Personal Loan EMI Calculator
Calculate your Personal Loan EMI and Interest payable in 3 steps
(Principle + Interest)
Personal Loan EMI Calculator
Personal loan EMI calculator is a basic financial tool that helps you to calculate your personal loan EMI by providing simple details like loan amount required, interest rate and tenure of the personal loan.
As a responsible borrower, a lender expects you to repay the loan amount with interest on loan on time using the monthly instalments also called as Equated monthly instalments or EMIs, at the same time, you will have your monthly household expenses to take care of, therefore it’s advisable to know your personal loan EMI before you take a personal loan.
Whenever you are borrowing or planning to borrow a personal loan from a Bank or other lenders you should check the EMI amount of the purposed loan before taking disbursement of the loan, that will help you to plan your monthly expenses and repayment of the loan better.
Personal Loan EMI
EMI stands for Equated Monthly Instalments, it’s the installment amount of the loan to be paid every month till your personal loan tenure is matured and completely closed. An EMI consist of two components, interest on the principle outstanding loan amount and a part of principle payment. My Mudra FinCorp, personal loan EMI calculator facilitate you to calculate the EMI amount of your personal loan in simple steps and it’s easy to use. Personal Loan EMI= Interest on principle outstanding loan amount + interest on outstanding loan amount.
Personal loan EMI Calculation Formula
A personal loan EMI calculator functions and work on 3 parameters- personal loan amount, tenure of the loan, and interest rate. The formula to calculate a personal loan EMI is as mentioned below:
EMI = P*R*(1+R)^N/((1+R)^N-1) Where- EMI= Equated monthly installments
- P= Principle personal loan amount
- R= Rate of Interest, calculated on monthly basis
- N= term of the loan/ tenure of the personal loan
Calculation of Personal Loan EMI
Calculation of personal loan EMI amount for banks and NBFCs is based on following factors:
- Interest rate on your personal loan
- Loan amount
- Tenure of the personal loan
A personal loan is always sanctioned for a fixed tenure and with fixed rate of interest. Lower personal loan amount with higher tenure and lower interest rate will make your personal loan EMI lower, whereas higher loan amount with higher rate of interest and lower tenure on loan will make your personal loan EMI higher
Basic Facts about EMI
- Higher EMI: shorter tenure of a personal loan makes the EMI higher
- Lower EMI: higher tenure of a personal loan makes the EMI lower
- Interest Rate: lower interest rate makes the EMI lower for personal loan
Using Personal Loan EMI Calculator
A personal loan EMI calculator basically works on three main components i.e. loan amount, interest rates and the loan tenure.
Loan amount is the quantum of amount you are borrowing or wish to borrow from any financial institute. The personal loan amount a bank would offer you depends on your repayment capacity, repayment track on loans and few other factors.
Before finalizing the loan amount, a borrower needs to make sure that the EMI amount should not exceeds more than 60% of your monthly income as the lenders have set an upper cap on the lending amount. Interest rate offered by the lender, that depends on the loan amount you are proposed to borrow, your net monthly income and the corporate you work.
Loan tenure the tenure of loan a lender will offer you depends on your age at the time of applying for the loan. The tenure for a personal loan goes up to 5 years.
The moment you input these details, the calculator will tell you the EMIs amount for your personal loan. The total interest payable in the complete term of the and principle payment.
Before taking a personal loan, you can match the EMI with your monthly income and can adjust the loan amount accordingly as your EMI should not exceed 60% of your income. What if your EMI goes above 60% of your income? In such cases, you can either reduce the loan amount or increase the tenure as per your requirements.
Benefits of using MyMudraFinCorp personal loan EMI calculator
Using our personal loan EMI calculator will certainly help you to plan your monthly cash flow, EMI for the loan etc.
It will save your time as you will not have to make lengthy and time consuming calculations. You can get your EMI estimate with just few click and by providing simple details.
- You can plan your loan in a better way as it will provide you with the calculation like how much amount you need to borrow or what will be your tenure. An EMI calculator will let you choose the best suited personal loan for you
- Our EMI calculator is easy and accurate. As one can make a mistake using the manual calculation but our calculator provides you much accurate information.
- Repayment Schedule: Personal loan EMI calculator will also help you to get your personal loan EMI repayment schedule for the entire term of loan. The schedule will also provide you how much interest you will be paying on the borrowed loan during the entire term of the loan.
The EMI calculator is free of cost and one can use this calculator as many times as they want. All you need to do is to access the site of My Mudra FinCorp. Using the same calculator, you can calculate personal loan EMI for HDFC Bank, ICICI Bank, Axis Bank, SBI and other Banks and NBFCs.
Personal Loan EMI Calculator FAQs
- What is EMI?
EMI stands for equated monthly instalment. An EMI comprises of both principle and interest component. You can use our personal loan EMI calculator to find out your monthly instalment payments based on the loan amount, rate of interest and repayment period of the loan.
- What is personal loan EMI?
A personal loan EMI is a medium through which you repay your loan. EMI consists of two components: one is principle amount and the other is interest charged on current outstanding loan amount. Initially, when you start repaying your loan, the interest component in the EMI is higher and principle component is lower. As the loan matures, the interest component keeps reducing and the principle component increases.
- Why you should use personal loan EMI calculator
Before settling for a personal loan, one needs to survey their reimbursement capacity with the goal that you don’t land up in a monetary emergency. An EMI calculator helps you to avoid unnecessary crisis like situation while repaying the personal loan.
A personal Loan EMI calculator utilized for calculating EMI of a personal loan is what we call a personal loan EMI calculator. It is a simple to use, free of cost tool that can be easily accessed from anywhere. It calculates the monthly installments that you will pay towards your loan repayment. Individuals applying for a personal loan are advised to use a calculator before taking personal loan.