Personal Loan EMI Calculator

What is Loan EMI?

 

Applying for a loan from a bank or lending institution also lets you repay it on time through regular installments, known as Equated Monthly Installments (EMIs).

 

An Equated Monthly Installment (EMI) refers to a fixed amount to be paid to a bank or lender, as part of the repayment of an outstanding loan, within a specified time period. Simply, an EMI is a facility that banks and other financial institutions provide to their customers to borrow a loan amount to meet their immediate cash flow needs and then, allow them to repay it in installments at a specific rate.

 

In the era of rising inflation, the facility of EMI allows you to remain stress-free, as it eliminates the burden of making lump sum payments for large purchases and instead, by letting you know the exact amount to be paid without regular payments Makes things easier.

Benefits of Calculating Loan EMI

Here are some of the benefits of using a personal loan calculator:

 

Compare Loans

Enter a specific loan amount and your loan tenure and there will be changes in the Interest rate and processing fee as per the fixed rates maintained by the bank. You will get a great idea of ​​your loan amount, and from that you can choose your personal loan.

Saves time

It takes less than a minute to calculate in a single touch when you use the calculator. Also, EMI calculators are extremely easy to use and 100% accurate.

Choose your preferred tenure

Loans are vary in tenure and you can compare EMIs to see which one is more suitable for your financial health. If you are fine with paying higher interest and want to close your loan early, the tenure will be shorter. Otherwise, you can always opt for a longer tenure.

Your repayment schedule Our personal loan calculator also provides you a complete breakdown of your repayment schedule. This way you will have an idea that ​​how much you will have to contribute and how much the principal balance will be.
Factors that Affect Your Personal Loan EMI

Your Personal Loan EMI mainly depends on 3 important factors:

  1. Interest Rate
  2. Loan Amount
  3. Loan Term

Interest rate: Even in this case, the interest rate is directly proportional to equal monthly payments. The higher the interest, the higher your EMI. The bank will charge the interest rate on your loan based on several factors, such as your income, credit history, ability to repay, etc.


Loan Amount: as much as higher the loan amount, higher will be the EMI payable. The maximum loan amount that you can avail is only depends on the lenders which will be based on your capacity of repayment, relationship with the bank and some other factors.


Loan term: The loan term you have chosen is inversely proportional to the equal monthly installments. The longer the term, the lower the monthly premium rate (EMI). However, in the long run, you may end up paying more as interest. Loan term options typically range from 12 months to 84 months.

Charges on Non/Late Payment of EMI

Penalty on late payment of EMIs (defaults): When a person opts for a loan, he needs to repay the loan amount in the form of EMIs or equated monthly installments. It is the borrower's responsibility to ensure that EMIs are paid on time to time. Default in payment of EMIs will attract penalty.

 That is why it is necessary to calculate the amount of your EMI in advance and decide the finances according to your tenure.

 

Penalties - for individuals who miss their EMI payments the banks and financial institutions may charge late fees as a penalty . The amount charged may vary but it is usually around 1%-2% of the EMI payable.

How to calculate your interest rates & EMIs on your loan

There are 2 ways to calculate your interest rates & EMIs:-

 

  1. EMI calculator- You can check your interest rate with the help of EMI calculator, which is provided by banks on every site you wish to visit. With the help of this calculator you will be applicable to calculate your whole interest rate of your loan amount with EMI. You just only need to fill some of your information regarding the loan, like:-

    Loan amount, Loan tenure & Interest rates

 

After filling these details you have to click on calculate button to get all details regarding to your loan. This calculator will not only tell your interest rates even it calculates your monthly repayment schedules also.

 

  1. EMI calculation formula- Alternatively, you can also use the formula below to calculate your EMI liability for your loan-

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

With the help of this formula you may able to calculate you interest on you principal amount.

