Personal loan EMI is the amount paid every month to the lending institution towards the repayment of your loan taken for personal use. Our Personal Loan EMI Calculator will help you to know exactly how much amount you will have to assign every month from your income for payment of these installments.
Like every loan, the lender tries to recover more of interest portion in the beginning of the tenure. Hence the contribution of EMI is higher towards the interest portion in the beginning of the tenure and it reduces as the tenure nears the end.
Our Personal Loan EMI Calculator will help you to quickly determine the monthly installments you are likely to pay on repayment of your personal loan.
You just have to enter basic values like:
Loan Amount you wish to avail
No.of monthly installments (normally lender offers maximum tenure between 48-60 months)
Rate of interest offered by the lender
Personal Loan interest rate is dependent on various factors like nature of employment and past credit history etc. hence the rate of interest can vary drastically from one lender to another. You can increase/decrease the tenure to find most comfortable EMI. You can also increase the tenure to increase the loan eligibility amount and vice versa to repay the loan in short duration. But always remember that normally bank considers 40% – 45% of your monthly salary as available to service EMI’s of all loans.
You can either use the slider to increase/decrease the values or directly enter the data in the input parameters. The resultant EMI will be displayed on the top right hand corner of the EMI calculator.
The pie-chart will display the amount of interest you have paid towards servicing of this loan. You can also compare EMI’s at different interest rate offered by financial institutes to choose the most suitable option as per your affordability.