EMI Calculator
Select Loan
Loan Amount
₹10 Lac
 
For Time Period
10 Years
Interest Rate
7.8 %

Get new loan personalized just according to your needs

  • Low Interest Rate
  • No Hidden Charges
  • Low/No Prepayment

Apply Now

Amortization Schedule

Get new loan personalized just according to your needs

  • Low Interest Rate
  • No Hidden Charges
  • Low/No Prepayment

Apply Now

What is Personal Loan EMI Calculator?

A personal loan is an unsecured credit instrument offered by banks and other lending institutions. It does not require any collateral or security and is approved with minimal documentation. The borrower can use the fund to meet any financial need.

Just like any other loan, a personal loan is also paid in EMIs. A personal loan calculator helps you determine the EMI and interest payable on the borrowed amount. It is a simple-to-use tool that enables you to plan your finances better.

How Personal Loan EMI Calculator Works?

A personal loan calculator is a financial planning tool that shows you the monthly installment, interest payable, and the total repayment amount. You can use a personal loan interest calculator and determine your repayment details by filling in the following details:

Loan Amount: The amount of loan you want to borrow from the lender.
Loan Tenure: The time period you choose for the repayment of the loan.
Interest Rate: The rate of interest charged by the lender on the loan amount.

The personal loan EMI calculator uses the entered details and shows you the accurate figures related to loan repayment. You can conveniently change the inputs and get different results to decide the best amortization plan according to your repayment ability.

Formula to Calculate Personal Loan EMI

The formula required to calculate personal loan EMI is P x R x (1+R)^n/{(1+R)^n-1} where,

P- The principal amount borrowed in the personal loan
R- Rate of interest charged by the lender on the approved loan amount
n- Loan repayment tenure in months

Let us understand how personal loan EMI is calculated with an example:

Suppose Mr. A borrowed Rs 1,00,000 personal loan from a lender for a period of 3 years at an applicable interest rate of 15 percent.

Here,
P (Principal loan amount) is Rs 1,00,000
n (Loan repayment tenure in months) is 3x12 = 36 months
R (rate of interest) is 15/(12x100) = 0.0125

By putting the figures in the formula we get:
EMI = 100000 x 0.0125 x (1+0.0125)^36/34
EMI = Rs 3,467

Interest payable on principal = Rs 24,793
Total repayment amount = Rs 1,00,000 + Rs 24,793 = 1,24,793

Doing manual calculation using the formula requires much time and effort and is prone to errors. You also need to redo the calculations if you want to change any of the variables. A personal loan EMI calculator comes in handy and does all the complex calculations within no time. With a pl EMI calculator, you can save time and effort and change variables easily to arrive at the best loan amortization plan.

How to Use Personal Loan EMI Calculator?

To use a personal loan interest rate calculator, you will need to follow a few basic steps:

  1. Open a personal loan EMI calculator online on your internet browser. There are a number of online personal loan calculators available. Choose INDmoney’s EMI calculator to check the detailed breakdown of your loan repayments.
  2. Enter the amount of loan that you wish to borrow.
  3. Select the time period for repayment of the loan and enter your preferred interest rate.
  4. The personal loan EMI calculator will show your EMI and other necessary repayment details instantly.
  5. The EMI calculator also allows you to change the loan requirement details so that you can plan the repayment in advance by knowing different amortization plans.

All these happen within a few simple clicks and right at your fingertips.

Advantages of Using INDmoney’s Personal Loan EMI Calculator

INDmoney’s personal loan calculator is a simple yet highly functional tool that can calculate your loan EMI in a moment. There are a number of perks of using INDmoney’s personal loan EMI calculator.

  • INDmoney’s personal loan calculator is an online tool that can be accessed from any device that has a working internet connection. You can calculate your EMI even on the go without doing any calculation.
  • With prior knowledge of the loan EMI and amortization schedule, you can plan your repayment accordingly. This helps to remain financially able and be well-planned for the loan repayment.
  • By changing the inputs in INDmoney’s online personal loan calculator, you can compare personal loan offers from different lenders. This assists you get the best offer at the lowest possible cost.

