EMI means equated monthly instalments. The payments are made regularly to repay an outstanding loan within a certain time frame, which is known as EMI. As the name implies, these instalments are always of the same amount.
A Personal Loan EMI calculator makes it easy for you to figure out the monthly instalments on your loan with the help of basic information like loan amount, interest rate, and tenure.
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Planning and scheduling your loan repayment in advance is an important step towards repaying your personal loan. It helps you avoid any financial stress and manage your monthly budget better. To schedule your loan repayment, you need to know your EMI amount, which is the fixed monthly payment you must pay to your lender until your personal loan is fully repaid. But how do you calculate your EMI amount for a personal loan? This is where an online personal loan EMI calculator comes in handy.
A personal loan EMI calculator is a tool that helps you calculate your EMI amount for any personal loan in a matter of seconds, regardless of the loan's end use. It lets you quickly compare different personal loan options and plan your monthly budget accordingly.
The online personal loan calculator can help you determine your monthly loan payments (EMI) using basic details like loan amount, interest rate, and tenure.
Knowing your monthly payment will assist you in planning your budget. Not only that, but if you think the EMI is out of your monthly budget, then you can make adjustments to the loan amount, interest rate, or tenure that will change the monthly payments. As the online calculator is free to use, you can make multiple calculations.
By using the personal loan calculator online, you can also understand the total interest and total payable amount for the entire tenure. The online calculator saves time without any manual calculations, which can be error-prone.
In order to calculate the EMI, the online personal Loan EMI calculator uses a simple formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
P = Principal amount
R = Interest rate per month (divide the annual interest rate by 12)
N = Number of monthly instalments (basically loan tenure in months)
Let's understand this by using the personal loan EMI calculator formula. If you take a personal loan of ₹1,00,000 from a bank at an interest of 12% per annum for 5 years. Here is how the EMI would be calculated:
P = ₹1,00,000
R = (12/100)/12 = 0.01
N = 5*12 = 60
Therefore,
EMI = 1,00,000*0.01(1+0.01)^60 / (1+0.01)^60-1
Or, EMI = ₹2,224.44/month
The EMI on a personal loan is a mix of two important factors - principal and interest. At the beginning of the loan tenure, the interest payment can be approximately the same as the principal repayment. As months go by, the interest amount reduces and the principal amount increases.
Here’s an amortisation schedule for our above example to show how it works.
| Year | Interest Payment (₹) | Principal Payment (₹) | EMI (₹) | Ending Balance (₹) |
| 1 | 11,164.31 | 15,529.02 | 26,693.33 | 84,470.98 |
| 2 | 9,194.84 | 17,498.49 | 26,693.33 | 66,972.48 |
| 3 | 6,975.60 | 19,717.74 | 26,693.34 | 47,254.74 |
| 4 | 4,474.89 | 22,218.44 | 26,693.33 | 25,036.30 |
| 5 | 1,657.04 | 25,036.30 | 26,693.34 | 0.00 |
You can use Angel One’s personal loan EMI calculator by entering the following inputs:
Immediately to your right, you will be able to view the EMI along with the principal, the total interest to be paid, and the total amount to be repaid.
Suppose you are looking for the right loan to take in order to solve any cash flow issues. In that case, creating a list of all the different types of loans you can take and calculating the EMI amounts and durations for each of them can help you analyse the loan market and choose the best loan possible. The Angel One personal loan EMI calculator will help you quickly form this database in a matter of minutes by giving you the EMIs for various loan amounts, interest rates and durations.
Let us understand this with an example. Suppose Rajesh is looking to take a personal loan of ₹5,00,000 for his wedding expenses at an interest rate of 10% per annum for the duration of 4 years. Enter these values on the Angel One Personal loan EMI calculator. The calculator returns the EMI of ₹12,681 per month.
As seen above, changes in the principal, interest rate, and loan tenure affect the EMI amount. These factors, in turn, are affected by the following variables -
The Personal Loan EMI calculator helps you with numerous benefits, which are listed below:
EMI means equated monthly instalments. The payments are made regularly to repay an outstanding loan within a certain time frame, which is known as EMI. As the name implies, these instalments are always of the same amount.
In conclusion, consumers who want to budget their loan repayments and have less risk should consider fixed-rate loans. Consumers who want to repay the loan or anticipate a future fall in interest rates may, on the other hand, choose floating-rate loans.
Simply enter the loan amount, the interest rate to be paid and the duration in which you wish to repay the loan in the calculator. It will automatically tell you the EMI and interest amount in a matter of seconds.
Yes, the personal loan EMI calculator is available for free online on the Angel One website. Anyone can use it anytime they want to.
The minimum tenure of a loan depends on the institution which is giving out the loan. For a large bank, it can be a year, but for more flexible financial institutions, like NBFCs or P2P lending platforms, the tenure can be as low as 3 months.
The personal loan applicant must be of 21 to 60 years of age. There are other main factors, such as monthly income and credit score, that determine your eligibility for the loan. You can contact your bank to find out more information.
You can reduce your EMI amount by -
A person’s eligibility to take a loan depends on the following factors, among others:
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