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Personal Finance
Aditya Birla Finance Limited
Calculate Personal Loan EMI
To calculate your monthly EMI, please enter the following information:
Loan Amount
50K
50L
Loan Tenure
1
7
Interest Rate
9%
30%
0/Month
Principal Amount
Interest Amount
Total Payable Amount
Apply Now
Paperless process and online loan disbursal in just one day.
Personal Loan EMI Calculator – Calculate Your Personal Loan EMI Online
Personal loans are the most common and excellent financing option for Indians. They are unsecured, require minimal documentation, and are processed quickly. However, individuals looking for financing options must understand certain aspects, such as EMI (Equated Monthly Instalments).
Understanding EMI is crucial for prospective borrowers as the amount helps the borrower decide whether to take a loan or not. Additionally, as the EMI is required to be paid regularly within a fixed interval, the borrower must be aware of his finances well ahead.
Our Personal Loan EMI Calculator helps you compute your monthly payments easily, allowing you to plan your finances better. Use our calculator to determine your EMI and take control of your financial planning.
How Can you benefit from a Personal Loan EMI Calculator?
Calculating your EMI for a personal loan is tedious and involves many variables. Also, there are chances of differences in units, which can lead to inaccuracy when the cumulative amount is considered. So, a quick and reliable way to get the EMI amount is by using an EMI calculator.
A Personal Loan EMI Calculator offers these advantages:
- Instantly calculates your monthly instalment amount with just a few inputs, saving you valuable time.
- Helps you decide the loan amount and tenure that best suits your financial capability.
- Eliminates any kind of mistakes in calculation.
How Does a Personal Loan EMI Calculator Work?
A Personal Loan EMI Calculator is a simple tool that computes your monthly instalment based on three primary variables:
- Loan Amount: The total amount of money you wish to borrow.
- Interest Rate: The rate at which the bank or lender charges interest on the loan.
- Loan Tenure: The duration over which the loan needs to be repaid.
The calculator uses these inputs to provide an instant EMI amount, making it easier for you to assess the affordability of a loan.
Formula to Determine Personal Loan EMI
The formula for calculating the EMI for a personal loan is:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Where:
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate of Interest/12/100)
N = Loan Tenure (in months)
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate of Interest/12/100)
N = Loan Tenure (in months)
This formula ensures that your EMI is computed accurately based on your loan details.
How to Use ABFL's Personal Loan EMI Calculator?
Using the ABFL Personal Loan EMI Calculator is simple and straightforward:
- Type in the amount you wish to borrow.
- Provide the interest rate offered by the lender.
- Select the duration of the loan (in months).
Click ‘Calculate’: Instantly view your EMI, total interest payable, and total repayment amount.
The results are displayed immediately, giving you a clear picture of your loan’s cost.
Amortization Schedule for Personal Loans
An amortization schedule provides a detailed breakdown of each EMI payment, showing the division between the principal and interest components. This schedule allows you to see how much of your payment goes towards repaying the principal amount and how much is paid as interest over time.
Here is a sample amortization schedule for a personal loan of ₹5,00,000 at an annual interest rate of 12% over a tenure of 5 years (60 months).
Assumptions:
Loan Amount (P): ₹5,00,000
Annual Interest Rate (R): 12% (or 1% per month)
Loan Tenure (N): 5 years (60 months)
EMI (Calculated): ₹11,122 (approx.)
Loan Amount (P): ₹5,00,000
Annual Interest Rate (R): 12% (or 1% per month)
Loan Tenure (N): 5 years (60 months)
EMI (Calculated): ₹11,122 (approx.)
| Month | EMI (₹) | Interest (₹) | Principal (₹) | Principal (₹) |
|---|---|---|---|---|
| 1 | 11,122 | 5,000 | 6,122 | 4,93,878 |
| 2 | 11,122 | 4,939 | 6,183 | 4,87,695 |
| 3 | 11,122 | 4,877 | 6,245 | 4,81,450 |
| 4 | 11,122 | 4,815 | 6,307 | 4,75,143 |
| 5 | 11,122 | 4,751 | 6,371 | 4,68,772 |
| ... | ... | ... | ... | ... |
| 60 | 11,122 | 110 | 11,012 | 0 |
You can use the table to track your repayments and plan prepayments to save on interest.
Advantages of Using ABFL Personal Loan EMI Calculator
The ABFL Personal Loan EMI Calculator offers multiple benefits that help users make informed financial decisions with ease. Here’s how this tool can be advantageous:
1. Accurate EMI Calculation
The ABFL Personal Loan EMI Calculator provides an exact estimate of the Equated Monthly Installment (EMI) you need to pay for a given loan amount, interest rate, and tenure. This accuracy allows you to plan your monthly budget effectively without any ambiguity.
2. Helps in Financial Planning
Knowing the precise EMI amount helps you determine the loan size you can safely borrow without straining your financial resources. Financial experts often suggest keeping your debt-to-income ratio below 30%, and certainly not more than 50%. The calculator aids in maintaining this ratio by letting you explore different scenarios.
3. Unlimited Free Use
You can use the ABFL Personal Loan EMI Calculator as many times as needed, free of charge. This flexibility allows you to check the EMI for various loan amounts and durations until you find an option that best fits your financial situation.
Also Read: What is an Equated Monthly Instalment (EMI)?
4. Quick Comparisons of Different Loan Offers
The calculator helps you instantly compare multiple loan options by simply adjusting the loan amount, interest rate, or tenure. This makes it easier to find a loan that aligns with your budget and financial goals.
5. Easy to Use and Time-Saving
Designed with a user-friendly interface, the calculator provides instant results with minimal input, saving you time and effort. No need to perform complex calculations manually — the tool does it all for you.
6. Precise and Reliable Results
The ABFL Personal Loan EMI Calculator ensures that every calculation is accurate to the last digit, removing any guesswork from your loan planning. This precision allows for better financial management and peace of mind.
By using the ABFL Personal Loan EMI Calculator, you gain valuable insights into your loan’s cost, enabling you to make better financial decisions and plan your future with confidence.
Conclusion
Using a Personal Loan EMI Calculator like ABFL’s can greatly simplify the process of choosing a loan by giving you instant insights into your monthly payments. Make smarter financial decisions with ease by calculating your EMIs today!
Calculate Your Personal Loan EMI Now!
Emi Calculator FAQ’s
EMI means Equated Monthly Installment. It's an amount the borrower pays to a lender at a specified monthly date for loan repayment. EMIs are composed of both principal repayment and interest payment components. The borrower pays the same EMI amount throughout the loan tenure. However, the proportion of principal and interest within the EMI changes over time as the loan is gradually paid off.
EMI Calculator: Personal loan EMI is calculated using the following formula.
EMI = P × r × (1 + r)n
(1 + r)n - 1
Where:
· P = Principal amount(loan)
· r = Monthly rate of interest (yearly interest rate divided by 12 and in decimal)
· n = number of months | loan tenure
A Personal Loan EMI Calculator is a tool that helps borrowers estimate their monthly loan repayment amount by entering details like loan amount, interest rate, and tenure. It assists in planning finances and making informed borrowing decisions.
The personal loan EMI calculator online is the same for all lenders.
The rate of interest can differ depending on the financial institutions.
Factors affecting personal loan EMI are:
- Loan Amount
- Interest Rate
- Loan Tenure
- Type of Interest
- Frequency of Payments
- Prepayment or Foreclosure
- Processing Fees
- Credit Score