Personal Loan EMI Calculator
Banks along with other financial institutions provide individuals personal loans, which are unsecured loans that don't require collateral. Individuals use these financial aids for expenses like medical emergencies, weddings, travel, debt consolidation, or home repairs.
You apply based on your income, credit score, job stability, and ability to pay back the loan. If you're approved, the money is sent to your account, and you pay it back over 1 to 5 years in fixed EMIs -principal + interest.
What is a Personal Loan EMI Calculator
A Personal Loan EMI Calculator is an easy-to-use online tool that helps you find your monthly EMI (Equated Monthly Instalment) for a personal loan. The amount will be affected by the loan amount you want to apply for, interest rate, and tenure.
The calculator gives you expected EMI instantly. So keep checking the EMI amount Vs the loan amount and repayment term you can comfortably manage.
Personal loan EMI calculation can be complicated because it involves multiple variables and a standard formula that's not easy to compute manually.
An EMI calculator gives you results in seconds, helping you plan your monthly budget and compare loan scenarios (higher tenure vs lower tenure, higher rate vs lower rate).
What is a Personal Loan EMI Calculator
A personal loan EMI calculator (also called a personal loan interest rate/EMI calculator) uses a standardised method to calculate the exact EMI you'd pay for a given principal, interest rate, and tenure.
It typically also shows your total interest payable and total repayment amount, giving you a clearer view of the loan's true cost.
How does the Personal Loan EMI Calculator help you?
It helps you estimate three key outputs: monthly EMI, total interest payable, and total amount payable across the full tenure.
It also helps you understand repayment behaviour,early EMIs generally have a higher interest component, which gradually reduces as the principal component increases over time.
Formula
Use the standard EMI formula:
EMI= P×r×(1+r)^n
(1+r)^n−1
Where:
P = Loan principal (loan amount)
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of monthly instalments (tenure in months)
Example
If someone takes a personal loan of ₹15,00,000 for 5 years at 12% annual interest, the EMI will be
Loan Principal P | ₹15,00,000 |
n | 5 |
r | 12 |
Calculation | |
EMI Amount | [15,00,000 X (1+.12)^5]/[(1+.12)^5-1] |
EMI Amount | ₹33,367 |
How to use the Stockify Personal Loan EMI Calculator
Using Stockify's Personal Loan EMI Calculator is easy. Follow these steps for quick EMI calculation:
1. Enter your loan amount (principal).
2. Then click to select/enter the interest rate.
3. Choose the tenure (in months or years).
The calculator will instantly show your monthly EMI and related figures, such as total interest and total repayment.
Advantages of Stockify's Personal Loan EMI Calculator
These are the benefits of using Stockify's Personal Loan EMI Calculator:
Instant results:
Calculates EMI with the blink of an eye. Enter the loan amount, interest rate, and tenure to get a personal loan EMI amount.
Better affordability planning:
Helps you decide on an EMI you can pay comfortably before applying for a loan.
Clear cost visibility:
Shows interest and total repayment so you understand the overall borrowing cost, not just the EMI.
Scenario comparison:
Lets you try different tenures and rates to find a balance between EMI and total interest outgo.
FAQ
You need the loan amount (principal), interest rate, and loan tenure to calculate EMI.
Yes, EMI calculators use a standard formula to compute the monthly instalment based on principal, rate, and tenure.
Because EMI involves a compound-interest-based formula and multiple variables, it can be time-consuming to calculate without a calculator.
No, personal loans are unsecured and you do not have to put up any collateral.
An EMI has two parts, principal and interest; in the early months, interest is higher, and the principal portion increases over time.
Yes, the EMI amount remains the same and it does not change.
Yes, you can get a high credit score and choose your lender after extensive research. Some lenders might give you loan at a lower rate.
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