Personal Loan Calculator
Calculate your Equated Monthly Installments in Indian Rupees
Loan Details
EMI Summary
Payment Breakdown
Amortization Schedule (First 12 months)
| Month | EMI | Principal | Interest | Balance |
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Personal Loan Calculator
When planning to take a personal loan, one of the biggest concerns is how much EMI (Equated Monthly Installment) you will need to pay. A Personal Loan Calculator is a simple online tool that helps borrowers calculate their EMIs instantly. By entering just a few details such as loan amount, interest rate, and tenure, you can get a clear idea of your repayment schedule. This not only saves time but also helps in better financial planning.
In this article, we will explain what a personal loan calculator is, how it works, its benefits, and why you should use it before applying for a loan.
What is a Personal Loan Calculator?
A Personal Loan Calculator is an online tool that helps you estimate the monthly EMI you will pay towards your loan. Instead of manually calculating with complex formulas, you can instantly get results by entering:
• Loan Amount – The total amount you plan to borrow.
• Interest Rate – The rate of interest charged by the lender.
• Loan Tenure – The time period for repayment (in months or years).
The calculator gives you the EMI amount along with the total interest payable and overall repayment amount.
Personal Loan EMI Calculator Formula
When you apply for a personal loan, one of the first questions that comes to mind is – “What will be my monthly EMI?” To answer this, lenders and borrowers use the Personal Loan EMI Calculator Formula. Understanding this formula helps you know exactly how much you will pay every month, how much interest you will be charged, and the total repayment amount.
In this article, we will explain the EMI formula, step-by-step calculation, examples, and why using it is important before taking a personal loan.
Personal Loan EMI Calculator Formula
The standard mathematical formula for EMI is:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] Where:-
P = Principal Loan Amount (the amount borrowed)
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Loan Tenure (in months)
Loan Calculator
Before borrowing money, one of the most common questions people ask is: “How much will I have to repay every month?” This is where a Loan Calculator comes in handy.
A Loan Calculator is a free online tool that helps you calculate your monthly EMIs (Equated Monthly Installments), total interest payable, and overall repayment amount. It works for different types of loans such as personal loans, home loans, car loans, education loans, and business loans.
By using this tool, you can compare loan offers, plan your finances, and make informed borrowing decisions.
What is a Loan Calculator?
A Loan Calculator is an online financial tool that instantly calculates:
• Monthly EMI
• Total Interest Payable
• Total Repayment Amount
It requires just three key inputs:
1. Loan Amount (Principal)
2. Rate of Interest (%)
3. Loan Tenure (in months/years)
The calculator uses a mathematical formula to provide accurate results in seconds.
Amortization Schedule for Personal Loans
When you borrow a personal loan, repayment happens through EMIs (Equated Monthly Installments). But have you ever wondered how much of your EMI goes towards paying the interest and how much reduces the principal? The answer lies in the Amortization Schedule.
An amortization schedule for personal loans is a detailed table that breaks down each EMI into principal and interest components until the loan is completely paid off. Understanding this schedule helps borrowers track repayments, plan budgets, and even make smarter financial decisions.
What is an Amortization Schedule?
An amortization schedule is a periodic tabular representation of loan repayment. It shows:
• EMI amount due every month
• Interest portion of the EMI
• Principal portion of the EMI
• Outstanding loan balance after each payment
At the beginning of the loan tenure, a larger share of your EMI goes toward interest payments, while a smaller portion reduces the principal balance. As time progresses, the interest portion decreases, and the principal repayment increases.
Personal Loan Eligibility
A personal loan is one of the most popular financial products because it requires minimal documentation, no collateral, and can be used for various purposes like medical expenses, education, weddings, travel, or debt consolidation. However, before applying, you need to meet certain personal loan eligibility criteria set by banks and NBFCs.
In this article, we will explain the factors affecting personal loan eligibility, minimum requirements, tips to improve eligibility, and documents required.
Personal Loan Interest Rate
When applying for a personal loan, the interest rate is one of the most important factors to consider. It directly impacts your EMI amount, total repayment, and affordability of the loan. A lower interest rate means reduced borrowing costs, while a higher rate can make the loan expensive.
In this article, we will explain what personal loan interest rate is, types of interest rates, factors affecting it, current ranges in India, and tips to get the lowest rates.
FAQs
Does Personal Loan Require Collateral?
No, personal loans are generally unsecured loans, meaning you don’t need to pledge any asset like property, gold, or fixed deposits as security.
How Can I Avail a Personal Loan With Low Interest Rates?
To get a personal loan at a low interest rate, maintain a high credit score, compare multiple lenders, and choose the one offering the most competitive terms.
What is a personal loan amortisation schedule?
A personal loan amortisation schedule is a month-by-month table that shows how each EMI is divided into principal repayment and interest payment until the loan is fully repaid.
What are the main factors that affect personal loan EMI?
The key factors are loan amount (principal), interest rate, and loan tenure. A higher loan amount or interest rate increases EMI, while a longer tenure reduces EMI but raises the overall interest cost.