Calculate Your Personal Loan EMI
EMI Payment Schedule
| Year | Principal paid yearly (A) |
Interest paid yearly (B) |
Total Payment (A + B) |
Balance | Loan Paid To Date |
|---|
What is Personal Loan EMI?
Personal Loan EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your personal loan. It includes both the principal amount and the interest charged by the lender. Understanding your EMI helps you plan your finances better and choose the right loan tenure and amount that fits your budget.
How is Personal Loan EMI Calculated?
Personal Loan EMI is calculated using the following formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate ÷ 12)
- n = Number of monthly installments (tenure in months)
Key Features of Personal Loans at LoanFatafat
Instant Approval
Get loan approval within minutes with our digital-first approach and minimal documentation requirements.
Competitive Rates
Interest rates starting from 10.99% per annum with flexible repayment options tailored to your needs.
High Loan Amount
Get personal loans up to ₹25 lakhs based on your income and credit profile without any collateral.
Flexible Tenure
Choose repayment tenure from 1 to 7 years to suit your financial capacity and comfort.
No Hidden Charges
Transparent pricing with no hidden fees. What you see is what you pay - complete transparency.
Quick Disbursal
Get funds transferred to your account within 24 hours of loan approval with zero processing delays.
Personal Loan Interest Rates Comparison
| Loan Amount | Interest Rate Range | Processing Fee | Max Tenure |
|---|---|---|---|
| ₹50,000 - ₹2,00,000 | 10.99% - 24% | Up to 3% | 5 Years |
| ₹2,00,001 - ₹5,00,000 | 11.49% - 22% | Up to 2.5% | 6 Years |
| ₹5,00,001 - ₹15,00,000 | 11.99% - 20% | Up to 2% | 7 Years |
| ₹15,00,001 - ₹25,00,000 | 12.49% - 18% | Up to 1.5% | 7 Years |
Factors Affecting Your Personal Loan EMI
1. Credit Score
Your credit score is the most crucial factor determining your interest rate. A higher credit score (750+) can help you secure loans at lower interest rates, reducing your EMI burden significantly.
2. Income Level
Your monthly income determines your loan eligibility and the maximum amount you can borrow. Higher income generally leads to better interest rates and higher loan amounts.
3. Employment Stability
Stable employment history with reputed organizations can help you negotiate better rates. Self-employed individuals may face slightly higher rates due to income variability.
4. Existing Debt
Your debt-to-income ratio affects loan approval and interest rates. Lower existing EMI burden increases your chances of getting competitive rates.
5. Loan Amount and Tenure
Higher loan amounts often come with better rates, while longer tenure reduces EMI but increases total interest paid over the loan duration.
Tips to Reduce Your Personal Loan EMI
1. Improve Your Credit Score
Pay your existing EMIs and credit card bills on time. Clear any outstanding dues and maintain a low credit utilization ratio to boost your credit score.
2. Compare Multiple Lenders
Don't settle for the first offer. Compare interest rates, processing fees, and other charges from multiple lenders to find the best deal.
3. Negotiate with Your Current Bank
If you have a good relationship with your bank, negotiate for better rates based on your banking history and relationship value.
4. Consider Balance Transfer
If you find a better rate elsewhere, consider transferring your existing loan to a new lender offering lower interest rates.
5. Make Prepayments
Use bonuses, tax refunds, or windfalls to make prepayments and reduce your principal amount, which will lower your EMI or tenure.
Ready to Apply for Your Personal Loan?
Get instant approval with competitive interest rates starting from 10.99% per annum. Apply now and get funds in your account within 24 hours!
Apply Now - Get Instant ApprovalFrequently Asked Questions
Get answers to common questions about personal loans
- Age: 21-60 years for salaried and 25-65 years for self-employed
- Income: Minimum monthly income of ₹18,000 for salaried individuals
- Employment: At least 6 months with current employer for salaried; 2 years in business for self-employed
- Credit Score: Generally 680+ (higher scores get better rates)
- Valid KYC documents: PAN card, Aadhaar card, and address proof
- Identity & Address Proof: Aadhaar Card, PAN Card, Voter ID/Passport/Driving License (any one), and utility bills (not older than 3 months).
- For Salaried Individuals: Latest 3 months' salary slips, last 6 months' bank statements showing salary credits, and Form 16 or ITR for the last financial year.
- For Self-Employed Individuals: Last 2 years' ITR with computation of income, last 6 months' bank statements, and business registration proof or GST registration.