Personal Loan EMI Calculator

Q: Why should you know your EMI in advance?

Checks eligibility – Knowing the EMI amount in advance lets you estimate the amount of loan you can take, at what interest rate, and the time you will need to repay it. /n Repayment affordability – Once you know the EMI value, which is a fixed amount over the repayment tenure, you will be able to judge if you are capable of paying that amount every month. /n Plan your budget – By calculating your EMI in advance, you would know how much money you will have to shell out for the repayment of your personal loan. When there is no uncertainty about the EMI value, you can plan your monthly budget smoothly.

Loan Detail

Select Loan Amount

₹

Min ₹ 50,000

Max ₹ 5,00,000

Interest Rate

15 %

Min 15%

Max 35%

Select Loan Repay Duration

12 Months

Min 12 Months

60 Months

Your Estimated EMI

₹ 4477

Apply for Personal Loan

What is a Personal Loan EMI Calculator ?

A personal loan EMI calculator is an online tool that calculates the EMI amount you need to pay against the personal loan taken. You just need to enter three particulars – the loan amount, the interest charged on it, and the desired loan tenure. The personal loan EMI calculator will provide you with the EMI value in seconds.

How to calculate Personal loan EMI ?

The personal loan EMI can be calculated in the following ways –

Manually
EMI Calculator

Manually – You can calculate the EMI on your personal loan, using the formula below:
[P x R x (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.

You can easily dictch long calculations and use a personal loan EMI calculator instead. A personal loan EMI calculate and give you the EMI amount with just a tap.

How to calculate EMI using a Personal Loan EMI Calculator?

Using the Hero FinCorp personal loan EMI calculator, the EMI amount can be calculated in three short simple steps –

In the Personal Loan EMI Calculator, first input the principal amount of the personal loan.

Enter the applicable rate of interest levied on the personal loan.

In the final box, enter the desired tenure of the loan.

Then click ‘Calculate’ and the PL EMI calculator will show you the exact EMI value, based on your inputs.

Calculate Your EMI

What are the benefits of using a personal loan EMI calculator?

There are multiple benefits of using a personal loan EMI calculator, like –

Know EMI value beforehand

A personal loan EMI calculator helps you know the monthly loan instalment that you will have to pay without fail. Thus, it keeps you well prepared for the loan repayment.

Plan your budget

EMI will be a fixed cost for you until the personal loan is fully repaid. Since you can very well know beforehand how much that EMI would be, by using a PL EMI calculator, you can plan your monthly budget accordingly.

Adjust the repayment schedule

Once the personal loan EMI calculator provides you with the EMI amount, if you feel it is a burden or does not suit your current financial situation, you can easily adjust or extend the loan tenure to arrive at an EMI that is more suitable.

Easy to use

With a personal loan EMI calculator, you do not have to worry about doing the calculations and then cross-checking if you are accurate with your calculations or not. When you enter the three particulars, the EMI calculator online for personal loan will show you the precise EMI value.

What is a personal loan amortisation schedule?

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.

How does the personal loan EMI calculator help in lowering the EMI?

Using a personal loan EMI calculator online, you can easily and accurately know the amount of EMI that you will have to shell out every month. By keeping this detail handy, you can extend the loan tenure to adjust your EMI value and reduce it so that your monthly budget and other financial planning are not affected.

The longer the loan tenure, the lesser will be the EMI amount.

Also, if you have a good credit score, with a clear estimate of your EMI value, you can try and negotiate with the financial institution to reduce the interest rate on the loan. Without prior and proper information about the EMI value, this will not be feasible.

Calculate Your EMI

Frequently Asked Questions

What does EMI stand for and what does it mean?

EMI stands for Equal Monthly Instalments. EMI is the monthly amount you will have to pay for the period of your loan tenure to repay your personal loan completely. Each monthly payment is inclusive of a part of the principal amount and a part of the interest amount. This amount remains fixed throughout the repayment period.

How to use a personal loan EMI calculator?

Use Hero FinCorp personal loan calculator to calculate the EMI as follows –

Step 1 – Click on the ‘EMI Calculator’ and in the first box, enter the Principal Personal Loan Amount.

Step 2 – In the second box, submit the Rate of Interest that is applicable on your personal loan.

Step 3 – In the final box, input the Loan Tenure in months (or years).

Then click ‘Calculate’ and you will get your exact EMI value for the details entered.

Why should you know your EMI in advance?

Checks eligibility – Knowing the EMI amount in advance lets you estimate the amount of loan you can take, at what interest rate, and the time you will need to repay it.

Repayment affordability – Once you know the EMI value, which is a fixed amount over the repayment tenure, you will be able to judge if you are capable of paying that amount every month.

Plan your budget – By calculating your EMI in advance, you would know how much money you will have to shell out for the repayment of your personal loan. When there is no uncertainty about the EMI value, you can plan your monthly budget smoothly.

How to reduce your personal loan EMI?

The personal loan EMI amount can be reduced in the following ways –

High down payment – Down payment is the amount that a borrower pays to the lender, at the onset of the loan arrangement from their own pocket. The repayment clause and the interest are charged on the amount that is borrowed. If a major chunk of the loan is paid already, then the repayment, and thus, the EMIs, will also be less.

Long loan tenure – One can reduce the EMI value by choosing a long repayment tenure. A long tenure stretches the loan amount to be paid over a longer period. Consequently, the monthly instalment amount comes down significantly.

Low-interest rate – If the loan amount is manageable or you can pay it back quickly, you can get a loan with a relatively lower interest rate, which will reduce your EMI amount.

Balance transfer – If you have already taken a personal loan, and are finding it difficult to repay the same, you can opt for a balance transfer. In this case, the loan will be transferred to a different lender, with a lower interest rate than the existing lender.