Estimate the EMI on a personal loan. These are unsecured, so they carry the highest rates and shortest tenures - worth calculating carefully before you borrow.
Because personal loans are unsecured (no collateral), lenders charge higher interest than home or car loans. Notice how much of the total repayment is interest. Borrow only what you need, and prefer the shortest tenure you can afford to cut the interest.
Personal loans often carry a processing fee (1-3%) and sometimes prepayment charges. Factor these in - the effective cost can be higher than the headline rate suggests.
They're unsecured - there's no asset backing the loan - so lenders price in more risk, usually 11-24%.
Often yes, but some lenders charge a prepayment fee. Prepaying early still saves interest; check your loan terms first.
Read the guide: Car loan vs personal loan: which costs less? →
Last updated: August 2026. Estimates only; personal loan rates and fees vary widely by lender and profile.