Personal Loan EMI Calculator | Calculate Interest Rate Free Online

Loan Amount
₹1 Lac₹1 Cr
Tenure (Years)
1 Year30 Years
Interest Rate (% P.A.)
0.5%20%
EMI Start Month
Monthly EMI
₹0
Principal
Interest
Principal Amount ₹0
Total Interest ₹0
Total Amount (Principal + Interest) ₹0
Yearly Payment Trend
Track principal, interest and remaining balance year by year.
Detailed Year-wise Schedule
Click + beside a year to view the month-wise breakup.
Year / MonthPrincipal (A)Interest (B)Total Payment (A + B)BalanceLoan Paid To Date

Winter is here, and my friends and I are planning to go on a winter vacation. But looking at my wallet, I ditch them. But if I say there is no need to ditch them, as I can do whatever I want with the limited funds I have by taking a personal loan. Similarly, there is no need to worry too much about any event like a wedding or medical expenses, as for the time being, I can cover them by taking a personal loan.

But here you may say a loan, managing it is a problem in itself. That’s why in this article, I am going to tell you about our personal loan EMI calculator. A personal loan calculator is a handy online tool that you can use to manage and address personal as well as any type of loan you take to fulfill your needs and desires.

What is a Personal Loan EMI Calculator?

It is a simple and free online tool to calculate your personal loan monthly EMI based on three simple inputs:

  • Personal Loan amount
  • Interest rate on Personal Loan 
  • Personal Loan tenure 

The formula to calculate EMIs is:

personal loan emi formula

Where:

P = Personal Loan Principal amount

R = Monthly interest rate

N = Loan tenure in months

EMI Calculator Pro also works as a personal loan interest calculator or personal loan interest rate calculator, as it shows how much of the total interest you will pay on the total loan over time.

Key Benefits

  • Instant, accurate results in seconds
  • Adjust tenure to suit your monthly budget.
  • Understand the total interest outflow before applying
  • Free of cost and no login required on most platforms

How to Use an EMI Personal Loan Calculator

Like every other EMI calculator, a it is also simple and easy to use

  1. Use the slider to adjust values: Loan Amount>Tenure>and  Interest

This is how simple it is to use the EMI Calculator Pro, and you will get the result in the form of a Pie chart where you can compare EMI to the interest paid over the tenure.

personal loan emi calculator

It gave detailed amortization schedule report and also option to export it.

personal loan emi amortization schedule and graph

Example: ₹5 Lakh Personal Loan Calculation Using EMI Calculator Pro

TenureInterest RateMonthly EMITotal InterestTotal Repayment
2 years11% p.a.₹23,276₹58,624₹5,58,624
3 years11% p.a.₹16,379₹89,244₹5,89,244
4 years11% p.a.₹12,927₹1,20,496₹6,20,496
5 years11% p.a.₹10,874₹1,52,440₹6,52,440

Longer tenure = Lower EMI but higher total interest

PL Eligibility Calculator

To know the maximum amount you are eligible for, first use the Personal Loan Eligibility calculator. It is also simple and easy to use, just like the personal loan EMI calculator:

  1. First, add your monthly income.
  2. Then add the amount of existing EMIs, if any, which determines the overall burden on your budget.
  3. Add the interest rate on a personal loan.
  4. Add the tenure of the personal loan.
  5. The personal loan eligibility calculator will provide the real-time result, and also give remarks on the eligibility of the personal loan you are about to take. It helps to make better and informed decisions in real time. However, the exact eligibility also depend on your age and credit score.
personal loan eligibility calculator

Combine Tools for Smarter Decisions

  • The first step is to use the PL eligibility calculator to calculate the maximum amount that you can qualify for.
  • Then, the affordability calculator, which is nothing but a borrowing power calculator personal loans. explain to them how much they can comfortably borrow.
  • Lastly, test the EMI personal loan calculator India. Complete the tenure and EMI.

The three-step method is effective in avoiding over-borrowing, as well as the struggle of making monthly payments.

Also Check: Mortgage Loan Calculator

Also Check: SBI Home Loan Calculator

Also Check: EMI Calculation Calculator

FAQ

What is the accuracy of the personal loan EMI calculator?

In fact, it uses the mathematical method that banks use. No more than a 1-10 type of discrepancy may exist due to the rounding or the processing charges.

Can these calculators be considered free?

Of course. Personal loan calculators are free, and no hidden charges can be found in reputable banks and comparison websites.

Which is the best personal loan interest calculator in India?

Some of the most handy online tools are provided by EMI Calculator Pro at first of course, and then BankBazaar, Paisabazaar, and Bajaj Finserv, and they are regularly updated with up-to-date rates.

Can I reduce my EMI after I take up a loan?

Yes, you can do this by making a partial payback, in case that exists, or by refinancing the loan. This is aimed at lowering the interest rate. The same EMI calculator lets you know how much you will save.

The effect of processing fees and GST on the EMI shown in the calculator?

As it is, EMI calculators only show the interest and principal parts. A processing fee of 0.5%-3% and 18% GST is to be added to calculate the final distribution.

Conclusion

A personal loan EMI calculator is something that one would not want to miss when taking a loan in India. It provides you with the ability to make informed decisions, avoid all those annoying EMI traps, and locate the funding that will not make you go bankrupt. You should always compare your eligibility with a PL eligibility calculator before you apply, and estimate your safe borrowing limit using a borrowing power calculator, personal loan, and finally decide upon the right EMI using a reputable India personal loan EMI calculator.