Why Should You Take a Personal Loan?

Financial emergencies are uncertain and can knock on your door in any form. You might face a medical emergency and need money to pay hospital bills or have to make a sudden travel plan but fall short of cash, in any such case, a personal loan can help you meet your immediate financial needs and overcome the situation easily. A personal loan has a number of benefits over types of credit instruments.

Easy Approval

A personal loan is mostly required to meet immediate financial needs, thereby, it is approved easily by the lenders and the amount is disbursed as quickly as possible. There are a number of online lenders who approve personal loans within a few minutes. You can apply for a personal loan online and get money disbursed to your bank account without any hassle.

Minimal Documentation

You do not need to go through complicated documentation and formalities for taking a personal loan. Lenders only ask for your KYC documents and income details. The loan is approved immediately once the submitted details are verified.

Flexible Usage

You can use the sanctioned personal loan amount anywhere and for anything. The freedom to use the loan amount is the main reason behind the popularity of personal loans.

No Collateral Required

A personal loan is a type of unsecured loan. You do not have to pledge any collateral with the lender while applying for a personal loan. This makes it easy for one to apply for a loan even if he/she does not have any assets to keep as a mortgage.

Personal Loan FAQs

  • What is the minimum salary requirement for a personal loan?

    You can get a personal loan even if you have a salary of Rs 10,000. However, you must check your eligibility as different lenders have different salary requirements for loan approval. Make sure you do not have any running EMIs and keep a clear financial record to fast pace the loan approval process.

  • What is the maximum tenure of a personal loan?

    Most banks and other financial lenders offer up to 5 years of loan repayment tenure.

  • Can I get a personal loan without any credit score?

    It is always recommended to have a good credit score to get the best personal loan offers easily. However, even if you do not have a credit score, you can still get a personal loan from some lenders.

  • What are the documents required to get a personal loan?

    You need to submit only a few documents while applying for a personal loan:

    • Identity proof (Aadhar card or PAN card)
    • Income proof (Bank statement or salary slip)
    • Address proof (Aadhar card or Voter id card)

    The final documentation requirement varies from lender to lender.

  • What are the extra charges on a personal loan?

    Lenders charge 1-2% of the sanctioned loan amount as a processing fee in order to cover the expenses of paperwork and formalities involved. However, you can get the processing fee waived off if you have a long-term association with the lender.

Frequently Asked Questions (FAQs)

  • What is EMI?

    EMI or Equated Monthly Installments is the amount payable to the bank until the entire loan amount is paid off. It consists of Interest on loan as well as the principal component. The interest component is larger during the initial months and gradually decreases

  • Which is a cheaper loan? Lower EMI or Lower Interest Rate?

    For a given amount, if you look at two loans of equal amounts & same tenure, you will always pay higher EMI for the higher Interest rates.
    Financially it is always cheaper to take a loan with lower interest rate & highest EMI, however, if you think EMI burden might hamper your routine expenses, then opt for a higher tenure.

  • How can I opt for a loan?

    Below are the ways you can request for a loan on the the INDmoney website.

    1
    Login
    2
    Liabilities
    3
    Request New Loan
    4
    Select Loan Type
    5
    Ask for Proposal
  • What is the maximum amount of loan I can take?

    Maximum Loan that you can afford depends on several factors, like your income, credit score, collateral value, type of loan, etc. You can check the tentative sanction amount on the Indwealth website.

    1
    Login
    2
    Liabilities
    3
    Request New Loan
    4
    Select Loan Type
    5
    Tentative Sanction Amount
  • What are the benefits of opting for a loan via Indwealth platform?

    1. Unbiased Advisory:  Our Advisory ensures that we provide a curated list of preferred banking partners offering the best loan product for your needs.
    2. Hassle-Free Experience:  We provide Concierge services like document collection at doorstep & quick query resolution.
    3. Instant Tentative Sanction Amount Check:  Our algorithm ensures that you get to check the tentative sanction amount by the bank for each loan upfront.

