EMI stands for “Equated Monthly Installment”. It is the amount you pay every month to repay your loan. It consists of both the principal and the interest charged by the lender.
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What is Personal Loan EMI?
What is a Personal Loan EMI Calculator?
A personal loan EMI calculator is a free online tool that is used for calculating the EMI of a loan. Along with the EMI, the calculator also shows total principal and interest payable. The calculator requires you to provide the loan amount, tenure of loan and the interest rate being offered by a lender.
What is the Amortization Schedule?
An amortization schedule is a detailed table showing a clear breakdown of each installment into principal and interest. It also shows the remaining outstanding balance after each installment.
Example: If a borrower borrows a loan of Rs. 10,00,000 at an interest rate of 10% p.a. and a tenure of 5 years, the following will his/her amortization schedule:
| Month | Principal (Rs.) | Interest (Rs.) | Principal + Interest (Rs.) | Balance to be Paid (Rs.) |
|---|---|---|---|---|
| 1 | 12914 | 8333 | 21247 | 987086 |
| 2 | 13021 | 8226 | 21247 | 974065 |
| 3 | 13130 | 8117 | 21247 | 960935 |
| 4 | 13239 | 8008 | 21247 | 947696 |
| 5 | 13350 | 7897 | 21247 | 934346 |
| 6 | 13461 | 7786 | 21247 | 920886 |
| 7 | 13573 | 7674 | 21247 | 907313 |
| 8 | 13686 | 7561 | 21247 | 893626 |
| 9 | 13800 | 7447 | 21247 | 879826 |
| 10 | 13915 | 7332 | 21247 | 865911 |
| 11 | 14031 | 7216 | 21247 | 851880 |
| 12 | 14148 | 7099 | 21247 | 837732 |
Note: The schedule provided is of the first 12 months of the total 60 months. For the remaining months, the principal and interest will continue to adjust accordingly.
Why Use Personal Loan EMI Calculator by Paisabazaar?
How to Use the Personal Loan EMI Calculator
Using a personal loan EMI calculator is simple and straightforward.
Follow these steps:
Once all details are entered, the calculator will display your estimated EMI.
Note: The actual EMI may vary based on the final interest rate offered by your lender.
Compare Personal Loan EMIs Across Top Banks/NBFCs
Latest personal loan interest rates by top banks and NBFCs are mentioned in the table below:
| Bank/NBFC | Interest Rates (% p.a.) |
|---|---|
| Aditya Birla Finance | 10.99 onwards |
| Axis Bank | 9.99 onwards* |
| Bank of Baroda | 10.15-18.00 |
| Bajaj Finance Limited | 10.00-30.00 |
| Bank of India | 10.85-16.15 |
| Bank of Maharashtra | 8.75-13.55 |
| Canara Bank | 9.70-15.15 |
| Central Bank of India | 9.85-11.65 |
| Cholamandalam IFC | 10.00-28.00 |
| Dhani Loans & Services Ltd. | 13.99 onwards |
| Federal Bank | 12.00 - 22.50* |
| HDB Financial Services | 10.00 - 35.00 |
| HDFC Bank | 9.99 onwards |
| Hero Fincorp | Up to 30* |
| HSBC Bank | 9.75 onwards |
| ICICI Bank | 9.99 onwards |
| IDFC FIRST Bank | 9.99 onwards |
| IIFL Finance | 12.00 - 28.00 |
| Indian Overseas Bank | 10.25 onwards |
| IndusInd Bank | 10.35 onwards* |
| Kotak Mahindra Bank | 9.98 onwards* |
| L&T Finance | 11.00 onwards |
| Mahindra Finance | 8.00 - 25.00 |
| Mannapuram Finance | 18.00 - 24.00 |
| Moneyview | 14.00 onwards |
| Muthoot Finance | 13.50 onwards |
| Piramal Finance | 12.14 onwards |
| Poonawalla Fincorp | 9.99 onwards |
| Punjab & Sind Bank | 9.60-13.85 |
| Punjab National Bank | 10.25-16.80 |
| Shriram Finance | 11.00 onwards |
| Tata Capital | 10.99 onwards |
| UCO Bank | 9.95 - 13.20 |
| Union Bank of India | 8.75 - 12.55 |
Why Should You Use a Personal Loan EMI Calculator?
Check your affordability
Compare tenure options
Plan for prepayments/transfer
What Impacts Your Personal Loan EMIs?
Understanding the factors that impact your loan EMIs can help reduce your cost of credit. Let us understand some key factors affecting your personal loan EMIs:
Ways to Reduce Your Personal Loan EMI or Total Cost
Can Your Personal Loan EMI Change During the Loan?
What Happens If You Miss a Personal Loan EMI?
How to Use the Calculator to Compare Offers Across Lenders
Paisabazaar’s EMI calculator helps you calculate personal loan EMIs across multiple lenders. Visit the personal loan EMI calculator page, select your bank in the “Select Your Bank” section, enter the required details, and get instant results. On selecting a bank, the calculator automatically fetches the current starting interest rate and calculates your EMI. You can make modifications as needed.
