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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:
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