Personal Loan EMI Calculator - Instantly Calculate Your EMI & Interest
Updated: March 2 | 3 min read
Introduction
A Personal Loan EMI Calculator is a free online tool that helps you calculate your Equated Monthly Installment (EMI) for a personal loan. It allows you to estimate how much you need to pay each month based on your loan amount, interest rate, and loan tenure. With this tool, you can plan your finances better and choose the best loan option available.
Key Components:
- Introduction
- What is an EMI?
- How Does a Personal Loan EMI Calculator Work?
- Example Calculation
- Example Calculation
- Benefits of Using a Personal Loan EMI Calculator
- How to Use Our Personal Loan EMI Calculator?
- Factors Affecting Your Personal Loan EMI
- Top Banks Offering Personal Loans & Interest Rates
- Personal Loan EMI FAQs
What is an EMI?
EMI (Equated Monthly Installment) is the fixed amount that a borrower has to pay every month to repay the loan. It includes both the principal amount and the interest. The EMI amount remains the same throughout the loan tenure unless the interest rate changes.
How Does a Personal Loan EMI Calculator Work?
The EMI is calculated using the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where: - P = Loan Amount
R = Monthly Interest Rate (Annual Interest Rate / 12 / 100)
N = Loan Tenure (in months)
Example Calculation
Suppose you take a loan of ₹5,00,000 at an interest rate of 12% per
annum for 5 years (60 months), the EMI would be calculated as:
P = 5,00,000
R = 12% / 12 = 1% = 0.01
N = 60 After applying the formula,
the EMI comes out to be ₹11,122.
Benefits of Using a Personal Loan EMI Calculator
- Quick and Accurate Results - No need for manual calculations.
- Compare Loan Offers** - Check different loan options before applying.
- Plan Your Budget - Manage your monthly expenses effectively.
- Saves Time - Get instant EMI details without visiting a bank.
How to Use Our Personal Loan EMI Calculator?
- Enter Loan Amount - Input the amount you wish to borrow.
- Select Interest Rate - Choose the applicable interest rate.
- Set Loan Tenure - Enter the number of months or years.
- Analyze & Decide - Compare different loan plans to select the best option.
Factors Affecting Your Personal Loan EMI
- Loan Amount: Higher loan amount = Higher EMI.
- Interest Rate: Higher interest rate = Higher EMI.
- Loan Tenure: Longer tenure = Lower EMI but more interest paid.
- Prepayment & Foreclosure: Paying off your loan early reduces interest.
Top Banks Offering Personal Loans & Interest Rates
| Bank Name | | Interest Rate (Per Annum) | | Loan Amount Range | |
|---|---|---|
| HDFC Bank | 10.5% - 18% | ₹50,000 - ₹40 Lakh |
| SBI Bank | 9.8% - 16.5% | ₹25,000 - ₹30 Lakh |
| ICICI Bank | 10.75% - 17% | ₹50,000 - ₹50 Lakh |
| Axis Bank | 10.99% - 18% | ₹50,000 - ₹40 Lakh |
| Axis Bank | 10.99% - 18% | ₹50,000 - ₹40 Lakh |
| Kotak Mahindra Bank | 10.99% - 16.9% | Up to ₹35L |
| IDFC FIRST Bank | 10.99% - 23.99% | Up to ₹10L |
Personal Loan EMI FAQs
1. Is the EMI calculator free to use?
Yes, you can use it unlimited times without any charges.
2. Can I reduce my EMI amount?
Yes, you can either increase your loan tenure or make a prepayment.
3. What happens if I miss an EMI payment?
You may be charged a late payment fee, and your credit score may get affected.
4. Can I get a personal loan with a low credit score?
It depends on the lender, but a high credit score improves your chances of approval.
Conclusion
A Personal Loan EMI Calculator helps you make informed financial decisions by providing accurate EMI calculations instantly. Use this tool to plan your loan repayment strategy effectively. Try our free EMI calculator today and choose the best loan option for yourself!