Personal Loan EMI Calculator.
Calculate Your EMI
Estimate your monthly outflow and adjust your tenure with ease using our EMI Calculator. Plan confidently and borrow smartly.
What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator is an easy, effective, online tool that allows you to plan your loan repayments efficiently. Simply enter your loan amount, interest rate, and tenure, and the calculator instantly shows your monthly EMI on the screen. The calculator allows you to adjust the sliders to increase or decrease the EMI based on your capacity of repayment. If you want to reduce your EMI, you can reduce the loan amount or interest rate or increase the tenure. It can help you borrow with confidence and manage your finances better. The EMI calculator is an intuitive, fast, user-friendly online tool, available on the Hero FinCorp website.
How to Calculate Personal Loan EMI?
Manually.
You can calculate the EMI on your personal loan, using the formula below:
P × R × [(1+R) N / (1+R) N-1]
where,
E is the EMI
P is the Principal loan amount
R is the rate of interest
N is the loan tenure in months
Using PL EMI calculator .
You can easily ditch the long calculations and use a personal loan EMI calculator instead. A personal loan EMI calculator will calculate and give you the EMI amount with just a tap.
How to Calculate EMI using a Personal Loan EMI Calculator?
Before applying for a personal loan, it is important to know the EMI amount to plan your finances better. For this, you can use a Personal Loan EMI Calculator online to calculate your monthly instalments instantly. Follow these three steps to use the calculator on our website.
In the Personal Loan EMI Calculator, first input the principal amount of the personal loan.
Enter the applicable rate of interest levied on the personal loan.
In the final box, enter the desired tenure of the loan.
What Are the Benefits of Using a Personal Loan EMI Calculator?
If you have been wondering why you should use the online Personal Loan EMI Calculator, here are some advantages to help you decide.
Easy
to Use
The tool is automated - you only need to enter three values to get instant results.
Know
Emi Value Beforehand
It helps you know your monthly instalment before applying, so you can plan your finances..
Plan
Your Budget
Based on your EMI amount, you can plan your finances in a better way.
Adjust
The Repayment Schedule
You can change your loan and tenure to find a suitable EMI amount.
What Is a Personal Loan Amortisation Schedule?
A personal loan amortisation schedule is a complete table of periodic loan payments. This table of periodic payments shows the component breakdown of each payment – i.e., how much principal amount and how much interest amount you will need to pay in a repayment. Furthermore, it shows the total payment made and the remaining payable balance. As the tenure advances, a major share of repayment goes towards the principal payment and a lesser one towards the interest payment.
Here is a sample Personal Loan amortisation schedule for a loan amount of Rs 1,00,000 at 19% annual interest for 12 months. The EMI is approximately Rs 9,216 per month.
Here:
- Month: Payment month number
- Opening Balance: Loan balance at the start of the month
- Interest Paid during the month: Interest charged for the month
- Principal paid in the month: Principal portion of the EMI
- Closing Balance: Remaining loan balance after payment
How Does The Personal Loan EMI Calculator Help In Lowering The EMI?
Not only does a Personal Loan EMI Calculator make it easier for you to plan for your repayments, it can also serve you in many ways to carefully and efficiently reduce your instalment.
• You can use the free online Personal Loan Calculator to make your decision based on your budget.
• You can consider the possibility of balance transfers to another lender who can offer you a lower interest rate in the beginning.
• Whenever you have some extra money, you can choose to make prepayments of your loan to reduce your loan burden.
• If you can opt for a step-down EMI plan where repayments decrease over time. This could be useful to those of you approaching retirement.
• Making sure you consider a rational debt management plan makes the loan useful and not stressful if you plan well using the EMI calculator.
Factors That Affect a Personal Loan EMI Amount.
While applying for a Personal Loan, the EMI amount is the most important thing you must be concerned about. After all, you must adjust this amount in your monthly budget for successful repayment. Although a Personal Loan EMI calculator online helps calculate the exact loan EMI amount to repay each month, here are a few factors affecting the monthly obligation:
Income
A higher income allows you to afford larger EMIs and choose shorter repayment tenures.
Credit
Score
A strong credit score earns lender trust and helps secure lower interest rates on loans.
Debt-to-Income
Ratio
A lower DTI ratio improves EMI affordability and strengthens your overall repayment capacity.
Tenure
Choosing a longer tenure reduces EMIs but increases total interest; so balance your EMI with your budget.
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FAQs.
EMI stands for Equal Monthly Instalments. EMI is the monthly amount you will have to pay for the period of your loan tenure to repay your personal loan completely. Each monthly payment is inclusive of a part of the principal amount and a part of the interest amount. This amount remains fixed throughout the repayment period.
Most Personal Loan plans have fixed interest rates that do not change during the loan tenure. Once you select your loan term, the EMI amount remains unchanged throughout the repayment period. However, sometimes it may change if you prepay a partial amount.
If you miss a Personal Loan EMI, we charge an additional interest rate of 1%-2.5% per month on the overdue EMI or principal amount. Since it may increase your loan cost, paying each EMI before the due date is paramount during the loan tenure.
Personal Loans are unsecured, which means you do not pledge any asset as collateral against the loan. So even if you fail to pay your loan EMI, you don't have any assets at risk of losing. However, you may have to pay 1-2% of your EMI amount if it remains unpaid for 30 days post due date.
Your loan amount, repayment tenure and interest rate affect the EMI amount. Even a slight change in any of these values can change the result.
Yes, you can compare loan offers of various lenders using the loan EMI Calculator and take a prudent borrowing decision. Simply input the desired loan amount, chosen repayment period and interest rate provided by the lender to find the EMI amount.
An EMI calculator displays the monthly instalment and total interest to be paid, whereas an eligibility calculator displays the loan amount you can avail, its EMI and maximum loan tenure.
A Personal Loan Calculator displays an approximate amount on the basis of your inputs. The final instalment amount could be slightly different depending on other charges such as processing fees.
You can access a Personal Loan Eligibility Calculator on the websites of leading loan providers such as Hero FinCorp. These are online tools that can be availed free of charge.
Even a minor shift in the rate of interest can raise or lower your EMI value and the total interest amount payable.
Yes, the use of a Personal Loan EMI Calculator is to ensure that you are aware of your EMI figure and interest payable in advance. When you use the calculator prior to applying, you can schedule your monthly budget to include the loan EMIs.
