan agreement for the full principal and pay EMIs on the full principal, but you only receive the net amount in your bank account.

This means your effective APR is always higher than the headline rate. On a ₹3 Lakh loan at 13.5% for 3 years with a 2% fee + GST, the effective APR works out to roughly 15.2% — about 1.7 percentage points above the headline rate. The “True Cost” panel on this calculator shows the gap explicitly so you can compare lenders on the only number that matters: total cash out the door divided by cash received.

Most lenders require a CIBIL score of 750 or higher for the best rates on an unsecured personal loan. A score in the 700-749 range typically gets approved but at higher interest rates (often 15-18%). Below 700 the loan is much harder to get and either requires a co-applicant, a secured pledge, or comes with rates of 20%+.

A clean repayment history on existing credit cards and EMIs is the single biggest driver. If your score is borderline, paying down credit card balances before applying — bringing your credit utilisation under 30% — can lift the score noticeably within a billing cycle.

Yes, but unlike floating-rate home loans, personal loans typically carry a foreclosure/prepayment charge of 2-5% of the outstanding principal plus 18% GST on the charge. Most lenders allow foreclosure after a minimum lock-in (usually 6-12 EMIs paid). Some lenders waive the charge after a certain number of EMIs or for partial prepayments under a threshold.

Always read the sanction letter for the exact terms before signing — the foreclosure charge can wipe out the interest savings from prepaying early, so run the math before triggering a foreclosure.

Salaried applicants typically need: PAN card, Aadhaar card (or any KYC ID), latest 3 months' salary slips, latest 6 months' bank statement showing salary credit, and Form 16 or the latest ITR.

Self-employed applicants need: PAN, Aadhaar, last 2 years' ITRs with computation, last 6-12 months' bank statements, and proof of business existence (GST registration, business address proof, or shop establishment certificate).

Most lenders run a CIBIL check up-front, and a hard enquiry will be logged once you submit the formal application — limit the number of simultaneous applications to avoid hurting your score.