Calculate monthly payments and compare the total cost of personal loan offers.
Monthly EMI
₹11,122
Total Amount Payable
₹6,67,333
Principal
₹5,00,000
Total Interest
₹1,67,333
Personal loans use the standard amortization formula. Because they are unsecured, rates are higher than mortgage or auto loans. Comparing APR (not just rate) across lenders accounts for origination fees, which can be 1–8% of the loan amount.
With excellent credit (720+): 6–12%. Good credit (680–719): 12–18%. Fair credit (640–679): 18–28%. Below 640: 28–36% or loan denial. Shop at least 3–5 lenders as rates vary widely.
Pre-qualification uses soft inquiries (no impact). Submitting a formal application triggers a hard inquiry (drops score ~5 points temporarily). Rate shopping within 14–45 days typically counts as one inquiry.
Usually yes, but check for prepayment penalties — some lenders charge 1–5% of the remaining balance for early payoff. If no penalty, early payoff saves all remaining interest.
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