All you need to know
Personal loan for all your needs
Higher credit score increases the chances of loan approval. Check your CIBIL score today and get free insights on how to be credit-worthy.
Check Credit ScoreHome Loan with instant approval starting
@ 8.60% p.a
All you need to know
Home Loan for all your needs
Calculators
Business loan to suit your growth plan
All you need to know
Business loan for all your needs
Get secured business loans with affordable interest rates with Tata Capital. Verify eligibility criteria and apply today
Know MoreAvail Loan Against Securities up to ₹40 crores
All you need to know
Explore Loan Against Securities
Calculators
Higher credit score increases the chances of loan approval. Check your CIBIL score today and get free insights on how to be credit-worthy.
Check Credit ScoreAvail Loan Against Property up to ₹3 crores
All you need to know
Loans for all your needs
Calculators
All you need to know
Loans for all your needs
Shop with our QIK EMI card at authorized dealerships and repay with easy EMIs
Know MoreAll you need to know
Calculators
Loan Restructuring for COVID-19 related stress
Loan restructuring can be availed by borrowers to manage financial stress caused by the COVID-19 pandemic. Customers eligible under RBI circular, having any of the retail loans can apply for restructuring of the loan via the Tata Capital website.
Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.
Do you want to take a personal loan but don't know how the EMI will fit into your monthly budget? What if we tell you that you can easily arrive at an estimated value in seconds? That's right. If you're wondering how to calculate EMI for a personal loan, you need to use our online calculator. A Personal Loan EMI calculator is a simple, easy-to-use tool that helps you determine your potential monthly EMIs for a personal loan.
All you need to do is enter the Loan Amount, Rate of Interest, and the desired Loan Tenure. That's it. The PL calculator will instantly calculate the EMI Amount and the Interest Payable.
Equated Monthly Instalments or EMI is the fixed amount you need to pay every month to repay your personal loan. The lender predetermines the EMI amount and the date of payment at the time of sanctioning the loan.
A personal loan EMI calculator makes it very convenient to estimate your EMI and plan your loan repayments and budget accordingly.
The personal loan EMI calculator works by inserting the values in the above formula. The value of your personal loan EMI varies based on three key variables–the loan amount, loan tenure, and the interest rate.
The formula for calculating personal loan EMI is:
[P x R x (1+R) ^N] / [(1+R) ^N-1]
Where
P = Principal
R = Rate of Interest
N = Tenure (Number of years)
Looking for how to calculate EMI for personal loan? A personal loan EMI calculator is just what you need. It has the following three important components –
By using the personal loan EMI calculator, you can experience the following advantages
A personal loan rate of interest calculator is easy to use. All you need to do is open the personal loan EMI calculator online, select the Loan Amount you wish to borrow, Rate of Interest, and Loan Tenure using the different sliders. The personal finance calculator will then automatically calculate the EMI amount and Total personal loan Interest Payable for you.
A personal loan amortization schedule is a complete table of periodic loan payments, displaying the principal amount and the interest amount that you would need to repay to close your loan on time.
Let us understand this with the help of an example. For a principal loan amount of Rs. 5,00,000 borrowed at an interest rate of 16% for a tenure of 4 years, the Amortisation schedule will look as shown below –
| Year | Principal | Interest | Total Payment | Closing Balance |
|---|---|---|---|---|
| 2023 | 96,947 | 73,094 | 1,70,042 | 4,03,053 |
| 2024 | 1,13,648 | 56,393 | 1,70,042 | 2,89,404 |
| 2025 | 1,33,227 | 36,815 | 1,70,042 | 1,56,178 |
| 2026 | 1,56,178 | 13,864 | 1,70,042 | - |
| Total | 5,00,000 | 1,80,167 | 6,80,167 |
Note: All figures in INR
At times, your financial situation can turn around for the better, faster than you anticipated. In such a situation, you can choose to prepay personal loan in part or in full and easily pay off a major chunk of your loan. Here, you will also have to pay prepayment charges on the outstanding loan amount.
With part prepayment of personal loan, you can clear your debt sooner and save substantially on the interest outgo. Not only that, but it can also boost your credit score significantly. A personal finance calculator will help you make an informed decision.
The following are the benefits of using a simple online tool such as the personal loan EMI calculator –
The following are the reasons for which it is important for you to know your personal loan EMI in advance –
You can use the following ways to reduce your personal loan EMI:
Submitted successfully
Be investment ready in minutes by signing up with the Tata Capital Moneyfy App. We are here to make mutual fund investments simpler for you.
SMS sent successfully!
An SMS has been sent to XXXXXXX051
Click on the link in the
message
to download the Moneyfy App.
Looking for a seamless loan experience? Get the Tata Capital Loan App and Apply for loans, Download Account Statement/Certificates, Track your requests & much more.
SMS sent successfully!
An SMS has been sent to XXXXXXX051
Click on the link in the
message
to download the Moneyfy App.
Thank you for subscribing
We will send news and updates to your registered email ID
rahul.sharma@gmail.com
Uh oh, something went wrong
Please try again later.
Click allow button to receive notifications
SMS sent successfully!
