# EMI Calculator for Personal Loan

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##### An indicative amount you pay
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When you need money urgently but your friends and family are unable to help you, you still have the option of going for a quick personal loan. A personal loan is an unsecured loan. So you don't have to put up any collateral as with other types of secured loans (auto, home, etc.)

Also, there is no restriction on the end-use of money taken as personal loans. So you can use it for anything - be it a wedding in the family, paying off other loans or even for going on a holiday. The choice is yours.

But like all loans, even a personal loan has to be repaid back. Therefore you need to plan your finances beforehand if you want to take a personal loan. It is for this very reason that we have kept a Personal Loan EMI Calculator on this page to help you out.

## What is a Personal Loan EMI?

EMI stands for Equated Monthly Installments. These personal loan EMIs are monthly payments (fixed or variable), that you need to make to repay your loan as per a given schedule that can be easily calculated using a personal loan emi calculator.

## Why should you calculate Personal Loan EMI before you even apply for the loan?

Before you take a loan, you need to assess whether you will be able to repay it back or not. Also, you need to know whether you can comfortably pay the EMI every month for years or not. This is the reason that it is suggested to calculate your approximate EMI using a personal loan emi calculator. If you do it before actually applying for the loan, you will know what to expect when you actually apply for the loan.

## How to calculate Personal Loan EMI?

You can either take help of maths or you can simply use our EMI calculator for personal loan given on this page. It only requires 3 inputs from you:

• Loan Amount - Use the slider to select your Personal Loan amount that you would like to borrow. For Example: Rs. 5 lac
• Interest Rate - Choose the rate which the personal loan will be given (you can make an educated guess here)
• No. of Months - Use the slider to select the tenure of your Personal loan.

As soon as you provide these data points and press the submit/calculate button, the EMI calculator for personal loan will tell you the exact loan EMI, interest to be paid and total amount you need to pay.

If you play with the interest rate and tenure in the calculator, you will understand that the EMI decreases as the tenure of the Personal Loan increases and increases with increase in interest rates.

## Tata Capital Personal Loan Features

The personal loans can be used for any purpose you want. So there is full flexibility about the end use of the loan amount.

Since the loan is an unsecured loan, you can take a personal loan without putting up any asset as collateral and are available at affordable interest rates.

The loan tenure is flexible and personal loans can be availed for a tenure of upto 6 years. The loan amount ranges from Rs 0.75 lac to Rs 15 lac, depending on your eligibility, income and repayment capacity.

You are also allowed to structure your loan repayments schedule as per your convenience. The unique option to opt for Flexi EMIs allow you to choose a repayment plan tailored according to your cash flows. The four Flexi Equated Monthly Installment (EMI) options are:

• Step Up EMI (EMIs start small and then increase every year)
• Step Down EMI (EMI start large and then reduce every year)
• Bullet Payment (allows prepayment in parts, at periodic intervals)
• Ballooning Option (lower EMIs with bigger payment in last EMI)

## Part Re-payment & Foreclosure of Loan

Personal loans are generally taken in times of emergency when the cash cannot be arranged quickly. So when the emergency subsides, the borrower generally has funds that can be used for prepaying or even clearing off the loan completely. Tata Capital understand this and allows part-prepayment or complete prepayment of the outstanding loan amount any time after 180 days of availing the loan.

The benefit of part repayment is that it reduces the outstanding loan amount, which in turn reduces the interest amount due. So without changing the EMI after making the part-prepayment, the contribution of EMI towards principal repayment increases and the loan gets repaid faster.

So before you go and actually apply for a personal loan, do give the personal loan EMI calculator a try. You will understand how interest rate and tenure impact your final EMI.

Disclaimer: The values displayed are indicative and subject to change based on actual financials.