Personal Loan EMI Calculator
Personal loans are the most widely availed loan product in India’s debt market, accounting for over 78% of all credit taken. Their unsecured nature makes them a preferred option for many borrowers.
How to Use the Personal Loan EMI Calculator?
- Choose the amount that you need for your Personal loan
- Enter the interest rate offered to you
- Select a convenient loan tenure
- Click on ‘Calculate EMI’ button.
🧮 EMI Calculation Formula Explained
Here, P, R, and N are the key variables. This means the EMI amount will vary each time you adjust any of these three. Let’s understand them in detail:
P refers to the Principal Amount — the original loan amount provided by the bank, on which the interest is calculated.
R stands for the Rate of Interest determined by the bank.
N represents the Number of Years allotted for loan repayment. Since EMIs are paid monthly, the tenure is converted into the number of months.
For Example
Lavanya, a marketing professional, took a personal loan of ₹5,00,000 at an interest rate of 11.5% per annum for a tenure of 4 years to fund her sister’s wedding. The quick approval process and flexible repayment options made it a convenient financial solution for her.
Loan Amount (Principal) = ₹5,00,000, Annual Interest Rate = 11.5%, Loan Tenure = 4 years (or 48 months) after calculating this EMI comes out to be ₹13,060 per month
FAQs
What is an EMI?
EMI (Equated Monthly Instalment) is a fixed payment that the borrower makes to the lender for a specified number of months or years
Does the calculator provide total repayment details?
Yes, it shows your total interest payable and total repayment amount.
Will the EMI for personal loan change if I change the interest rate or tenure?
Yes, any change in loan parameters will update your EMI instantly.
How to use the Personal Loan EMI Calculator?
Visit the calculator link and input the loan amount, loan duration, and interest rate. Hit the calculate button to find out about the monthly EMIs you need to pay towards your loan.
Is it necessary to log in to use the Personal Loan EMI Calculator?
No, you do not need to log in or sign up to use the Personal Loan EMI Calculator. It is completely free and accessible to everyone.