How can I reduce my personal loan interest rate?

You can get lower rates by: 1) Maintaining a CIBIL score above 750, 2) Being an existing bank customer, 3) Negotiating with multiple lenders, 4) Choosing shorter tenures (rates are typically lower for ≤3 year loans).

What's the fastest way to get a personal loan?

Digital lenders like HDFC, Axis, or IDFC First Bank offer instant personal loan disbursal within 24-48 hours if you have pre-approved offers. Keep your KYC and income documents ready for fastest processing.

Personal Loan Calculator - Check EMI & Interest Rates 2025

Q: What is the minimum salary required for a personal loan?

Most banks require a minimum monthly salary of ₹15,000-₹25,000 for salaried individuals. Self-employed applicants need consistent annual income of ₹2-5 lakhs depending on the lender.

Smart Personal Loan Planning Guide

Personal loans can help during emergencies or planned expenses, but high interest rates (11-24% p.a.) require careful planning. Our calculator shows the true cost of borrowing with all charges included.

Personal Loan Eligibility Factors

CIBIL Score ≥ 750 Minimum Salary ₹25k Age 21-60 Years 2+ Years Employment

2023 Interest Rate Comparison

Lender	Interest Rate	Processing Fee
HDFC Bank	10.50% - 21.00%	2.5% + GST
ICICI Bank	10.75% - 19.00%	2.25% + GST
Bajaj Finserv	11.00% - 18.00%	1-2% of loan amount

Avoid Credit Card Cash

Credit card cash advances charge 30-40% interest. Personal loans are 50% cheaper for emergencies.

Shortest Tenure Possible

Choose 12-24 months tenure. Rates spike for longer loans and you pay 2-3x interest on 5-year loans.

No Prepayment Penalty

Most banks now allow free prepayment after 6 EMI payments. Use bonuses to reduce principal.

Hidden Charges to Watch For

Processing Fees: 1-3% of loan amount (often non-refundable)
GST: 18% tax on processing fees
Late Payment: 2-3% per month penalty + credit score damage
Loan Insurance: Optional but adds 0.5-1% to loan cost

Total Cost Formula:
(EMI × Tenure) + Processing Fee + GST = Total Repayment

Personal Loan FAQs

Q: What is the minimum salary required for a personal loan?
A: Typically ₹25,000/month for salaried individuals, though some lenders accept ₹15,000.

Q: Can I get a personal loan with a 650 CIBIL score?
A: Possible but with higher interest rates (18-24%). Improve your score above 700 for better offers.

Q: How much loan can I get on ₹50,000 salary?
A: Approx. ₹5-7 lakh (EMI capped at 50% of salary). Some lenders may offer up to ₹10 lakh.