What is a personal loan EMI calculator?
The personal loan EMI calculator online tool helps borrowers estimate their monthly repayments. A personal loan calculator is beneficial when computing EMIs. The Bajaj Finserv Personal Loan EMI Calculator requires you to fill in only three essential fields to determine your monthly instalments – the loan amount you wish to borrow, followed by the interest rate and the tenure.
You can alter the EMI payments to meet your repayment capability. Increasing the tenure will lower your EMIs and vice versa. You can do this by making changes in the respective fields of an EMI calculator.
The personal loan amount calculator also shows the break-up of the principal and interest amounts while calculating the EMI, and the total cost of borrowing.
How can a personal loan calculator help you in financial planning?
Here is how a personal loan EMI calculator or an interest calculator can help you in your repayment journey:
- Estimating repayments: Calculate monthly instalments based on loan amount, tenure, and interest rate.
- Budgeting: Determine affordability by adjusting variables to find suitable EMI amounts.
- Comparison: Compare EMIs for different loan amounts, interest rates, and tenures to choose the best option.
- Planning loan tenure: Adjust tenure to balance monthly payments with overall interest costs.
- Prepayment evaluation: Assess the effect of making extra payments or early loan closure on the total interest paid.
- Financial decision-making: Make informed decisions by understanding long-term financial commitments and implications.
Formula to determine personal loan EMIs
The formula to calculate personal loan EMIs is:
EMI=(1+r)n−1P×r×(1+r)n
Where:
- EMI = Equated Monthly Instalment
- P = Principal loan amount
- r = Monthly interest rate
- n = Loan tenure in months
This formula computes the fixed monthly payment required to repay a loan amount over a specified period, considering the interest rate. It's used by personal loan EMI calculators to estimate repayments accurately.
Personal Loan Amortisation Schedule
A personal loan amortisation schedule is a detailed table outlining each periodic payment on a loan over its term. It shows the breakdown of each instalment into principal and interest components, allowing borrowers to see how much of their payment goes towards reducing the principal balance and how much goes towards interest. This schedule helps borrowers understand their repayment progress and the remaining balance after each payment. Using a personal loan calculator with amortisation schedule can provide a clear visualisation of the repayment process, making it easier to plan finances and manage debt. By examining the amortisation schedule, borrowers can also assess the impact of making additional payments, which can reduce the loan term and total interest paid.
Here is an example of the amortisation schedule for a personal loan of Rs. 1 lakh taken for a tenure of 12 months at an interest rate of 11% per annum:
Month |
Opening principal outstanding |
Interest paid |
Principal repaid |
Resulting principal outstanding |
1 |
1,00,000.00 |
916.67 |
7,921.50 |
92,078.50 |
2 |
92,078.50 |
844.05 |
7,994.11 |
84,084.39 |
3 |
84,084.39 |
770.77 |
8,067.39 |
76,016.99 |
4 |
76,016.99 |
696.82 |
8,141.34 |
67,875.65 |
5 |
67,875.65 |
622.19 |
8,215.97 |
59,659.68 |
6 |
59,659.68 |
546.88 |
8,291.29 |
51,368.39 |
7 |
51,368.39 |
470.88 |
8,367.29 |
43,001.11 |
8 |
43,001.11 |
394.18 |
8,443.99 |
34,557.12 |
9 |
34,557.12 |
316.77 |
8,521.39 |
26,035.72 |
10 |
26,035.72 |
238.66 |
8,599.51 |
17,436.22 |
11 |
17,436.22 |
159.83 |
8,678.33 |
8,757.89 |
12 |
8,757.89 |
80.28 |
8,757.89 |
0 |
Using a personal loan calculator with amortisation schedule helps in understanding the breakdown of each EMI into interest and principal repayment components. This detailed schedule aids in financial planning by providing a clear picture of how the loan balance decreases over time and the total interest paid throughout the loan tenure.