Personal Loan EMI Based on Tenure
EMI for 1 Year
| Interest Rate | Monthly EMI |
|---|---|
| 10% | Rs. 87,916 |
| 12% | Rs. 88,849 |
| 14% | Rs. 89,787 |
| 16% | Rs. 90,731 |
EMI for 3 Years
| Interest Rate | Monthly EMI |
|---|---|
| 10% | Rs. 32,267 |
| 12% | Rs. 33,214 |
| 14% | Rs. 34,178 |
| 16% | Rs. 35,159 |
EMI for 5 Years
| Interest Rate | Monthly EMI |
|---|---|
| 10% | Rs. 21,247 |
| 12% | Rs. 22,244 |
| 14% | Rs. 23,268 |
| 16% | Rs. 24,304 |
Why Early EMIs Have Higher Interest?
To understand why early EMIs have higher interest, we have to first understand the difference between flat interest loan and reducing interest loan.
- Flat Interest Loan: The interest is calculated on the entire loan amount throughout the tenure. The interest part of the EMI remains the same throughout the repayment period.
- Reducing Interest Loan: The interest is calculated on the outstanding loan balance. The interest rate reduces every time you repay the loan in the form of EMI.
Hence, if you have opted for a reducing interest loan, the interest remains higher in the EMI in the early months. With each repayment, the interest continues to decrease and the principal amount continues to increase in the EMI.
How to Apply for Personal Loans through Paisabazaar App
Step 1: Download the Instant Personal Loan App in your mobile phone
Step 2: Sign in by entering the required information and verify your phone number and email address
Step 3: Head to the Personal Loan section
Step 4: Select income range and employment type (e.g. salaried, self employed)
Step 5: Choose from the displayed list of curated personal loan offers
How to calculate EMI manually for a personal loan?
You can calculate EMI using this formula: EMI = [P x R x (1+R)^N] / [(1+R)^N – 1], where:
P = Loan Amount;
R = Monthly Interest Rate (Annual rate/12/100);
N = Loan Tenure (in months)
As manual calculations can be tedious and prone to errors, using an online personal loan EMI calculator would be a much easier and faster way to get accurate results.
Related Links
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Explore Our Personal Loan Lenders
FAQs
What details are required to calculate personal loan EMI?
You will need the amount, rate of interest and tenure of your loan to calculate your personal loan EMI.
Can I calculate EMI for different tenures or interest rates?
Yes, you can calculate EMIs for different tenures or interest rates by simply entering the designated space with your desired tenure and expected interest rate.
Is the result from a Personal Loan EMI Calculator accurate?
Yes, the result of a Personal Loan EMI Calculator is accurate based on the value you enter.
Does using the EMI calculator affect my credit score?
No, using a personal loan calculator does not affect your credit score. In turn, using an EMI calculator can help you stay on track with your repayments and consequently boost your credit score.
Can I calculate EMI for prepayment or part payment using this tool?
Yes, the tool helps you estimate EMI changes after prepayment or part payment.
How can I check my personal loan EMI online?
You can easily check your personal loan EMI online using Paisabazaar’s free personal loan EMI calculator.
Can I use a personal loan EMI calculator for any bank?
Yes, you can use a personal loan EMI calculator for any bank as it requires just the basic details of your loan.
Can I calculate EMI without knowing the interest rate?
No, you will need to provide the interest rate to determine your EMI. The EMI includes includes both a portion of the original loan amount (principal) and the interest charged by the lender.
Does the EMI amount remain the same throughout the loan tenure?
Yes, the EMI usually remains constant throughout the loan tenure if the interest rate is fixed. However, it may change in case of floating rates and prepayments.
How accurate is a personal loan EMI calculator?
A personal loan EMI calculator gives highly accurate estimates based on the inputs you provide – loan amount, interest rate, and tenure. However, the final EMI may vary slightly due to lender-specific processing fees or rounding-off methods.
Can EMI calculators be used for floating rate personal loans?
Yes, you can use EMI calculators for floating-rate personal loans. However, since floating interest rates change with the change in its linked benchmark rates, the calculator will only provide an approximate EMI based on the interest rate entered by the user in the calculator.
Why is EMI different for different banks?
EMIs vary across banks mainly due to the differences in their interest rates, processing fees, and loan tenures offered.
Which bank offers the lowest EMI on personal loans?
Banks offering the lowest interest rates for the longest duration will have the lowest EMIs. You can compare loan offers from 30+ top lenders offering competitive interest rates on personal loans. Use our personal loan EMI calculator to calculate EMIs across varying loan amounts, interest rates and tenures to find an optimal solution.
Is GST applicable on personal loan EMI?
No, GST is not charged on your personal loan EMI. But it is applicable on processing fees and other service charges levied by the lender.
What will be the EMI for Rs. 10 lakh personal loan for 5 years?
At 11% interest rate, EMI would be approximately Rs. 21,750. Try our personal loan EMI calculator to customize this based on your actual rate and tenure.
Can I use an EMI calculator for personal loan balance transfer loans?
Yes, you can use the personal loan EMI calculator for ascertaining the new EMI after the balance transfer. It helps you estimate potential savings and compare EMIs between your current loan and the new offer.
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