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator
%
Comparison Chart
LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.80 %1.8% + TaxesRs 2,06612 to 60 Months
9.20 %2% (Min Rs 250)Rs 2,08612 to 60 Months
10.00 %NILRs 18536 to 72 Months
10.25 %Up to 2.5% (Min Rs 999)Rs 2,17412-60 months
10.25 %Up to 2.25%Rs 214912 to 60 Months
10.35 %1.00% (Min Rs 1,000)Rs 3,2436 to 36 Months
10.49 %Up to 2.00%Rs 2,14912 to 60 Months
10.49 %Up to 2.5%Rs 1,87712 to 72 Months
10.49 %0.75% to 1.75%Rs 2,14912 to 60 Months
10.75 %Rs 4,999Rs 2,16212 to 72 Months
10.75 %Up to 2.5%Rs 2,14912 to 60 Months
10.90 %NARs 3,26912 to 36 Months
10.99 %Starting Rs 999 (Min)Rs 2,58412 to 48 Months
11.25 %1.5% (Min Rs 500)Rs 3,17512 to 60 Months
11.49 %0.40%Rs 3,16612 to 36 Months
11.50 %up to 3.00%Rs 2,12512 to 60 Months
11.50 %1.00%Rs 2,19912 to 60 Months
12.00 %1.00%Rs 2,22412 to 60 Months
12.80 %0.50% (Min Rs 500)Rs 2,13512 to 60 Months
12.99 %1.50 to 3.00%Rs 2,27512 to 60 Months
13.30 %0.50%Rs 2,69812 to 48 Months

Related Frequently Asked Questions

The personal loan EMI calculator is used for the calculation of loan EMIs, you need to provide three important details: loan amount, repayment tenure and interest rate to get final result.

The individual who wish to pay off the home loan till the time of possession of the property should opt for full EMI repayment of the home loan. This option is also ideal for those who face the risk of construction delays. This would mean paying pre-EMIs for a longer tenure, which makes the overall cost of the loan higher.

Pre-EMI is the interest of our loan amount only as applicable on the loan. This amount is paid for the period during which the house/building is being constructed. It will ends after the construction is complete.

In many cases, the bank gives a grace period during which you can repay the EMIs. After your grace period, the bank will start charging you a late fee. You will be listed as defaulters only if you miss payment of EMIs for three months or 90 days.

The lenders consider you as a default and can take action If you fail to pay your EMI for 3 consecutive months. Firstly The lender will  send you a notice of default to remind you about your EMI, & they'll you a period within which you must pay the amount owed or lose possession of the property (home/car) that you have provided as collateral.

In many cases, the bank allows a grace period of a few days during which you can pay the premium. After this grace period, the bank may charge you a late payment fee. If you miss the EMI for three months or 90 days, it will be treated as default.

RELATED BLOGS (9)

News Update on Personal Loan EMI Calculator

Special HDFC Bank Offer for Government Employees

Admin 2022-07-30 18:53:25

HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.

Google Updates Policy for Personal loan Apps

Admin 2022-07-30 18:53:37

Google has asked all the personal loan lending apps in India to provide a declaration form stating that the application serves as a middle-man for registered non-banking financial companies (NBFCs) or banks.

The apps must comply with these norms and provide relevant documentation such as a license till September 15 if they want to stay listed on the app store.

RBI Revises Personal Loan Limit to Rs. 5 Crore for Board Directors

Admin 2022-07-30 20:11:42

RBI has revised the limit of the personal loan that can be granted to board directors and their families.

The new limit is set at ?5 crore as against the earlier threshold at Rs 25 lakh.

Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank

Admin 2022-07-30 20:11:56

Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021.

Customers have been asked to apply for cheque books with the new MICR code at the earliest.

4 smart ways on how to maintain your CIBIL score effectively

Admin 2022-09-01 12:35:27

The key to being credit-ready is having an excellent CIBIL score and a commendable financial profile. Here, the key is to have the right financial habits. When it comes to your CIBIL score, it isn’t enough to simply build a high score, as it takes effort to maintain it as well. A good score helps your eligibility for new credit, and can fetch you favorable repayment terms that do not strain your finances.

But in order to maintain a good credit score, you need to understand the credit factors that influence your score. These factors include your credit utilization, credit mix, and repayment history. Besides understanding these factors, you should also know the best habits to practice to sustain a high CIBIL score. To get you started, here are 4 simple and smart ways to maintain your CIBIL score. 

Make informed credit decisions

Review your credit report regularly

Use your credit limits strategically

Pay EMIs diligently and without delays

 
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