What is an origination fee on a personal loan?

An origination fee is a one-time charge a lender deducts from your loan before you receive the money. For example, with a 3% fee on a Rs 1,00,000 loan, you receive Rs 97,000 but repay interest on the full Rs 1,00,000.

How can I compare personal loan offers?

Compare the total cost of each offer — the total payment including fees and interest — not just the interest rate. A slightly higher rate with no fees can be cheaper than a lower rate with a large origination fee.

Personal Loan Calculator

Adjust values to see your monthly payment and fee impact instantly.

Personal Loan Details

Loan Amount ($)

Interest Rate (% per annum)

Tenure (years)

yrs

Origination Fee (%)

Compound

Extra Monthly Payment ($)

Monthly Payment

—

Amount You Receive

—

Origination Fee

—

Total Payment (incl. fee)

—

Total Interest

—

Personal Loan Amortization Schedule

Track every payment of your personal loan.

Month	Payment	Principal	Interest	Extra	Balance

Personal Loan Calculator FAQ

What is an origination fee?▶

An origination fee is a one-time charge lenders deduct upfront. If you borrow Rs 1,00,000 with a 2% fee, you receive Rs 98,000 but repay the loan on the full Rs 1,00,000, so the fee adds to your total cost.

Why is the amount I receive less than the loan amount?▶

Because the origination fee is deducted before disbursement. Always check both the loan amount and the amount you actually receive when comparing lenders.

Should I use extra payments for my personal loan?▶

If you can afford it, extra payments reduce your balance faster, shorten the loan term and save a significant amount of interest — especially on higher-rate personal loans.

Typical rate: 10.5% – 24% p.a.

Max tenure: 5–7 years

No collateral: Unsecured loan

Disbursal: Often 24–48 hours

Personal Loan Calculator — borrow smart, repay smart

Personal loans are convenient but expensive. With interest rates of 10.5–24% p.a., even a small loan can cost a lot in interest. This calculator shows your exact EMI, the total interest you will pay, and how short tenures save money — so you can make an informed decision instead of just accepting the bank's offer.

Why personal loans are expensive

Because personal loans are unsecured (no collateral), lenders price in higher default risk with rates of 10.5–24%.

Processing fees of 1–2% and GST add to the cost. Your effective interest rate is higher than the advertised rate.

Your CIBIL score directly determines your rate: 750+ gets 10.5–13%, 700–749 gets 14–18%, below 700 can exceed 20%.

Alternatives to a personal loan

A credit card EMI scheme may cost 18–36% — usually worse. A top-up on an existing home loan costs just 8.5–9.5% and is far cheaper.

A loan against fixed deposit or gold is secured and costs 9–12%, a meaningful saving on large amounts.

If the need is non-urgent, a short-term SIP or fixed deposit could fund the goal entirely without debt.

How to use this calculator

Enter the personal loan amount (e.g. $5,00,000).
Input the applicable interest rate from your bank.
Choose the tenure — 1 to 5 years.
Instantly see the EMI, total payment and total interest.
Shorten the tenure to see how much interest you save.

Pro tips

Never take a personal loan for consumption — it's among the most expensive debt.
Check your CIBIL score before applying; one bad score can double your rate.
A shorter tenure of 2–3 years is often optimal despite a higher EMI.

Frequently asked questions

How fast can I get a personal loan?▶

With instant-approval APIs, many banks and NBFCs disburse personal loans within 24–48 hours, sometimes in minutes for pre-approved customers.

What credit score do I need?▶

A CIBIL score of 750+ is considered excellent and unlocks the lowest rates. Scores below 650 are often rejected.

Personal Loan EMI Calculator