Personal Loan EMI Calculator — Calculations & Slabs for FY 2026-27

A personal loan is an unsecured loan that you can borrow from a bank or financial institution without providing collateral (like property or gold). You repay it in monthly EMIs over a fixed tenure, typically ranging from 12 to 84 months.

Since personal loans are unsecured, banks take a higher risk in lending without collateral. To offset this risk, banks charge higher interest rates (usually between 10.5% and 36% per annum) compared to home or car loans. This ensures full compliance with the latest regulations, allowing you to estimate values correctly and avoid common filing errors.

Yes, most lenders allow prepayment or foreclosure. However, they may charge a foreclosure fee (typically 2% to 5% of the outstanding principal) and usually require you to pay a minimum number of EMIs (like 6 or 12) before doing so.

Your eligibility is heavily dependent on your credit score (preferably 750+), monthly income, employment stability (salaried vs self-employed), age, and your existing Debt-to-Income ratio (known as FOIR). This ensures full compliance with the latest regulations, allowing you to estimate values correctly and avoid common filing errors.

You can verify the values against the official notifications listed in our data sources section at the bottom of the page.