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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 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.
EMI Calculator
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.
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.
Know Emi Value Beforehand
It helps you know your monthly instalment before applying, so you can plan your finances..
Plan Your Budget
Based on your EMI amount, you can plan your finances in a better way.
Adjust The Repayment Schedule
You can change your loan and tenure to find a suitable EMI amount.
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?
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.
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:
Income
A higher income allows you to afford larger EMIs and choose shorter repayment tenures.
Credit Score
A strong credit score earns lender trust and helps secure lower interest rates on loans.
Debt-to-Income Ratio
A lower DTI ratio improves EMI affordability and strengthens your overall repayment capacity.
Tenure
Choosing a longer tenure reduces EMIs but increases total interest; so balance your EMI with your budget.
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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.