Personal Loan Calculator
A personal loan is among the widely sanctioned loans today to help consumers meet a wide range of needs. A personal loan can help finance a large purchase, consolidate debt, meet an emergency or support wedding expenses, among others. A personal loan calculator is an easy-to-use tool which provides a rough estimate of the EMI amount based on the total loan amount, tenure and rate of interest.
Personal loans are easy credit options with a preset amount, rate of interest and monthly repayments, or Equated Monthly Instalments (EMIs). In India, personal loans usually start from as low as Rs 25,000 and scale to larger amounts depending on the borrower's credit score, income, current liability, and interest rate.
These types of loans are called unsecured because they usually come with no asset collateral requirements. Because of the risk lenders assume, personal loans are more expensive compared to other loans, such as home or car loans.
An online personal loan calculator can come in handy to quickly compare various lenders and decide on the best option available in the market.
What's A Good Interest Rate On A Personal Loan?
Various banks in India offer customers personal loans at competitive rates, and one can easily apply for them either online or offline. However, before you take a personal loan, you must check the interest rates different banks offer, which can start from as low as about 8 per cent. Some factors which influence the interest rate include age and income of the applicant, disposable proportion of the income, prior relationship with the lender, credit score and repayment history.