Check your monthly EMI for Personal Loan & repayment schedule
EMI Amount = *
Components Of The Personal Loan Monthly EMI Calculator
There are 3 key components while using the Personal Loan EMI calculator online. You can get accurate results by changing these values based on the loan terms offered to you and planning your loan accordingly. Here is a quick guide.
Loan Amount - This is the loan sanction you want or have been approved for. During the planning phase, you should enter the amount you want to borrow. Do note that you can enter the values for the loan amount numerically or by using the slider feature on the calculator.
Interest Rate - Interest rate can be calculated easily using the Personal Loan interest rate calculator. This is the rate offered to you by us. Generally, it starts at an attractive rate of 9.99%* p.a, but can vary based on your financial profile. Enter this rate accurately as it dictates your interest payable and the EMI amount.
Tenure - Personal loan tenure implies loan repayment duration and is a factor you should plan for very carefully. Choosing a short tenure reduces the interest payable but increases the monthly instalment amount as well. On the other hand, a long tenure reduces the EMI amount but also increases the interest on the loan. The ideal tenure has an acceptable EMI amount and total interest payable.
What Is A Personal Loan Calculator?
To borrow efficiently and optimally, you must plan your loan using an online Personal Loan calculator. This means knowing the amount you need, the tenure you’re comfortable with, and identifying the EMIs you can handle. Proper loan planning can be very helpful and is a must-do for all borrowers. When done right, it can not only save you money in the form of interest, but can also keep you from making common, and costly mistakes.
One of the best tools to aid this planning process is the EMI calculator for Personal Loan. In India, almost all lenders will have such a provision available, and Poonawalla Fincorp offers this digital provision as well. With it, you can easily calculate the interest payable and know your Personal Loan online repayment schedule within seconds.
We provide a Personal Loan EMI calculator to assist you in making informed selections based on reliable data. A Personal Loan calculator is a tool that allows you to calculate your EMI depending on a variety of scenarios. Multiple loan amounts and tenures can be chosen, and the appropriate EMI can be calculated in seconds. This is a free online tool residing on our website that makes borrowing a lot easier. It's easy to use, accessible from our website, and incredibly user-friendly. Our digital solutions are meant to make borrowing more convenient, given how important it is to borrow wisely.
Steps To Calculate Personal Loan EMI With The Calculator
- Step 1: Visit the webpage - https://poonawallafincorp.com/personal-loan-emi-calculator.php
- Step 2: Enter the loan amount you wish to borrow
- Step 3: Enter the interest rate offered to you
- Step 4: Input the loan duration in years under the section ‘Tenure’
- Step 5: Click on ‘Calculate’ button
- Step 6: Check the auto-generated results under ‘EMI Amount’
What are the Benefits of Personal Loan EMI Calculator
Personal Loan EMI calculator has numerous benefits which helps the borrower to plan the loan tenure easily. Here are few benefits of Personal Loan EMI calculator that you must be aware as a borrower:
- 1. Planning the loan tenure: While applying for Personal Loan, EMI calculator helps in planning the Personal Loan tenure. It helps in deciding the time period which is suitable for the borrower.
- 2. Planning the loan repayment: Timely repayment of the loan is considered as a healthy financial habit for a borrower. It helps in creating a good image of the borrower in the lender’s eyes. Also, it helps in maintain a good credit score. Using Personal EMI calculator directly assists you in planning the Personal Loan repayment schedule.
- 3. Easy to use: Personal Loan EMI Calculator is easy to use allowing you understand factors such as loan tenure, loan repayment, monthly EMI, etc. Prior to applying for Loan, it is advisable that you should use the Personal Loan EMI Calculator.
Different Ways To Calculate Personal Loan EMIs
Personal Loan EMI calculator is used for calculating Personal Loan monthly payment which can be done by using these below mentioned methods:
- Online calculator: The easiest and quickest approach to get accurate answers is to use the Personal Loan EMI calculator. All you have to do to calculate Personal Loan EMI is to enter the loan amount, tenure, and interest rate. The result will be generated almost instantly.
Online EMI calculators can be a great way to determine your monthly EMIs without having to calculate the amount manually. We offer an easy-to-use online EMI calculator on our official website to help you plan your loan amount informatively. To use the calculator, all you have to do it:
- Enter your loan amount
- Enter the interest rate offered to you
- Enter your preferred loan tenure
The tool will give out an automated response, which is going to be an estimation of your monthly EMI amount. For example, if your loan amount is Rs. 10,00,000, and you wish to repay your loan over a tenure of 5 years, your monthly EMI amount will be Rs. 21,198.*
Please note that the calculated amount is just an estimation of your monthly EMI on the basis of the information entered by you. Your actual EMI amount may differ on the basis of other terms and conditions.
This method necessitates the use of the Microsoft Excel application and the 'PMT' formula. Select a cell on the sheet, select a formula, and precisely enter the loan data into the following variables.
○ 'NPER' stands for month-to-month loan tenure.
○ 'Rate' refers to the interest rate every month.