Factors affecting personal loan EMI calculation
When calculating the equated monthly instalments (EMIs) for a personal loan, several key factors come into play that influence the monthly repayment amount. Understanding these factors can help borrowers plan their finances more effectively and choose loan terms that suit their repayment capacity. Here are the main factors affecting personal loan EMI calculations:
- Loan amount: The principal amount borrowed is one of the primary determinants of the EMI. A higher loan amount results in higher EMIs.
- Interest rate: The rate of interest charged for the loan significantly affects the EMI. A higher interest rate increases the EMI, while a lower rate reduces it. Interest rates can be fixed or floating, impacting how EMIs change over time.
- Loan tenure: The duration of the loan repayment period, known as the loan tenure, also impacts the EMI. Longer tenures result in lower EMIs but may lead to higher overall interest costs, while shorter tenures have higher EMIs with lower total interest payments.
- Processing fees and other charges: Lenders charge processing fees and other administrative costs when approving a loan. These fees can be either added to the principal amount or paid upfront, affecting the total loan cost and, subsequently, the EMI.
- Prepayment and foreclosure Options: Borrowers who plan to prepay part of their loan or foreclose the loan before the end of the tenure should consider the associated penalties or charges. These factors can impact the overall cost of the loan and the calculated EMI if adjustments are made to the repayment schedule.
How to use the Bajaj Finserv online personal loan EMI calculator?
To calculate your EMIs, use our personal loan monthly emi calculator. It is easier to use than doing the computation in an excel sheet. Follow the below steps to calculate your monthly EMIs using our online personal loan EMI calculator.
- Simply input the loan amount, interest rate for personal loan, and tenure in the designated fields.
- Click the 'Calculate' button to obtain the monthly EMI amount.
- Explore various loan scenarios by adjusting the input parameters and gain insights into the total interest payable and repayment schedule with our EMI calculator for personal loan.
Once you’ve calculated your EMI, take the next step and apply for a personal loan. Our seamless application process ensures that you get the funds you need without any hassle and also discover the best app for personal loans to streamline your borrowing experience and manage your finances more efficiently.
Advantages of using the personal loan calculator for computing EMIs
- Accurate repayment planning: Provides precise calculations of monthly payments based on input data to help you plan your repayment as accurately as possible.
- Time-saving: Quickly generates EMI amounts without manual calculations or spreadshets.
- Financial Planning: Helps plan budgets and expenses by forecasting future loan repayments.
- Flexibility: Adjust variables like loan amount and tenure to find the most suitable repayment plan.
- Informed decision-making: Empowers borrowers with insights to make wise choices about borrowing.
Additionally, you can easily calculate personal loan eligibility using our tool to see how much you can borrow based on your financial profile.
Frequently asked questions
An equated monthly instalment (EMI) is a fixed monthly payment made by a borrower to a lender on a pre-determined date each month. EMIs are comprised of both interest and principal amounts. It is helpful to use a personal loan EMI calculator when calculating EMIs in advance. Our EMI calculator simply needs you to enter the loan amount you wish to borrow, the interest rate, and the tenure in order to calculate your monthly instalments.
A personal loan EMI calculator is an easy-to-use online tool that estimates borrower's Equated Monthly Instalments (EMIs) for a personal loan. The calculator provides an exact computation of the monthly repayments after entering the loan amount, interest rate, and tenure, allowing the informed borrowing decisions.
A Personal Loan EMI calculator uses an EMI calculation formula to calculate your monthly instalments. The formula used is:
E = P*r*(1+r)^n/((1+r)^n-1) where,
E is EMI
P is the principal loan amount,
r is the rate of interest calculated monthly, and
n is the tenure/ duration in months
For example, you have applied for a Bajaj Finserv Personal Loan of Rs. 1 lakh at an interest rate of 14% p.a. for a tenure of 2 years. Your EMI will be 4801. Check your EMI easily using our online EMI calculator for different amounts of personal loans.
A personal loan EMI calculator helps borrowers choose a suitable loan by allowing them to compare different loan options depending on their EMI affordability. Borrowers can compare the impact on monthly repayments by entering various loan amounts, interest rates, and tenures, making it simpler to select a loan that best meets their financial capabilities.
