Calculate Your Personal Loan EMIs
Get your hands on the Poonawalla Fincorp’s Personal Loan EMI Calculator to estimate your monthly instalments. Plan your loan instalments according to your monthly budget to manage your loan repayment without hassle.
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.
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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.
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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