Planning to take a personal loan? Use this calculator to see your monthly EMI, total interest, and complete repayment schedule before you apply. Enter the loan amount, the interest rate you are offered, and your preferred tenure to get the full picture instantly.
Personal loans are unsecured — no collateral required. EMI is calculated using the reducing balance method.
A personal loan is an unsecured loan — you borrow a fixed amount and repay it in equal monthly instalments over a chosen tenure. Lenders assess your income, employment type, and credit score to determine eligibility and the rate they offer.
Requirements vary. Always confirm directly with the lender before applying.
EMI uses the reducing balance formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]. Enter the loan amount, rate, and tenure in the calculator above for an instant result.
A longer tenure reduces your monthly EMI but increases total interest paid. Use the calculator to compare different tenures side by side.
Most personal loans allow prepayment after a lock-in period, subject to the lender's terms. Always confirm directly with the lender.
FOIR (Fixed Obligation to Income Ratio) is the percentage of your monthly income committed to EMIs. Lenders use this to assess repayment capacity before approving a loan.
Interest rates, processing fees, and all other lender details change frequently and without notice. DigiCalc does not display, guarantee, or endorse any rates, fees, or terms from any lender. Always verify current figures directly with the lender before making any financial decision.
All content on DigiCalc is provided solely for general informational, educational, and illustrative purposes and should not be considered financial, investment, legal, or tax advice.
Calculator outputs are estimates based on user-provided inputs and standard mathematical formulas. Actual results may vary significantly.
DigiCalc is not a SEBI-registered investment adviser, research analyst, or portfolio manager. Nothing on this platform constitutes a recommendation or solicitation to buy, sell, or hold any financial product or security.
Users are strongly advised to consult a qualified professional before making any financial decisions.
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