○ 'PV' stands for principal value or loan amount.
○ 'FV' and ‘Type’ should be set to 0 and 1, respectively.
Manual calculation: Use the following formula to manually determine the EMI amount for a Personal Loan:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
○ The letter 'P' stands for the principal amount.
○ The letter 'N' stands for the tenure as number of years
○ The interest rate on a monthly basis is denoted by the letter 'R.'
How To Reduce EMIs On A Personal Loan?
There are various factors that helps in reducing EMIs on a Personal Loan such as opting for longer repayment tenure on the Personal Loan, getting a co-applicant with higher income and credit score, etc. While you keep these factors in mind, you can choose Personal Loan repayment calculator in India to calculate your remaining loan amount and Personal Loan tenure.
Here is a detailed description of factors that help in reducing EMIs:
- Increasing Your Credit Score
Your credit score is one of the most important factors that can influence the interest rate on your Personal Loan. Lenders prefer loan applicants with good credit scores, and they offer lower interest rates to such applicants.
- Choose a longer tenure
Consider extending the length of your Personal Loan to reduce your EMIs.
- Make an effort to get a reduced interest rate
If the individual has a good working relationship with their lender, they may be able to negotiate a lower interest rate on the loan. Banks/NBFC's may be willing to do so for existing customers to increase brand loyalty and attract new customers.
Before trying any of these tactics, be sure to use a Personal Loan calculator and conduct a thorough cost-benefit analysis.
Should I Prepay My Personal Loan Early?
Personal Loan prepayment is where the borrower repays the Personal Loan prior to end of the predetermined loan tenure. Generally, while taking a loan, the lender and borrower agree upon a pre-determined loan tenure. Loan tenure is the time which is given to the borrower to payback the loan amount. In few cases, lender impose prepayment fees for early repayment. However, if there is no such clause in the loan agreement, you should repay the loan before ending the loan tenure. Also, this will help you in saving existing EMI amount. To ensure that you pay the EMIs on time and know if you can repay the loan prior to the ending of the loan tenure, you should use Personal Loan prepayment calculator in India.
Frequently Asked Questions
What factors determine the Personal Loan EMIs?
- Loan Amount: EMIs is monthly amount that a borrower pays for the loan amount he/she has borrowed from the lender. Personal Loan EMI is influenced by various factors such as Loan Amount, Tenure, Credit score and type of interest rate. Higher loan amount will result in higher EMI amount whereas lower loan amount will lead to lower EMI amount.
- Tenure: Long term tenure equals to lower EMI and Short-term tenure will have higher EMI.
- Credit Score: With higher credit score, there are chances that the borrower will be eligible for lower interest rate. This implies that he/she will have to pay lower EMIs. On the other hand, lower credit score will have an impact on your interest rate which will directly impact your EMIs.
- Type of interest rate: Fixed and floating interest rates determine the EMI payments. While fixed interest rate is predetermined interest rate that will be fixed for the entire loan tenure, floating interest rate varies as per RBI policy action.
Why should I calculate my EMIs?
You must calculate the Personal Loan EMI amount to know if you can afford the loan. Unnecessarily stressing your affordability may cause you to miss EMI payments later and incurring hefty penalties.
How can I plan prepayment with the EMI calculator?
Once you enter the required details into the EMI calculator, click on the ‘Check Repayment Schedule’ button. This will give you access to the amortization schedule, which is a detailed table with a clear breakup of your monthly payments consisting of EMI amount, principal payable, and interest payable. With this you know how much interest has already been paid and will be paid in future that will help to easily identify the best time to prepay your loan.
How can the EMI calculator help me reduce the EMI amount?
You can use the EMI calculator to adjust the Personal Loan tenure until you find an acceptable EMI amount. You must either increase the tenure value or decrease the loan amount you wish to borrow to finalize EMI amount suitable as per your current financial health.
How can I access the Personal Loan online repayment schedule offline?
To access the repayment schedule offline, simply enter the accurate values into the calculator and click on ‘Download Repayment Schedule’. A PDF file will get automatically downloaded with all the information accessible offline.
What is the tenure available for a Personal Loan?
The time allowed to pay back your Personal Loan can range from 12 to 60 months. Keep in mind that the time taken to repay the loan will directly affect the EMI payable. If you want lower EMIs, you must take the loan for a more extended period. However, a longer repayment tenure means you will pay more interest.
What happens if in case I fail to pay my EMI?
It is essential to pay your EMIs on time. If you fail to do so, you will have to pay a penalty for missing payments. Also, any missed payments will negatively affect your credit score and may hinder your chances of getting a new loan. Use a Personal Loan EMI calculator and calculate your EMI beforehand to avoid such scenarios.
How is the Personal Loan interest calculated?
The interest payable on your Personal Loan is calculated based on the sanction amount, interest rate, and tenure of the loan. The best way to know the interest payable is to use the Personal Loan calculator on our website.
Do I have to pay to use the Personal Loan monthly EMI calculator?
No. The online Personal Loan calculator is completely free and can be used multiple times whenever you need it.