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The tool is automated - you only need to enter three values to get instant results.
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.
Loan up to ₹5 Lakh
Minimum Salary Required ₹15K
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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 Use Hero FinCorp Personal Loan EMI Calculator Online?
The Hero FinCorp Personal Loan EMI Calculator instantly computes your monthly instalment for loan amounts between ₹50,000 and ₹5,00,000 at interest rates from 18% to 30% per annum. Follow these three steps:
- Enter Loan Amount: Use the slider or type directly to select your desired loan amount.
- Set Interest Rate: Input the applicable rate offered by Hero FinCorp (starting at 18% p.a.).
- Choose Tenure: Select a repayment period between 12 and 36 months.
The calculator instantly displays your Monthly EMI and Total Interest Payable. Adjust the sliders to compare EMIs across different loan amounts or tenures and find the most suitable repayment plan for your budget.
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 18% 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 a Reducing Balance EMI Calculator Work for Loans?
A reducing balance EMI calculator computes interest only on the outstanding loan principal after each monthly repayment not on the original loan amount. As you repay, the principal reduces, so the interest component of each EMI decreases while the principal component increases.
The Hero FinCorp Personal Loan EMI Calculator uses this method. Here is how it can also help you lower your EMI:
- Make Prepayments: Paying extra reduces outstanding principal, cutting future interest charges.
- Consider a Balance Transfer: Move your loan to a lender offering a lower rate to reduce EMI.
- Choose a Longer Tenure: Spreads the principal across more months, reducing each instalment.
- Opt for a Step-Down EMI Plan: EMIs decrease over time useful for borrowers approaching retirement.
- Use a Debt Management Plan: Combining loan planning with budget tracking ensures stress-free repayment.
Factors That Affect Your Personal Loan EMI Amount
Whether you are planning a marriage loan, a medical emergency, or a home renovation, your personal loan EMI is shaped by several key factors. Use the Hero FinCorp Personal Loan EMI Calculator or the dedicated Personal Loan for Marriage EMI Calculator to estimate your monthly repayment before applying. The core factors that determine your EMI are:
What Our Customers Say About Us
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It's a great appreciation for obtaining the best personal loan with the fewest papers necessary and promptly disbursing loan ...funds. I truly appreciate your assistance. Simple procedure and a user-friendly interface. There are no problems, inquiries or anything else as long as you pay.
Savi Gupta
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Herofincorp has great funds for various purposes. I got the best personal loan offer compared to interest rates, terms, and fees for ...my best financial situation. Thanks for your assistance.
Rashi Kohli
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It is a simple procedure. For financial emergencies, it is the best option. Thanks for their assistance. Adaptable and well-balanced. You can acquire an immediate loan transfer with Hero FinCorp.
Lalji Soni
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Processing is quick, and had great experiences with this personal loan application and service. I appreciate customer support's gentle communication in helping the process go more smoothly. interest rates provided on the personal loan is the lowest in market. Overall experience good. I'm grateful.
Raj Chaudhary
★★★★★
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I have been looking for a platform that allows me to borrow money quickly, it is convenient, safe and reliable to borrow money on this practical and reliable platform.
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Personal Loan EMI Calculator Related Blogs
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.
- 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.
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.
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.
- 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.
Missing an EMI attracts additional interest of 1%-2.5% per month on the overdue amount. This increases the total cost of your loan.
Yes, prepaying your personal loan helps you close it sooner and save on interest. You can use the Hero FinCorp Personal Loan Part Payment Calculator to calculate exact savings before making a prepayment. Note that lenders may charge a nominal prepayment fee.
In the reducing balance method, interest is calculated each month on the remaining outstanding principal, not the original loan amount. As you repay, your principal decreases, so the interest portion of each EMI reduces over time. The Hero FinCorp Personal Loan EMI Calculator uses this method, making it accurate for planning total interest costs.
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.