Personal loan EMI calculator by North Loop Bank

Personal Loan Calculator

Use North Loop’s free personal loan calculator to understand your personal loan EMI payments.

Loan Amount (₹)

Rate of Interest (P.A)

Loan Tenure (Years)

Monthly EMI

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Principal Amount

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Total Interest

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Got Questions? We Got Answers.

Personal loan refers to a 1 to 5-year loan provided by banks/NBFCs/P2P lending platforms without the submission of any assets. How the loan amount is to be used is left to the discretion of the person applying for the loan which is usually for travel, education expenses, home renovations, weddings, family emergencies or buying assets. Interested in a personal loan? Sign up for North Loop and get a personal loan in 5 minutes.

Most banks will use the following method to calculate your personal loan limit: such as if you are a salaried employee/government employee, and many banks will not let your monthly EMI exceed 30% of your monthly income (profits earned from business).

In case you have any other unpaid debts, or financial liabilities, the bank shall take it into consideration and the loan limit can then vary according to the credit score. The lenders own terms and conditions are also a determining factor.

This depends on the bank. Many banks will not consider a spouse’s income while calculating the amount of personal loan. If the spouse is eligible for loan, he/she can apply for a personal loan separately. However, you might be able to apply jointly as a co-applicant. By applying for a loan with a co-borrower, your loan application will be processed in a higher income bracket, making it possible for you to avail a larger loan amount.

The documents required may defer from bank to bank however few documents are generally always required. Such as, identity proof, address proof, income and business (for the self-employed) proof, latest photograph, income tax returns, aadhar card, and any other document as desired by the concerned bank.
You can sign up for a personal loan with North Loop, which only requires your ID proof and nothing else.

There are two types of interest rates for personal loans: fixed and floating rates.
In case of a fixed rate personal loan, the amount of EMI you pay is fixed, that is, every month you pay the same amount, till the loan gets repaid. However, in case of a floating rate personal loan, the amount of EMI you pay keeps decreasing as it is based on the reducing balance method of calculation of interest pay-out. This floating rate may be varied by the bank, while the change in floating rates may be on a yearly or half-yearly basis. Use an interest rate calculator to understand your EMIs better.

Repayment terms are dependent on the bank you get the loan from. You can repay your North Loop home loan by simply logging in and clicking ‘Pay’. Or you can set up an automatic monthly payment. It’s simple, and doesn’t cost you anything.

Enter the amount you are borrowing, and the interest rate and the personal loan EMI calculator will show you your monthly EMI payments.

Your EMI is your monthly payment to repay your loan. You can use our loan EMI calculator to understand how much you are going to have to pay every month. Remember when using an EMI calculator to enter the correct interest rate, as this will be needed for the loan EMI calculator to determine your monthly EMI payments.

Check out our other calculators

Home Loan Calculator | FD Calculator | Car Loan Calculator