2 min read
25 May 2021

If you are thinking of applying for a personal loan online but are unsure about your monthly payments will be? a Personal Loan EMI Calculator can help you know your equated monthly instalments (EMIs).

What are the components of the Personal Loan EMI Calculator?

The three main components of a Personal Loan EMI Calculator are:

  1. Loan amount
  2. Rate of interest
  3. Tenor

You can take a personal loan to meet your expenses such as home renovation, medical emergencies, gifts, and vacations. The debts are repaid as EMIs.

EMIs consist of both the principal and the interest components. In the interest-only loan facility, the EMIs consist of only the interest component. The principal is paid during the later part of the loan tenor.

Additional read: Minimum CIBIL score for Personal Loan

What is the Personal Loan EMI Calculator?

The EMI calculator helps you to calculate EMIs for the loan that you wish to borrow. You need to feed the loan amount, tenor and the interest rate to know the applicable EMIs. It lets you decide on a suitable tenor based on your repayment capacity. The Bajaj Finserv EMI Calculator indicates the loan EMI and calculates the total interest payable and the total cost of the loan.

The Personal Loan EMI Calculator is indicative. The lender will decide the actual interest rate and the EMIs based on your repaying capability and the credit score.

The formula used to calculate the EMIs is

EMI = [P x R x (1+R)^N]/ [(1+R)^N-1],

P is the principal or the loan amount you wish to borrow
R is the rate of interest that is levied on the loan amount
N is the tenor of repayment of the loan or the number of monthly instalments that you will pay

It is easy to use the EMI calculator, and it helps you plan your repayments as per your budget.


You can use the loan EMI calculator to adjust the EMI to the one you wish to pay.


Suppose you need Rs. 1 lakh, which you wish to pay over a year. At a rate of interest 14%, and tenor of 12 months:

  1. The total interest payable is Rs. 7,746, and
  2. EMI is Rs. 8,979

Suppose you want to pay EMI of less than Rs. 5,000, for a loan amount of Rs. 1 lakh, then you can change the tenor to 24 months:

  1. The total interest payable is Rs. 15,233
  2. EMI is Rs. 4,801

For the same ROI and the loan amount, a longer tenor reduces your EMI but increases your total interest payable.

The Personal Loan EMI Calculator helps you calculate your EMIs and map them to your expenses and payment capability.

Additional Read: Personal Loan Vs DSA Personal Loan

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