Personal loan EMI calculator
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A personal loan is unsecured, which is the fact that explains everything else about it: the rate is high, the term is short, the lender looks only at your income and credit file, and there is no asset ceiling because there is no asset. It is the most expensive mainstream borrowing and the fastest to arrange.
What this product looks like
| Typical rate | 10.5% – 24% |
|---|---|
| Typical term | 1–7 years |
| Maximum loan-to-value | Not applicable |
| Prepayment charge | About 3% of the amount prepaid |
| Interest usually deductible | No |
A worked example
A $250,000 Personal loan at a typical 14% over 4 years:
| Monthly instalment | $6,832 |
|---|---|
| Total interest | $77,918 |
| Total repaid | $327,918 |
| Income needed | $13,663 |
What to watch
There is no loan-to-value ceiling here, so income is the only constraint — which means eligibility is a pure function of what you earn and what you already owe. The prepayment charge usually applies, since these are fixed-rate loans.
Questions
What is the interest rate on a personal loan?
Typically 10.5% to 24%, and the spread is almost entirely about credit history. At 14% over 4 years, a $250,000 loan costs $6,832 a month and $77,918 in interest.
How much personal loan can I get?
Whatever your income supports: the lender's debt limit applied to your earnings, less your existing payments, inverted back into a principal. On this rate and term that needs about $13,663 a month for the example loan.
Is a personal loan better than a credit card?
Usually yes on rate, and always on structure — a fixed end date beats a revolving balance that can be serviced indefinitely at the minimum. But both are expensive compared with secured credit.
Rate bands and lending rules on this page were last reviewed on 2026-10-23 and are indicative, not offers. The arithmetic is produced by the same code the calculator runs. Confirm the terms with your own lender before committing; nothing here is financial advice.