Get new loan personalized just according to your needs

  • Low Interest Rate
  • No Hidden Charges
  • Low/No Prepayment

Apply Now

Markets:Nifty 50 | Nifty 100 | Nifty 200 | Nifty 500 | Nifty Bank | Nifty Next 50 | S&P BSE SENSEX

Stocks:All Stocks | Top Gainers | Top Losers | Hot Stocks | Most Active | At 52 Week High | At 52 Week Low

Best Mutual Funds:Best Index Funds | Best Large Cap Funds | Best Mid Cap Funds | Best Global Funds | Best Multi Cap Funds | Best Small Cap Funds | Best Liquid Funds | Best Ultra Short Funds | Best Arbitrage Funds | Best Equity Savings Funds | Best Balanced Funds | Best Multi Asset Funds

Mutual Funds:All Mutual Funds | Best Equity Funds | Best Debt funds | Best Hybrid Funds | Tax Saving Funds | High Return Mutual funds

US Stocks:All US Stocks | Top ETFs | Top Tech Stocks | Hot Stocks | Top Gainers | Top Losers | Pharma Stocks

Bonds:All Bonds | Suggested Bonds | Corporate Bonds | Public Sector Bonds | Bank Issued Bonds

Loans:New Home Loan | Loan Against Property | On Demand Credit Line | Loan for Commercial Property | Personal Loan

Tools:Compare Mutual Funds | FD Calculator | Loan Deferment Calculator | Credit Card Deferment Calculator | Financial Immunity Calculator | STP Calculator | SIP Calculator | Lumpsum SIP Calculator | EMI Calculator | Car Loan EMI Calculator | Home Loan EMI Calculator | Personal Loan EMI Calculator

Explore AMCs:All AMCs | HDFC Asset Management Company Limited | ICICI Prudential Asset Management Company Limited | SBI Funds Management Private Limited | Aditya Birla Sun Life AMC Ltd | Kotak Mahindra Asset Management Co Ltd | Axis Asset Management Company Limited

Finzoom Investment Advisors Private Limited (Brand Name - INDmoney, INDwealth, IND.app, IND.money, INDsave.com) makes no warranties or representations, express or implied, on products and services offered through the platform. It accepts no liability for any damages or losses, however, caused in connection with the use of, or on the reliance of its advisory or related services.

Past performance is not indicative of future returns. Please consider your specific investment requirements, risk tolerance, goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs. Performance and returns of any investment portfolio can neither be predicted nor guaranteed.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Marketing and distribution of various financial products such as loans, deposits and Insurance are powered by Finzoomers Services Private Limited.

INDmoney, INDwealth, IND.app are brand and product of Finzoom Investment Advisors (P) Limited.

© Finzoom Investment Advisors Private Limited

[SEBI RIA Registration No: INA100012190] [Type of Registration: Non-Individual] [Validity of registration: December 17, 2018-Perpetual] [Address: 616, 6th Floor, Suncity Success Tower, Golf Course Extension Road, Sector – 65, Gurugram, Haryana- 122005] [Principal Officer details: Mr. Gaurav Sharma, Email id: principalofficer@indmoney.com] [Corresponding SEBI local office address: Securities and Exchange Board of India, Local Office, First Floor, SCO 127-128, Sector 17C, Chandigarh-160017]

[ARN - 151913] [Platform Partner : BSE (Member code-24801)] [CIN - U67190HR2018PTC073294] [GST No : 06AADCF3538Q1Z8]

Finzoomers Services Private Limited - [Registered address: 624-625, 6th Floor, Suncity Success Tower, Golf Course Extension Road, Sector - 65 Gurugram – HR- 122005] [IRDAI Corporate Agent (Composite) Registration No- CA0744 Validity till - 02/03/2024] [Principal Officer- Mr. Ankur Goyal, Principal Officer email id- po@finzoomers.in] [CIN: U74990HR2020PTC086201] [GST No: 06AAECF0692E1ZV] [Email id: insurancesupport@indmoney.com]