A Personal loan is simple, quick, efficient and realistic. A personal loan is an unsecured loan that can be used for various purposes. Plan your dream come true by choosing the best personal loan that suits your requirements. You can now spend this on vacation or renovate or even buy the car of your dream. Check Personal Loan EMI Calculator below.
Personal loans typically have interest rates that are cheaper than credit cards, which make personal loans a major tool for consolidating credit card debt or other debt at higher rates of interest.
Personal Loans Types:
- Unsecured personal loans
- Secured personal loans
- Fixed-rate loans
- Variable-rate loans
- Debt consolidation loans
- Co-sign loans
- A Personal line of credit
Other types of personal loans offered in India are
- Wedding loan
- Travel loan
- Home Renovation loan
- Pension loan
- Higher Education loan
- Medical Expenses loan
- Debt consolidation loan
- Small Personal loan
Personal Loan EMI Calculator
The Personal loan calculator allows users to measure the equated monthly installments (EMIs) that must be charged to the lender per month until the loan is paid.
Also, Check – SBI Business Loan
The Personal Loan Calculator can provide short visuals that help determine the monthly payments and overall costs of a personal loan. Because most personal loans are assisted by payments and/or benefits, their rate can be greater than advertised.
Get the comfortable EMI with the personal loan EMI calculator. It is an easy-to-use device. Enter the amount of your personal loan, the loan tenure, and the interest rate. Your principal cost, monthly payment, and gross interest accrued will be determined from the EMI tool.
Procedure:
- Choose the Loan Amount.
- Click on the “Ok” button.
- Opt the Loan Tenure.
- Type the Interest Rate and Processing Fee
- If you plan to pre-pay, click on “Yes” for the question “Would you like to make Pre-payments?” otherwise click “No”.
- Select the pre-payment frequency, and enter the pre-payment amount & fee.
- Click on the “Calculate” button.
Advantages of Personal Loan EMI Calculator
- Able to do the loan calculation accurately within no time.
- In a few seconds, the EMI calculator allows doing multiple calculations.
- Can compare EMI for different loans to opt the best.
- Provide you with your monthly budget estimates.
- There is no limit to the number of times to calculate EMI.
- You can however quickly change the amount and term of the loan using this method before you figure out which EMI is appropriate for your budget.
- Also, take into consideration the processing fee charged by the bank and tell you how much your EMI includes this fee.
Top Personal Loans at lowest Interest Rates (IR) – 2020
| Bank Name | IR | Loan Amount |
| SBI | 11.45% – 14.90% | Upto ₹20 lakh |
| IndusInd Bank | 10.99% – 16.00% | Upto ₹15 lakh |
| ICICI Bank | 10.99% – 18.49% | Upto ₹40 lakh |
| IDBI Bank | 9.65% – 14.00% | Upto ₹10 lakh |
| Allahabad Bank | 9.35% – 12.65% | Upto ₹7.50 lakh |
| Axis Bank | 12.00% – 24.00% | ₹50,000 – ₹15,00,000 |
| Bajaj Finserv | 10.99% – 16.00% | Upto ₹25,00,000 |
| Bank of India | 11.70% – 13.70% | Upto ₹5,00,000 -₹10,00,000 |
| Citibank | 10.50% – 20.00% | Upto ₹30,00,000 |
| HSBC | 10.50% – 17.84% | Upto ₹30 lakh |
| Syndicate Bank | 10.20% – 13.40% | Upto ₹5 lakh |
