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Personal loan calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

EMI is the amount payable to the lender every month. Through EMIs, the borrower pays the interest and the principal amount every month until the entire loan amount is paid. The Personal Loan EMI calculator helps in figuring out the monthly payouts. EMI payments are higher in the initial months and they slowly decrease with each payment.

How Does Our Personal Loan EMI Calculator work?

Our personal loan EMI calculator works on the below formula:

Personal Loan EMI = P * ( r * (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

Mr. Nalin wants to renovate his house and plans to take a personal loan for ₹7.5 lakhs. The bank is offering the loan at an interest rate of 10.2% and the loan tenure is 5 years. When we do the calculation using the above formula, we can find out that Nalin has to pay a monthly EMI of ₹16,009. He would pay a total interest of ₹2,10,551 on his loan and he would have paid a total amount of ₹9,60,551.

The calculation would look like below:

Personal Loan EMI = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
EMI = 7,50,000 * (0.102/12 * (1 + 0.102/12) ^ 60)/((1 + 0.102/12) ^ 60 - 1))
EMI = ₹16,009

How Should You Use Koshex Personal Loan EMI Calculator?

Koshex's Personal Loan EMI calculator makes difficult EMI calculations simple. Our personal loan EMI calculator helps you in calculating the principal and interest payable during the tenure, as well as, the monthly EMI payments. All you need to do is enter your personal loan amount, interest rate, and loan duration. The calculator will let you know the total amount and total interest payable by you. The personal loan EMI calculator will also show the monthly EMI payable by you.

Benefits Of Using Koshex Personal Loan EMI Calculator

Some of the advantages of Koshex's Personal Loan EMI calculator are as below:

  • The personal loan EMI calculator uses minimal effort
  • This EMI calculator saves time, as you can calculate the monthly EMI amount in a couple of seconds
  • The EMI calculator is accurate, so you will get error-free results
  • You will be able to plan your finances better with our calculator

Personal Loan EMI - FAQs

How do I check if I am eligible to apply for a personal loan?
Most banks mention the eligibility criteria that you will need to meet to get your personal loan approved on their respective websites. You can also use the loan eligibility calculator tools, which can be found on the websites of banks, financial institutions, and third-party financial services websites.
What are the minimum and maximum amounts you can get from personal loans?
The minimum and maximum loan amount will differ across banks, depending on your eligibility.
How do personal loan interest rates work?
The interest rates for your personal loan will depend on your credit score, monthly income, job stability, loan amount, and tenure.
Can I prepay my loan amount?
Certain banks may allow you to prepay the loan amount, based on their respective terms and conditions. You might be charged a prepayment fee. Hence, if you intend to prepay your loan during the loan tenure, make sure you check with your bank.
Is the EMI shown by the calculator the same as the EMI calculated by the bank?
The Personal Loan EMI calculator will make calculations according to the figures given by you. When taking the loan from the bank, you might find differences in tenure, interest rate, or actual principal amount (after deductions) as stated by the bank. Hence, the EMI calculated by the bank might differ from the EMI shown by Koshex Personal Loan EMI Calculator.
What happens when I partially prepay the loan?
When you partially prepay a loan, it can help in lowering the principal amount and thereby, reducing the monthly EMIs. Partial payments are only effective if a considerable amount of money is paid towards your loan.
What happens if I fail to make an EMI payment?
If the borrower misses three straight EMI payments, the bank will send constant reminders to them. If they fail to respond to those reminders, the bank will tag the person as a loan defaulter and issue legal notices to them. In order to avoid being tagged as a loan defaulter, they can contact the bank to get more grace periods or can restructure the loan, or even negotiate with them.
How can I lower the EMI amount payable for a personal loan?
You can reduce the EMI for your personal loan by improving or maintaining a credit score of over 750. If you have a good relationship with the bank, you can negotiate for a better interest rate or a relationship discount.