Personal Loan

EMI Calculator for Home Loan, Car Loan & Personal Loan in India

Personal Loan Eligibility

The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a personal loan.

Personal Loan EMI Calculator

Use BankBazaar personal loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Personal Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.

All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit “Calculate” to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.

The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.

Documents Required for Personal Loan

If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

• Copy of your Passport
• Visa Copy
• Your official Email ID or the Email ID of the HR
• Bank Statements
• Salary Certificate or salary slips
• NRO/NRE bank statements of the last 6 Months
• Proof of Identity, Residence, Income, and Assets
• Recent passport-size Photographs of yourself and the guarantors

Other Fees & Charges

• Processing fee
• Goods and Services Tax or GST
• Verification charges
• Charges levied for issuing duplicate statement
• Penalty for defaults
• Penalty for pre-payment and part payment of loan

In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan.

Personal Loan FAQs

1. What is a personal loan?

A personal loan is a type of unsecured loan that that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.

2. How does a personal loan work?

You borrow a loan when you are in need of credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs over the course of the loan repayment tenure.

3. What is the maximum amount of loan I can get?

The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.40 lakh.

4. What is a prepayment and how does it help in repaying my loan?

If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.

5. How much loan can I get if I earn a monthly salary of Rs.60,000?

For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won’t find it difficult to borrow a loan. The exact amount that you will be offered will, however, vary based on your repayment capacity, debt-to-income ratio, the lender’s terms and conditions, etc.

6. Can I get a personal loan during Covid-19?

Yes, some of the leading banks in India are offering COVID-19 personal loans. If you wish to apply for a personal loan, you can do so by applying for it online on the bank’s official website. Applying online is recommended since the process is fast and hassle-free and allows you to maintain the social distancing norm laid down by the Government of India.

The interest rates offered will vary from bank to bank and hence it is recommended you compare various personal loans and then avail the one which you feel will be suitable for you.

7. How much loan can I get if my salary is Rs.25,000?

With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. You can use a personal loan eligibility calculator tool to know how much you are eligible to borrow with a monthly salary of Rs.25,000.