The
EMI (Equated Monthly Installment) allows the loan holder to enhance their purchasing power by repaying the loan monthly. This method provides the freedom to repay the loan amount to the lender in installments and the added interest over a fixed period. Thus, customers can apply for a home, auto, or unsecured
Personal Loan to enhance their lifestyle and repay with installments over a suitable term. The
Online Loan EMI Calculator assists applicants in calculating the monthly installment payable on the appended loan amount.
How To Use a Loan EMI Calculator?
The EMI Calculator displayed above can swiftly calculate the monthly instalments required to repay a loan.
Applicants can Calculate Personal Loan EMI by entering the following parameters:
- The Loan Amount Required: Loan amounts issued as a Personal Loan are from ₹1 lakh to ₹40 lakhs.
- The Interest Rate Applicable: The interest rate for a Personal Loan is from 10.99% to 18% @ reducing balance
- The Repayment Tenure: The repayment term for a Personal Loan is from 12 months to 72 months.
After the input of the variables, the results are displayed as follows
- The Monthly Installment: Is the amount deducted as repayment of the EMI.
- The Principal Amount: the amount appended as a personal loan.
- The Interest Factor: the amount paid as interest.
- The Total Amount Paid: The loan amount issue + interest.
Personal Loan EMI Calculator Example Illustrated Below:
| Personal Loan Amount |
₹ 300000 |
| Rate of Interest |
12.50% |
| Tenure |
36 months |
| EMI |
10063.09 |
Key Factors That Influence an EMI:
The Rate of Interest - The interest rate is the cost of funds payable for borrowing the loan amount. The interest rate for a personal loan remains fixed for the entire tenure. Before applying, a credit seeker should survey the market for the best terms, such as a lower interest rate on the borrowed funds, which will directly reduce the monthly installment.
The Repayment Tenure - The repayment tenure is the period given to the customer to repay the amount borrowed with interest. The Tenure allotted is fixed at the time of disbursement of the Loan, according to the applicant's repayment capacity and the bank's policy. If the applicant can afford a higher EMI, the Tenure applicable is shorter or extended if the applicant is comfortable with a lower EMI.
Please Review the Illustration Illustrating the Difference in EMI Due to a Change in the Interest Rate or Tenure.
| Personal Loan Amount |
Rate Of Interest |
Tenure |
EMI |
| 3,00,000 |
12.50% |
36 months |
10063.09 |
| 3,00,000 |
13.50 |
36 months |
10180.59 |
What are the Benefits of an EMI Calculator?
Using an EMI Calculator the applicant can determine a manageable EMI Before applying for credit, whether for a personal loan, mortgage, or auto loan, the customer should understand the EMI payable, as it will directly impact the monthly budget. Thus, the applicant should ensure that this amount can be easily accommodated within their mandatory expenses and other spending.
Know The Total Cost of Funds: The interest on funds forwarded as a personal loan is calculated annually. The total EMI payments over the designated tenure will provide the applicant with the overall amount repaid on the loan, including interest. If the applicant can afford a higher EMI, opting for a shorter tenure will reduce the cost of funds, and vice versa.
Check as per the illustration below:
| Personal Loan Amount |
Rate of Interest |
Tenure |
EMI |
Total Amount Repaid |
| ₹ 300000 |
12.50% |
36 months |
10063.09 |
362268 |
| ₹ 300000 |
12.50% |
48 months |
7974.00 |
382752 |
Calculate Your Personal Loan Eligibility: The amount payable as an EMI for your
Personal Loan must not exceed 50% to 60% of your monthly salary other credit you are presently using is also factored. Using an EMI calculator, you can check if the EMI payable for the loan amount required is within your eligibility, if not, then apply for a lower amount. Thus, the
EMI Calculator can also be used as a
Personal Loan Eligibility Calculator.
Calculate Personal Loan EMI Online: You can use the Personal Loan EMI Calculator Online at your convenience to check the EMI you will be paying for the loan amount required. The EMI will also reflect the total amount payable as interest for your Personal Loan. You can also look for a lower EMI with an extended tenure.
Reasons to opt for an affordable EMI.
Here are some reasons why using the EMI Calculator to verify the EMI for the required loan amount will benefit you.
Applicants can calculate Personal Loan EMI by entering the following parameters:
- Choosing an easily affordable EMI with your monthly budget will help you manage your monthly obligations stress-free.
- There is no risk of being short of funds and making delayed payments, which can lead to additional costs.
- You can maintain a healthy CIBIL score and avail yourself of further credit when required.
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