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Personal Loan EMI Calculator
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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 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.
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 EMI Calculator?
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.
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 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 |
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 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:
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Frequently Asked Questions (FAQs)
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.
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.
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.
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.
EMI stands for Equated Monthly Instalments through which you must repay a loan to the lender. Each loan EMI consists of a certain percentage of the principal amount and the interest cost. A Personal Loan EMI calculator allows easy EMI calculation.
Most Personal Loan plans have fixed interest rates that do not change during the loan tenure. Once you select your loan term, the EMI amount remains unchanged throughout the repayment period. However, sometimes it may change if you prepay a partial amount.
If you miss a Personal Loan EMI, we charge an additional interest rate of 1%-2.5% per month on the overdue EMI or principal amount. Since it may increase your loan cost, paying each EMI before the due date is paramount during the loan tenure.
Personal Loan prepayment is a useful strategy to pay off the debt sooner and save money on the interest outgo. However, you may have to pay a nominal prepayment fees for the same.
Personal Loans are unsecured, which means you do not pledge any asset as collateral against the loan. So even if you fail to pay your loan EMI, you don't have any assets at risk of losing. However, you may have to pay 1-2% of your EMI amount if it remains unpaid for 30 days post due date.