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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.
Yes, you can use the personal loan EMI checker to calculate EMIs for different loan amounts. Here’s how you can use Tata Capital’s EMI calculator to determine these.
Use the first slider in the EMI calculator to specify the loan amount. You can use the ‘-’ and ‘+ ‘symbols to decrease or increase the amount or manually enter the amount in the box.
Next, use the second slider to specify the interest rate
Lastly, use the third slider to specify the loan tenure in months or years
Once these amounts are specified, the EMI calculator will display the monthly EMI, total amount payable, and total interest payable. You can repeat this process to determine the EMIs for various loan amounts.
There is no limit to the number of times you can use the Tata Capital EMI calculator. This calculator is available online for free. Here are the benefits of using the EMI calculator.
Ascertain your EMI in advance
Manage your financial budget better by knowing how much EMI you must pay
Find the loan tenure that suits you by calculating a comfortable EMI amount
Save time and get an accurate calculation
By following the steps below, you can use Tata Capital’s EMI calculator to calculate the EMIs for different loan amounts in an easy and hassle-free manner-
Use the first slider in the personal loan EMI checker to specify the loan amount. You can use the ‘-’ and ‘+ ‘symbols to decrease or increase the amount or manually enter the amount in the box.
Next, use the second slider to specify the interest rate
Lastly, use the third slider to specify the loan tenure in months or years
Once these amounts are specified, the EMI calculator will display the monthly EMI, total amount payable, and total interest payable. However, it is important to note that the calculator can only calculate EMIs for loan amounts between Rs 75,0000 and Rs 35,00,000.
Yes, the EMI calculator will give you a clear picture of the total interest payable over the loan tenure.
All you have to do is follow the steps below.
Use the first slider in the personal loan EMI checker to specify the loan amount. You can use the ‘-’ and ‘+ ‘symbols to decrease or increase the amount or manually enter the amount in the box.
Next, use the second slider to specify the interest rate
Lastly, use the third slider to specify the loan tenure in months or years
Once these amounts are fed into the calculator, the EMI calculator will display the total interest payable, the monthly EMI, and the total amount payable.
While Tata Capital’s EMI calculator cannot explicitly compare EMIs offered by several lenders, it can help you. It can calculate EMIs offered for different loan amounts at different interest rates and tenures.
All you have to do is follow the steps below.
Use the first slider in the personal loan EMI calculator to specify the loan amount. You can use the ‘-’ and ‘+ ‘symbols to decrease or increase the amount or manually enter the amount in the box.
Next, use the second slider to specify the interest rate
Lastly, use the third slider to specify the loan tenure in months or years
Based on the above information, the calculator will display the monthly EMIs, total amount payable, and total interest payable. You can repeat this process with different amounts for each slider and get an accurate understanding of your financial obligations under different loan conditions.
No, the personal loan EMI checker will not be able to provide you with any tips or suggestions for managing your personal loan EMI effectively.
However, it will help you get a clear understanding of your monthly EMIs. Here are the benefits of using Tata Capital’s EMI calculator.
Ascertain your EMI in advance
Manage your financial budget better by knowing how much EMI you must pay
Find the loan tenure that suits you by calculating a comfortable EMI amount
Save time and get an accurate calculation
No, you cannot calculate prepayment or part-payment using our personal loan EMI calculator. However, we offer a separate calculator to help you evaluate your pre and part payment- our prepayment EMI calculator.
All you need to do is enter the loan amount, loan duration, rate of interest, part-payment amount and payment months. Based on this, the calculator will display the revised EMI (fixed tenure), revised tenure (fixed EMI), total payment and remaining principal.
No, the results generated by the EMI calculator are not inclusive of taxes and other charges. This calculator takes into account your loan amount, interest rate and tenure to calculate your EMI payment, exclusive of taxes and other charges.
No, processing fees and other costs aren’t considered by personal loan EMI calculators. Tata Capital’s EMI calculator takes the loan amount, interest rate and tenure in to account to calculate your monthly EMI. Processing fees and other charges must be calculated separately.
No, the personal loan EMI calculator cannot calculate loans with variable or floating interest. Tata Capital’s EMI calculator calculates your EMI for fixed interest rates.
Yes, you can use Tata Capital’s EMI calculator for a joint personal loan as well. All you need to do is follow the steps below.
Use the first slider in the personal loan EMI checker to specify the loan amount. You can use the ‘-’ and ‘+ ‘symbols to decrease or increase the amount or manually enter the amount in the box.
Next, use the second slider to specify the interest rate
Lastly, use the third slider to specify the loan tenure in months or years
Once these amounts are specified, the EMI calculator will display the monthly EMI, total amount payable, and total interest payable.
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