Our Personal Loan EMI Calculator is easy to use and provides instant results. You can calculate the EMI by only entering the following information:
Use the slider to adjust the value to get your desired results. In case you need to add precise values, you can type the values in the relevant boxes provided next to the slider. As you change the values using the slider or hit the tab key after entering the value, the EMI is re-calculated according to the new values.
After you enter the values, you will be getting the following results on our personal loan calculator:
The monthly repayment shows the Equated Monthly Instalment you will be paying as per the loan amount, loan tenure and the rate of interest you entered.
The total interest payable will be the total interest that is calculated on the basis of the values you entered.
The total amount to pay is the sum of the principal amount and the interest you are liable to pay for the stipulated interest rate, duration, and loan amount.
In short, the Personal Loan Eligibility Calculator helps you to find all the values that are necessary to determine whether you can afford a personal loan or not.
In order to qualify for a personal loan, you must meet the eligibility requirements of lender(s). Although this could vary from lender-to-lender, here are some of the common requirements to meet personal loan eligibility.
|Age||18/21 years - 60/65 years|
2. Self-Employed professionals
|Credit score||750 or above with a good credit history|
|Minimum Net Income (Monthly)||
|Loan Amount||Up to ₹50 lacs depending on the credit profile|
IndiaLends offers personal loans from 40+ lenders at interest rate starting at 10.75%. To know the personal loan interest rates of 2018 offered by different lenders, click here.
|Bank Name||Interest rate (p.a)||Loan amount|
|Yes Bank||Starting from 10.75%||₹1 lakh - ₹25 lakhs|
|ICICI Bank||10.99% - 17.99%||₹50k - ₹25 lakhs|
|HDFC Bank||10.99% - 20.00%||₹50k - ₹40 lakhs|
|Kotak Bank||11.00% - 24.00%||₹1 lakh - ₹30 lakhs|
|Tata Capital||11.49%-19.00%||₹75k - ₹20 lakhs|
|IndusInd Bank||11.49% - 20.00%||₹1 lakh - ₹20 lakhs|
|IDFC First Bank||11.69% - 15.00%||₹1 lakh - ₹20 lakhs|
|Bajaj Finserv||12.00% - 16.00%||₹1 lakh - ₹20 lakhs|
|IIFL||12.00% - 20.00%||₹1 lakh - ₹20 lakhs|
The interest rate offered on a personal loan depends on various factors. Some of the important factors are:
A credit score plays an important role in deciding the interest rate of a personal loan. In fact, a score above 750 or above can give you the power to negotiate on the given interest rate. The credit score is a numeric expression that helps in assessing your financial standing. There are numerous factors that build your credit score which are:
Your credit history is not the same as your credit score. A credit score is the numeric expression of your financial standing wherein credit history is a part of it. Credit history is the past records of your credit performances and can give an idea of you as a customer. The credit history helps you to assess the credibility of the applicant.
The loan amount is another factor that plays an important role in deciding the interest rate. The higher the loan amount, the better your credit profile should be. For example, the probability of loan approval an individual with an income of ₹2lacs a month is higher over someone with a monthly income of ₹70,000 every month. Which is why it is advisable to take the amount that you need to save on interest costs.
The loan tenure or the duration for which the loan is sanctioned is another factor that comes into play. There is an inverse relationship between the loan tenure and the interest rate. The longer the loan tenure, the lower the interest rate and vice-versa. Moreover, the longer your long period is, the costlier your loan will be. This also depends on the type of interest.
A good relationship with the lender can give you the chances of getting the best interest rates on your personal loan. This is because the lender knows your integrity and credibility and would know the risks involved. Please note the relationship with the applicant should be informal. For example, the chances of getting the best interest rate with a lender where you have a salary account is higher than with a new lender.
The power of negotiation comes if you have a good credit profile. Moreover, you should be able to convince the lender about your credibility if they a doubts.
Your employer is another important factor that is considered when deciding your personal loan interest rate. The reputation of the employer and the number of years you’ve been associated with them contributes to determining the interest rate. For example, if you work with a highly reputed and established firm, the chances of you getting a low-interest rate is higher.
Individuals with higher income and job stability are likely to get a low-interest personal loan. This is because a consistent income gives the lender the much-needed trust that the loan will be repaid. This is why lenders have a minimum income requirement as their prerequisites.
A personal loan EMI calculator helps you calculate EMI and interest cost of your personal loan. There are a lot of benefits associated with a Personal Loan EMI calculator. Here are a few features and benefits of using an EMI calculator:
A personal loan EMI calculator helps you calculate the amount you need to pay as EMIs.
By calculating the EMIs, you can plan your budget and spending accordingly.
You can know the total amount to be paid and the total interest payable. This will help you determine the loan tenure that suits you as per your budget.
Calculating EMI with an EMI calculator eliminates the hassle of using paper and pen. Moreover, you can do multiple calculations in minutes.
Calculating EMI using the traditional method can be a lot of manual work, and thus are prone to mistakes. A small mistake can end up giving the wrong information, leading a direct impact on your personal loan. This is why it is recommended to use a personal loan calculator which applies the formula and helps you calculate your EMI in minutes.
It is obvious that there is a necessity to plan your budget when you apply for a personal loan. This is because it becomes important to make room for your EMI in your monthly budget. A personal loan EMI calculator helps you by calculating the amount that needs to be set aside from your monthly budget and makes the planning process easy.
Different lenders have different terms of service that makes the loan amount, interest rate and loan tenure different for an individual. It would get difficult and tedious to sit and calculate the EMI of different lenders when you can simply compare it on a personal loan EMI calculator.
Some calculators not just give you information about your personal loan EMIs, but also the processing fee associated with it, a graphic representation of the loan and an amortisation table too. This gives a complete understanding of your personal loan.
IndiaLends is the one-stop solution for your money-related worries. We provide personal loan offers from 40+ lenders at minimal documentation. With EMI starting at ₹1400, we can help you connect with lenders based on your personal loan eligibility. With our algorithms with machine learning, we will find the best suitable bank/NBFC offering minimal interest rate.
Some of the other reasons to apply for a personal loan via IndiaLends are given below: