Calculate Your Personal Loan EMIs
Estimate your monthly payments for your loan with a Personal Loan EMI calculator. Manage your finances effectively by knowing how to calculate your loan payments. See how different loan options impact your budget, compare plans, and choose the best fit for your financial goals. Don't leave your loan decisions to guesswork; make informed choices with a quick and accurate EMI calculation! Try it now and plan your finances smarter.
Steps to Calculate Personal Loan EMIs
Calculating your Personal Loan EMIs is easy with our 3-step process:
Step 1: Enter the loan amount
Step 2: Enter the interest rate offered to you
Step 3: Enter your preferred loan tenure
The Personal Loan EMI calculator will show the estimated amount of your monthly instalment.
How Much Will Be the EMI for a ₹10 Lakh Personal Loan?
If you apply for a ₹10 Lakh loan at an interest rate of 9.99% for a period of 5 years, your loan instalment amount will be approximately ₹21,242*. You can use the Personal Loan EMI calculator to determine which interest rate and loan tenure best suits your budget.
Example for EMI Calculation of ₹10 Lakh Personal Loan
The instalment amount for a Personal Loan of ₹10 Lakh will depend on the loan tenure and interest rate. For example, ₹10 Lakh Personal Loan EMI for 5 years at 10% will be ₹21,247. Similarly, the table below will show the monthly instalment calculation for ₹10 Lakh for different tenures at 10% * interest rate.
How Can a Personal Loan EMI Calculator Help You?
A Personal Loan EMI calculator is a quick and effective online tool that helps you estimate your monthly repayment amount in just a few clicks. By entering the loan amount, interest rate, and tenure, you get instant results. Use the calculator to:
• Get accurate EMI calculations instantly
• Adjust loan terms to choose the best repayment plan
• Compare different scenarios
• Avoid manual errors and lengthy calculations
• Make informed decisions
Formula to Calculate Personal Loan EMI
Calculate Personal Loan EMI using the formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N -1
Where:
P = Principal loan amount
R = Monthly interest rate (Annual interest rate divided by 12)
N = Loan tenure in months
Let’s say you apply for a Personal loan of ₹2,00,000 at an annual rate of 12% for a tenure of 36 months (3 years).
Here’s how it works:
• Loan amount (P) =₹2,00,000
• Annual Interest rate = 12%
• Monthly interest rate (R)= 12÷12÷100 = 0.01
• Loan tenure (N) = 36 months
EMI = [2000000 x 0.01 x (1 + 0.01) ^36] / [(1 + 0.01) ^36 -1
The EMI comes to approximately ₹6,641 per month.
So, for a ₹2 Lakh loan over 3 years at 12% interest, your fixed monthly EMI would be ₹6,641/
Benefits or Advantages of Using a Personal Loan EMI Calculator
Using a Personal Loan EMI calculator before applying for the loan can offer multiple benefits:
• Instant calculation: Saves time with quick and accurate results.
• Financial clarity: Helps you plan your monthly budget and avoid financial strain.
• Loan comparisons: Easily compare different loan options based on EMI, interest rate, and tenure.
• Customisable input: Adjust values to find the most affordable EMI.
• Informed borrowing: Avoid over-borrowing and choose repayment terms wisely.
• 100% free: Use anytime, anywhere with no login or registration required.
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Frequently Asked Questions
You must calculate the Personal Loan instalment amount to know if you can afford the loan. Unnecessarily stressing your affordability may cause you to miss EMI payments later and incur hefty penalties.
Personal Loan EMI is the fixed monthly amount you repay towards your Loan.
Yes, if you opt for a fixed interest rate loan, the EMI remains the same for the entire tenure. However, in the case of a floating interest rate loan, the EMI may change depending on market fluctuations.
A Personal Loan EMI calculator works by using the loan amount, interest rate, and tenure you enter. It applies a standard formula to instantly calculate your EMI, helping you understand your monthly repayment obligation before applying.
A loan amortisation schedule is a detailed table showing the breakdown of each EMI into interest and principal components. It also shows the outstanding loan balance after each payment over the loan tenure.
Factors that influence your EMI include:
- Loan amount
- Interest rate
- Loan tenure
- Type of interest rate
Calculate your Personal Loan EMIs with the steps mentioned below:
Step 1: Enter the loan amount.
Step 2: Enter the interest rate offered to you.
Step 3: Enter your preferred loan tenure.
The Personal Loan EMI calculator will show the estimated amount of your monthly instalment.
You can use the EMI calculator to adjust the Personal Loan tenure until you find an acceptable instalment amount. You must either increase the tenure value or decrease the loan amount you wish to borrow to finalize the instalment amount that is suitable for your current financial health.
The time allowed to pay back your Personal Loan can range from 12 to 84 months. Remember that the time taken to repay the loan will directly affect the EMI payable. If you want lower monthly payments, you must take the loan for a more extended period. However, a longer repayment tenure means you will pay more interest.
If you fail to pay your EMIs, you may have to pay the penalty for missing payments. Also, any missed payments may negatively affect your CIBIL score and hinder your chances of getting a new loan. Use a Personal Loan instalment calculator and calculate your monthly payments beforehand to avoid such scenarios.
If you pay more than the Equated Monthly Installment (EMI) amount on your loan, the additional amount is considered an extra payment toward the loan principal. This can have several potential outcomes, depending on the terms and conditions of your loan agreement and the policies of your lender. Here are some possible scenarios:
- Reduced Principal Balance: The extra amount you pay above the EMI is deducted from the outstanding loan principal. As a result, your loan principal decreases faster than the regular instalment payments alone. This can help reduce the interest charged on the remaining principal balance.
- Shortened Loan Tenure: By making additional payments towards the loan principal, you may reduce the outstanding loan balance. This can lead to shorter loan tenure, as the loan will be repaid faster than the original schedule. Shortening the loan tenure helps you become debt-free sooner.
- Interest Savings: Paying more than the EMI can result in interest savings over the loan term. By reducing the principal balance earlier, you may reduce the overall interest that would have been charged on the loan. This can lead to significant interest savings, especially for long-term or high-interest rates loans.
- Prepayment Penalties: Some lenders may charge a prepayment penalty or fee if you make extra payments that exceed a certain limit or repay the loan before the scheduled tenure. It's important to review your loan agreement or contact the lender to understand if any prepayment penalties apply.
- EMI Adjustment: Depending on your lender's policies, the extra amount you pay may be adjusted towards future EMIs. In this case, your future instalment amounts may be reduced to reflect the additional payment made by you. This can help lower your monthly repayment obligations and provide financial relief.
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