Loan Amount (in rupee)
₹
- 3000
- 5L
Interest Rate (%)
- 6
- 38
Loan Term (in months)
- 3
- 72
Your Monthly EMI Is
₹ 0.00
Total Interest
₹ 0.00
Total Amount Payment
₹ 0.00
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Calculate Your Loan EMI for Up to ₹2 Lakhs in less than 6 Minutes!
Loan Amount (in rupee)
Interest Rate (%)
Loan Term (in months)
| Month | Opening Balance | Interest Paid | Principal Paid | Monthly EMI | Closing Balance |
|---|
A monthly emi calculator for personal loan is an online tool that helps you calculate the monthly installment (EMI) for a personal loan. By entering details like loan amount, interest rate, and tenure, it shows how much you will need to pay each month to repay the loan.
Here is the formula used to calculate EMI amount, total payable amount and interest amount:
E = P x R x (1+R)^N / [(1+R)^N-1], where
E is your personal loan EMI amount
P is the amount you are borrowing from the loan provider
R is the monthly interest rate
N is the no. of months of EMI payment
For example – Let’s say you want to avail a personal loan of Rs. 50,000 for a period of
12 months at a monthly interest rate of 1.5%. Then,
P (loan amount) = Rs. 50,000
R (interest rate) = 1.5%
N (loan tenure) = 12 months
Thus, EMI = 50000 x 0.015 x (1+0.01)^12 / [(1+0.015)^12-1] = 4589.73
So, your personal loan EMI amount would be approx. Rs. 4589.73 for 12 months.
Enter the loan amount you want to avail
Enter the annual interest rate for personal loan
Enter the no. of EMIs you want to repay the loan
Adjust values to determine the best EMI plan for you
Understanding your loan repayments is easy when you use the right tools. Here’s how a personal EMI calculator can help:
Your personal loan EMI contains 3 main components : your loan amount, interest rate charged and loan tenure. A change in any of these components can change your EMI amount. There are some factors that can affect these components.
If you have a high credit score, you automatically get approved for loans with favorable interest rates and longer tenure helping you reduce your EMI.
Your monthly income determines your repayment capacity. A high and steady income is often seen as a green flag among lenders.
Debt-to-Income Ratio is the percentage of your monthly income that goes into paying EMIs. The amount you pay in your EMIs should not be more than 40-50% of your income.
With a monthly emi calculator for personal loan, you can adjust the tenure with to calculate emi for personal loan and determine the EMI amount that you can afford to pay comfortably.
You can use the EMI calculator to compare loan offers from different personal loan providers and make an informed decision based on the most favourable terms.
Knowing more about your EMI amount, total amount to be repaid and the interest component of the loan will give you transparency on the financial implications of the loan.
Personal loans are calculated by using the formula E = P x R x (1+R)^N / [(1+R)^N-1], where
E – personal loan EMI amount
P – amount you are borrowing from the loan provider
R – monthly interest rate
N – no. of months of EMI payment
The interest rate on your personal loan can vary from lender to lender. Zype offers personal loans up to Rs 2 lakhs starting at just 1.5% per month.
If you have a good credit score, a stable income and clean repayment history you will get a loan at a lower interest rate which will automatically reduce your EMI.
Yes, you can compare the EMI for multiple personal loan options using Zype’s Personal Loan EMI Calculator. It allows you to input different loan amounts, tenures, and interest rates to easily compare the monthly installments for various loan options.
Absolutely! The Personal Loan EMI Calculator is completely free to use. You can access it anytime to calculate your monthly payments.
To calculate interest on a personal loan, use the formula: Interest = (Loan Amount × Interest Rate × Tenure) ÷ 100. You can also use an online EMI calculator for quick results.
If you skip your EMI payment, you might face some negative consequences like penalty charges, decrease in credit score and even recovery calls from loan agents.
Personal loan amortization schedule is a detailed table that contains all the information about your repayment. It further breaks down your EMI payments into outstanding amounts and interest.
When you use a personal loan EMI calculator online to calculate your EMIs, you get a clear idea about the monthly repayment you will be making towards your outstanding loan. This can help you assess whether the loan amount you’re planning to take fits your budget or not.
A Personal Loan EMI Calculator helps you plan your finances better. It gives you a clear understanding of your monthly payments, making it easier to choose the loan that best fits your budget and financial goals.
To use a Personal Loan EMI Calculator, you’ll need to provide the loan amount, interest rate, and loan tenure. These details help the calculator determine the precise EMI you’ll need to pay each month.
To calculate the lowest EMI for your personal loan, choose a longer repayment tenure and compare interest rates using an EMI calculator to find the most affordable option.
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