Below are some simple steps that can help you reduce personal loan EMIs:
- Choosing a longer repayment tenure will help you spread the loan cost and reduce your monthly instalments.
- Maintain a good CIBIL Score to enjoy low-interest rates and reduced EMIs.
The following are the advantages of using a Bajaj Finserv Personal Loan EMI Calculator:
- Quick and hassle-free EMI calculation
- Minimises the chances of error
- A repayment schedule for the entire tenure helps you plan your finances better
- Helps in choosing a suitable amount that is repayable over time without affecting your financial health
You can use Bajaj Finance Personal Loan EMI Calculator to calculate EMIs of personal loans offered by financial institutions. You must enter the desired loan amount, tenure and interest rate to estimate your monthly EMIs in advance.
We strongly recommend not skipping your regular repayments as it could negatively impact your CIBIL score. Also in such cases bounce charges and penal charges will be charged.
(i) Bounce charges - Rs. 700
Rs. 1,200 per bounce. “Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.
(ii) Penal Charge - Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
Find out more about personal loan tenure options
A personal loan amortisation schedule is a detailed table of periodic payments to be made for the loan tenure. Lenders use an amortisation calculator to create this schedule. Amortisation is a calculation process that specifies loan repayment via EMIs over the tenure selected.
It carries a detailed breakdown of the principal and interest amount included in every EMI payable through the tenure until the complete repayment of the loan. The schedule gives accurate insights to a borrower on the principal and interest components included in each EMI.
Factors such as credit score, loan amount, repayment tenure, and current market rates will determine your personal loan rate of interest. Research various lenders, compare their offers and negotiate for the best rate. Bajaj Finance Limited offers personal loans at competitive interest rates starting from 11% p.a.
You can calculate your EMIs using our online EMI calculator and obtain precise results. Simply input your desired loan amount, interest rate, and loan tenure into the monthly EMI calculator to obtain an estimated EMI based on your preferences.
Yes, personal loan calculator can help to calculate the total interest on the loan, providing valuable insights into the overall cost of borrowing. Utilising the calculator allows for a more informed financial decision-making process.
The EMI depends on the interest rate and tenure. For example, the EMI for a Rs. 5 lakh personal loan at 11% p.a. for 5 years is Rs. 10,871.
The EMI depends on the interest rate and tenure. You can use a Rs. 2 lakh personal loan EMI calculator to find out the EMI. For example, the EMI for a Rs 2 lakh personal loan at 11% p.a. for 5 years is Rs. 4,348.
The EMI depends on the interest rate and tenure. For example, the EMI for a Rs 1 lakh personal loan at 11% p.a. for 5 years is Rs. 2,174.
To find the EMI for a 12 lakhs personal loan, use a personal loan calculator and input the details such as your tenure and the interest rate. It will accurately show you the monthly instalments needed.
The EMI depends on the interest rate and tenure. For example, the EMI for a Rs 10 lakh personal loan at 11% p.a. for 5 years is Rs. 21,741.
The EMI depends on the interest rate and tenure. You can use a Rs. 20 lakh personal loan EMI calculator to find out the EMI. For example, the EMI for a Rs 20 lakh personal loan at 11% p.a. for 5 years is Rs. 43,482.
The EMI depends on the interest rate and tenure. For example, the EMI for a Rs 3 lakh personal loan at 11% p.a. for 5 years is Rs. 6,522.
The EMI depends on the interest rate and tenure. For example, the EMI for a Rs 6 lakh personal loan at 11% p.a. for 5 years is Rs. 13,043.
To find your 12 lakh personal loan EMI, use a personal loan EMI calculator for Rs. 12 lakh. This tool helps you determine monthly payments based on loan amount, tenure, and interest rate.
The EMI depends on the interest rate. However, to find the EMI for a Rs. 15 lakh personal loan over 10 years, use a personal loan EMI calculator. It will compute your monthly payments based on the interest rate.
To find the EMI for a Rs. 50,000 personal loan, use a loan EMI calculator. This tool calculates your monthly payments based on loan amount, tenure, and interest rate.
