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Personal Loan EMI Calculator
Use Hero FinCorp’s Personal Loan EMI Calculator to check monthly EMIs and interest payable, powered by an RBI-licensed NBFC.
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Personal Loan EMI Calculator
What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator is an easy, effective online tool that helps you calculate your EMI and plan your monthly repayment efficiently. Simply enter your loan details like loan amount, interest rate, and loan tenure, and the calculator instantly shows your equated monthly instalment on the screen. You can adjust the sliders to increase or decrease the EMI based on your repayment capacity. If you want to reduce the EMI, you can adjust the loan amount or interest rate or increase the tenure. This tool can help you borrow with confidence and manage your finances better. The EMI calculator for personal loan is intuitive, fast, and user-friendly, available on the Hero FinCorp website.
How to Calculate Personal Loan EMI?
- Manually
You can calculate the EMI on your instant personal loan, using the formula below:
P × R × [(1+R) N / (1+R) N-1]
where,
E is the EMI
P is the Principal loan amount
R is the rate of interest
N is the loan tenure in months - Using PL EMI calculator
You can easily ditch the long calculations and use a personal loan EMI calculator instead. A personal loan EMI calculator will calculate and give you the EMI amount with just a tap.
How to Calculate EMI using a Personal Loan Calculator?
Before applying for a personal loan, it is important to know the EMI amount to plan your finances better. You can use a personal loan EMI calculator online to calculate your personal loan EMI and monthly repayment instantly. Follow these three steps to use the calculator on the Hero FinCorp website:
1. Enter the loan amount of the personal loan.
2. Input the applicable personal loan interest rate as offered by the lender.
3. Enter the loan tenure for repayment.
Once you input these values, the calculator will show your equated monthly instalment (EMI), total interest payable, and help you plan your monthly payment effectively.
What Are the Benefits of Using a Personal Loan EMI Calculator?
If you have been wondering why you should use the online personal loan EMI calculator, here are some advantages to help you decide.
What Is a Personal Loan Amortisation Schedule?
A personal loan amortisation schedule displays your EMI payments along with a detailed breakdown of the principal and interest. Your monthly repayment, total payments made, and how much of the loan is still left can be easily monitored throughout the loan tenure.
For example, borrowing Rs. 1,00,000 at 19% per annum personal loan rate of interest for 12 months will result in an EMI for a personal loan of around Rs. 9,216 per month.
| Month | Opening Balance | Interest Paid during the month | Principal paid in the month | Closing Balance |
|---|---|---|---|---|
| 1 | 1,00,000 | 1,583 | 7,633 | 92,367 |
| 2 | 92,367 | 1,462 | 7,754 | 84,613 |
| 3 | 84,613 | 1,340 | 7,876 | 76,737 |
| 4 | 76,737 | 1,216 | 8,000 | 68,737 |
| 5 | 68,737 | 1,089 | 8,127 | 60,610 |
| 6 | 60,610 | 961 | 8,255 | 52,355 |
| 7 | 52,355 | 829 | 8,387 | 43,968 |
| 8 | 43,968 | 696 | 8,520 | 35,448 |
| 9 | 35,448 | 561 | 8,655 | 26,793 |
| 10 | 26,793 | 425 | 8,791 | 18,002 |
| 11 | 18,002 | 285 | 8,931 | 9,071 |
| 12 | 9,071 | 144 | 9,072 | 0 |
How Does The Personal Loan EMI Calculator Help In Lowering The EMI?
Not only does a Personal Loan EMI Calculator make it easier for you to plan for your repayments, it can also serve you in many ways to carefully and efficiently reduce your instalment.
1. You can use the free online Personal Loan Calculator to make your decision based on your budget.
2. You can consider the possibility of balance transfers to another lender who can offer you a lower interest rate in the beginning.
3. Whenever you have some extra money, you can choose to make prepayments of your loan to reduce your loan burden.
4. If you can opt for a step-down EMI plan where repayments decrease over time. This could be useful to those of you approaching retirement.
5. Making sure you consider a rational debt management plan makes the loan useful and not stressful if you plan well using the EMI calculator.
Factors That Affect a Personal Loan EMI Amount
While applying for a personal loan, the EMI (equated monthly installment) is very important since it directly affects your monthly budget. A personal loan EMI calculator is of great help, but the factors that determine your EMI are:
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Frequently Asked Questions (FAQs)
EMI stands for Equal Monthly Instalments. EMI is the fixed monthly amount you pay throughout your loan tenure to repay your personal loan fully. Each EMI consists of a part of the principal and a part of the interest.
EMI stands for Equated Monthly Instalments through which you repay a loan to the lender. Each EMI includes both principal repayment and interest cost.
Use Hero FinCorp personal loan calculator to calculate the EMI:
- Step 1: Enter the Principal Loan Amount.
- Step 2: Enter the Rate of Interest applicable.
- Step 3: Input the Loan Tenure in months/years.
Then click ‘Calculate’ to get your exact EMI value.
- Checks Eligibility: Helps you estimate the loan amount, interest rate, and tenure suitable for you.
- Repayment Affordability: Ensures you can pay the EMI comfortably every month.
- Plan Your Budget: Eliminates uncertainty and helps you plan monthly expenses better.
- High Down Payment: Lower borrowed amount means smaller EMIs.
- Long Loan Tenure: Spreads repayment over a longer period, reducing EMI.
- Low Interest Rate: A lower rate brings down EMI amount.
- Balance Transfer: Transfer loan to another lender offering lower interest rates.
Most personal loans have fixed interest rates, so EMI remains constant. However, it may change if you prepay a partial amount or switch to a different interest rate.
Missing an EMI attracts additional interest of 1%-2.5% per month on the overdue amount. This increases the total cost of your loan.
Since personal loans are unsecured, you do not risk losing assets. However, unpaid EMIs attract penalties (1-2% of EMI amount after 30 days) and negatively impact your credit score.
Yes, prepaying your personal loan helps you close it sooner and save on interest. However, lenders may charge a nominal prepayment fee.