Personal Loan EMI Calculator
EMI payments' schedule
| Year | Principal (A) | Interest (B) | Total Payment (A + B) | Balance | Loan Paid to date |
|---|---|---|---|---|---|
| Adjust the EMI calculator above to see the schedule. | |||||
What is a Personal Loan EMI calculator?
How Can a Personal Loan EMI Calculator Help You?
A personal loan EMI calculator is helpful for you as it facilitates:
- Better categorisation of credit
- Monthly budget planning
- Estimating loan amount to be availed
- A more accurate repayment plan
- Replanning and readjusting repayment if required
- A detailed breakup of your repayment tenure and amount
What is the Formula to Calculate EMI on Personal Loan?
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
where,| EMI | is the Equated Monthly Instalment |
| P | is the principal loan amount |
| R | is the monthly interest rate (annual interest rate divided by 12) |
| N | is the number of monthly instalments or the loan tenure in months |
To explain it further, let's see an example:
Suppose you take a car loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
How to use the KreditBee Personal Loan EMI calculator?
The best thing about our Personal Loan EMI Calculator is that you can use it even if you haven’t taken out a loan before.
A loan EMI calculator is ideal for first-time borrowers, as it will present a clear picture of their EMI.
You just need to enter three key elements – the loan amount, repayment tenure and interest rate. The EMI calculation will automatically be done for you. There are also sliders, through which you can increase or decrease any of these elements as per your requirements.
What are the advantages of using the KreditBee EMI calculator?
- Simple process: The process to use it is pretty simple and straightforward. It facilitates an easy understanding of the complete loan journey.
- Easy accessibility: The tool is available for one and all to use, free of cost, and hence is easily accessible to anybody who wants to use it.
- Planning repayment tenure: Our EMI calculator helps you plan your repayment tenure, amount, and EMIs.
- Rendering accurate data: Our EMI calculator is an auto-generator tool, and it takes complex calculations to render accurate data about your loan EMIs.
- Simplifying loan planning: As the tool lays out a detailed description of your loan’s components, it helps in planning out a better, more streamlined way of repayment.
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Frequently Asked Questions
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1. What is an EMI?
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2. What is a Personal Loan EMI Calculator?
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3. How do I use the Personal Loan EMI Calculator?
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4. How to Calculate Personal Loan EMI?
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5. Why Choose KreditBee Personal Loan?
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6. How to use an EMI Calculator?
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7. How is the personal loan interest rate calculated?
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8. What are the factors that affect personal loan EMIs?