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?
- Helps you estimate your EMIs from multiple lenders.
- It's free and provides quick and accurate results.
- Helps your plan your EMIs beforehand for a smoother repayment journey.
- Available 24*7 to be used from anywhere
- Simple and easy to use
