Easy to Use
The tool is automated - you only need to enter three values to get instant results.
A Personal Loan EMI Calculator is an easy, effective, online tool that allows you to plan your loan repayments efficiently. Simply enter your loan amount, interest rate, and tenure, and the calculator instantly shows your monthly EMI on the screen. The calculator allows you to adjust the sliders to increase or decrease the EMI based on your capacity of repayment. If you want to reduce your EMI, you can reduce the loan amount or interest rate or increase the tenure. It can help you borrow with confidence and manage your finances better. The EMI calculator is an intuitive, fast, user-friendly online tool, available on the Hero FinCorp website.
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
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.
Before applying for a personal loan, it is important to know the EMI amount to plan your finances better. For this, you can use a personal loan EMI calculator online to calculate your monthly instalments instantly. Follow these three steps to use the calculator on our website.
First input the principal amount of the Personal Loan.
Enter the applicable rate of interest as offered by the lender.
Enter the loan repayment tenure.
Once you enter these values, the calculator will show the EMI amount and total interest payable on the screen.
If you have been wondering why you should use the online personal loan EMI calculator, here are some advantages to help you decide.
A personal loan amortisation schedule is a complete table of periodic loan payments. This table of periodic payments shows the component breakdown of each payment – i.e., how much principal amount and how much interest amount you will need to pay in a repayment. Furthermore, it shows the total payment made and the remaining payable balance. As the tenure advances, a major share of repayment goes towards the principal payment and a lesser one towards the interest payment.
Here is a sample personal loan amortisation schedule for a loan amount of Rs 1,00,000 at 19% annual interest for 12 months. The EMI is approximately 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 |
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.
While applying for a personal loan, the EMI amount is the most important thing you must be concerned about. After all, you must adjust this amount in your monthly budget for successful repayment. Although a personal loan EMI calculator online helps calculate the exact loan EMI amount to repay each month, here are a few factors affecting the monthly obligation:
Use Hero FinCorp personal loan calculator to calculate the EMI:
Then click ‘Calculate’ to get your exact EMI value.