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Plan your personal loan around your goal
A personal loan can help you fund your planned or urgent expenses, but the repayment plan can affect your monthly budget and total borrowing cost.
The Life Goal Loan Planner helps you evaluate your borrowing requirement in the context of your financial goal. Select a goal, enter the loan amount you may need and choose a repayment tenure to see an estimated:
• Monthly EMI
• Total interest payable
• Total repayment
• Repayment timeline
Whether you are planning a wedding, holiday, home renovation or getting funds to repay existing loans, comparing different loan amounts and tenures can help you understand the repayment commitment before you apply.
What is a Life Goal Loan Calculator ?
A life goal calculator is designed to help you connect a borrowing decision with a specific financial requirement. Instead of starting with an EMI figure, the Life Goal Loan Planner starts with the reason you need the loan.
Emergency
Evaluate repayment obligations before borrowing for unexpected expenses.
Marriage
Ensure the loan aligns with your wedding budget and monthly finances.
Travel
Confirm that the EMI and repayment period fit within your regular expenses.
Home renovation
Determine the loan amount according to your renovation budget and desired repayment schedule.
Debt consolidation
Consider if consolidating multiple debts into one loan will simplify repayments and clarify your payoff timeline.
How is this different from a regular EMI calculator?
A regular EMI calculator generally starts with three numbers: loan amount, interest rate and tenure. It then calculates the EMI.
The Life Goal Loan Planner takes a different starting point. It asks what you are planning for and helps you work backwards from that goal to understand the loan requirement and repayment timeline.
Check your goal-wise EMI plan below
Once you select a goal and enter your preferred loan amount and tenure, the planner can present the key numbers in one place.
| Monthly EMI | Estimated amount payable every month |
| Total interest | Estimated interest over the selected tenure |
| Total payable | Principal plus estimated interest |
These milestones can give you more context than an EMI figure alone. For instance, a lower EMI may come with a longer tenure, while a shorter tenure may increase the monthly repayment but reduce the repayment period.
The right choice depends on your financial situation, repayment capacity and the purpose of the loan. Use the planner to compare different combinations before making a borrowing decision.
How does the Life Goal Loan Planner work?
The planner uses three primary inputs:
Loan amount: Enter the amount you expect to borrow.
A higher loan amount generally results in a higher EMI and higher total interest, assuming the same interest rate and tenure.
Interest rate: Enter the applicable annual interest rate.
A higher interest rate generally increases both the EMI and total interest payable.
Loan tenure: Select the repayment period.
A longer tenure generally reduces the monthly EMI but can increase the total interest payable. A shorter tenure can increase the EMI while reducing the repayment period and, typically, the total interest.
EMI Calculation
The calculator then estimates your monthly EMI, total interest and total repayment.
How to use the Life Goal Loan Planner
Using the life goal calculator is straightforward.
Select your goal
Choose why you need the loan
Enter the loan amount and tenure
Enter the loan amount, expected interest rate, and tenure.
Review your personalised plan
Review the estimated EMI, total interest and total repayment.
Benefits of planning your personal loan by life goal
Personalised to your moment
Different goals come with different financial priorities. Starting with the goal helps you evaluate the loan in the right context.
Plan with clarity
See how the estimated EMI and repayment period may fit with your monthly budget and financial plans.
Compare different repayment periods
Assess how adjusting the tenure impacts your estimated EMI, total interest, and overall repayment.
Align your EMI with your monthly budget
Evaluate the estimated EMI against your current expenses and financial obligations.
Compare borrowing scenarios before applying
Explore various loan amounts and tenures to understand changes in your repayment commitment.
What to consider before choosing a personal loan
Before applying, compare the main factors that influence your borrowing costs and repayment process:
- Interest rate: Review the rate and its impact on your EMI.
- Loan tenure: Select a comfortable loan tenure. Longer tenures lower EMIs but increase total interest.
- Fees and charges: Consider processing fees, foreclosure charges, and other costs.
- EMI affordability: Select an EMI that fits your monthly budget.
- Prepayment options:Confirm if part-prepayments or early closure are permitted and whether charges apply.
Planning a loan can involve more than estimating the EMI. Explore these calculators to understand different aspects of your borrowing decision:
Using more than one calculator can help you look at the loan from different angles before proceeding with an application.
Comparing FIRSTmoney with other personal loan options
| Feature | Other banks* | FIRSTmoney personal loans |
| Foreclosure charges | ~2%–5% of outstanding principal | Zero |
| Processing fee | Up to ~5% + applicable taxes | Starts at 0% for select loan amounts; up to 3.5% incl. GST |
| Interest rate | 9.99%–24% p.a. | Starting 9.99% p.a. |
| Loan amount | Typically, ₹50,000–₹40 lakh+ | Up to ₹15 lakh |
| Tenure | Typically, 12–84 months | Up to 60 months |
| Application | Digital or branch-based | 100% digital |
*Fees, charges, rates and terms vary by lender, product and customer profile. Check the latest applicable terms before making a financial decision.
Avail low personal loan interest rate starting at 0.83% p.m (equivalent to 9.99% p.a.) & low processing fee starting at 0%
Life Goal Planning Calculator FAQs
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How does the Life Goal Loan Planner personalise my EMI?
The Life Goal Loan Planner helps you estimate your monthly repayment based on your selected loan goal, loan amount, interest rate and repayment tenure. For a more detailed calculation, use the Personal Loan EMI Calculator to compare your EMI, total interest and repayment amount across different loan scenarios.
Can I use this calculator for a wedding or travel loan?
Yes. You can use the Life Goal Loan Planner for goals such as marriage and travel. Enter the amount you expect to need and choose a tenure to view the corresponding repayment estimate.
What loan goals can I plan for with FIRSTmoney personal loan?
The Life Goal Loan Planner allows you to plan around five goals: Emergency, Marriage, Travel, Home Renovation and Debt Consolidation. The available loan terms remain subject to applicable eligibility and product conditions.
Does choosing a specific goal change my interest rate?
No. Selecting a goal in the Life Goal Loan Planner does not by itself determine your interest rate. The applicable Personal Loan Interest Rate depends on factors such as your credit profile, income, repayment capacity and the lender's assessment.
Can I switch goals and compare plans side by side?
You can choose a different goal and modify the loan amount or tenure to view another repayment scenario. A comparison can help you understand the effect of different borrowing choices on your EMI and repayment timeline. Before deciding on a loan amount, you can also check your Personal Loan Eligibility to understand the borrowing amount you may qualify for.
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