Plan Your Repayments with a Loan Amortization Calculator
Personal loans are one of the easiest ways to get funds in an emergency, but it's hard to budget when you are unaware of the loan amortization. Poonawalla Fincorp's Personal Loan Amortization Calculator is a free tool that allows you to plan your EMI and interest with accurate amortization.
Use the loan amortization calculator now to analyse and understand your loan repayment. It ensures that both your monthly budget and loan repayment are aligned.
What is a Personal Loan Amortization Calculator?
A Personal Loan Amortization Calculator is a free online tool that shows how your loan payments are structured throughout the entire tenure. Instead of giving you your monthly EMI, it splits each payment into two pieces: interest and principal. This helps you understand how much of your EMIs goes towards interest and paying back your principal loan amount.
For instance, during the initial years of your loan, most of the EMIs are used to pay interest on the loan. Then, as the principal amount decreases over time, a larger portion of your EMI is allocated towards repaying the principal. This gradual shift of payment structure is referred to as "amortization."
Loan Amortization & Payment Schedule
The amortization schedule for a Personal Loan provides a clear visual representation of how your loan balance reduces over time. It also shows how the proportion of principal to interest changes with each payment.
Suppose you have taken a personal loan of ₹2 lakh for 2 years (24 months) at an interest rate of 10% p.a.* Enter your loan amount, tenure, and interest rates in the EMI calculator and get your amortization schedule:
|
Month |
Principal (₹) |
Interest (₹) |
Principal + Interest (₹) |
Balance to be Paid (₹) |
|
1 |
79909 |
16806 |
96714 |
1936758 |
|
2 |
80575 |
16140 |
96714 |
1856183 |
|
3 |
81246 |
15468 |
96714 |
1774937 |
|
4 |
81923 |
14791 |
96714 |
1693014 |
|
5 |
82606 |
14108 |
96714 |
1610408 |
|
6 |
83294 |
13420 |
96714 |
1527113 |
|
7 |
83988 |
12726 |
96714 |
1443125 |
|
8 |
84688 |
12026 |
96714 |
1358437 |
|
9 |
85394 |
11320 |
96714 |
1273043 |
|
10 |
86106 |
10609 |
96714 |
1186937 |
|
11 |
86823 |
9891 |
96714 |
1100114 |
|
12 |
87547 |
9168 |
96714 |
1012567 |
|
13 |
88276 |
8438 |
96714 |
924290 |
|
14 |
89012 |
7702 |
96714 |
835278 |
|
15 |
89754 |
6961 |
96714 |
745525 |
|
16 |
90502 |
6213 |
96714 |
655023 |
|
17 |
91256 |
5459 |
96714 |
563767 |
|
18 |
92016 |
4698 |
96714 |
471751 |
|
19 |
92783 |
3931 |
96714 |
378968 |
|
20 |
93556 |
3158 |
96714 |
285411 |
|
21 |
94336 |
2378 |
96714 |
191075 |
|
22 |
95122 |
1592 |
96714 |
95953 |
|
23 |
95915 |
800 |
96714 |
39 |
How to Use Poonawalla Fincorp's Personal Loan Amortization Calculator?
Our Personal Loan Amortization Calculator operates according to a standard formula. To plan your EMI and interest, you must enter these details in the calculator:
● Loan Amount: It is the principal amount you have applied for.
● Interest Rate: The rate of interest charged annually on your loan.
● Loan Tenure: The number of months/years you need to pay back the loan.
As soon as you put in these details, the calculator calculates:
● Your fixed EMI
● A month-wise repayment calendar
● The breakdown of principal and interest in every EMI
● The interest paid over the life of the loan
● The outstanding amount after each payment
Benefits of Using Personal Loan Amortization Calculator
Here are some of the main benefits of using our Personal Loan Amortization Calculator:
● Easy Budgeting: You can plan your monthly budget effectively, as you already know the amount you must put aside for EMI.
● Clear Repayment Schedule: The calculator provides a month-to-month schedule for your loan, which offers more clarity on the interest paid.
● Saves Interest: Since you know how interest payments decrease over time, you can choose when you wish to make pre-payments to save the maximum interest.
● Better Financial Planning: As you're already aware of the total EMI outflow, you can align your funds for other financial goals.
● Free and Quick: Our free amortization calculator for personal loans provides results quickly.
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Frequently Asked Questions
Yes, you can use the personal loan amortization calculator to determine the best time to make prepayments to reduce interest and shorten your loan tenure.
Yes, the calculator gives you a month-by-month breakdown of your remaining loan balance (principal and interest separately).
Yes, shorter tenures usually mean higher EMIs but significantly lower total interest.
No, the Poonawalla Fincorp personal loan amortization calculator considers only EMI, principal, and interest. You must factor in any additional charges separately.
No, the calculator works with a fixed interest rate for the entire loan term. You can, however, test and check different interest rates to see how they affect the total interest paid over time.
No, the Poonawalla Fincorp loan amortization calculator is free and requires no personal information.
While you cannot download the amortization schedule at this time, you can save or export it to Excel or Google Sheets for future reference.
Yes, the calculator is designed to help you choose the best loan amount and tenure by comparing both the small and large loan amounts.
It helps you budget your monthly expenses and understand the long-term cost of your loan.
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