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Online EMI Calculator for Personal Loan

With a personal loan EMI calculator, you can easily determine your EMIs online and plan your loan repayment effectively.

Use the Bajaj Finserv online personal loan calculator below, by entering the amount you need to borrow, the interest rate and the tenor, to instantly calculate your EMIs and even the breakdown of your instalments.

Loan Amount
Rs
|
0
|
5L
|
10L
|
15L
|
20L
|
25L
Tenor
|
24
|
36
|
48
|
60
Interest Rate
%
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
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26
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27
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28
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29
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30
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31
|
32
|
33
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34
|
35

Loan EMI

Rs.66,429

Total Interest Payable

Rs. 10,15,990

Total Payment (Principle + Interest)

Rs. 50,51,552

 
 

Total Interest

 

Principle Amount

EMI Repayment Schedule

  • Year
  • Principal
  • Interest
  • Total Payment
  • Balance
  • Loan Paid to Date

How to calculate personal loan EMIs?

It is great to calculate your EMI before applying for a personal loan. While you can do so manually, using a calculator can help you determine the more accurate value. You can select the loan amount, tenor and rate of interest to get the exact payable EMI amount with interactive chart.

How to reduce your personal loan EMI?

EMI may affect your monthly expenses until you repay it. Some simple steps that can help you reduce the loan EMI and manage outlays easily are:

  • Opt for a longer repayment tenor – It will help you spread the loan cost over a longer duration and help you pay in small install
  • Negotiate with the loan provider for a lower rate of interest
  • Maintain a strong CIBIL score to enjoy lower interest rates and reduced EMIs
  • Shop around for the best deals as per your needs and repaying capacity

What are the factors that affect personal loan EMI?

Following factors affect personal loan EMIs -

  • Loan amount – Monthly instalments payable are directly proportional to the loan amount opted for. The higher the loan availed, the higher will be your EMIs.
  • Applicable rate of interest – Interest rate is a percentage at which lenders charge interest on the loan amount. A higher interest rate increases the EMIs and vice versa.
  • Tenor – It is the repayment period for the loan availed and is inversely related to EMIs. A longer tenor reduces monthly instalments while a shorter tenor increases them.

Check out the EMIs on a personal loan of Rs.1 lakh for varying tenor with 13% interest rate at Bajaj Finserv.


Details
Tenor
2 Years 3 Years 4 Years 5 Years
EMIs Rs.4,754 Rs.3,369 Rs.2,683 Rs.2,275
Total Amount Payable Rs.1,14,101 Rs.1,21,303 Rs.1,28,769 Rs.1,36,528
Total Interest Payable Rs.14,101 Rs.21,303 Rs.28,769 Rs.36,528

How is the personal loan interest rate calculated?

The personal loan interest rate amount that you need to bear along with the EMI can be calculated online. You need to use the personal loan interest calculator.

Once you select the desired loan amount and the repayment tenor along with the applicable interest rate, then the tool will suggest the exact interest rate amount payable. It will be the total interest rate amount payable on the required loan amount over a tenure.

You can also use the Bajaj Finserv Personal Loan EMI calculator to know the EMI payable before applying for loan in India. It will help you make prior arrangements for ensuing timely repayments.

What is a personal loan amortization schedule?

A personal loan amortization schedule is a detailed table of periodic payments to be made during the loan tenor. Lenders use an amortization calculator to create this schedule. Amortization is a calculation process that specifies loan repayment via EMIs over the tenor chosen.

It carries an elaborate breakdown of the principal and interest amount included in every EMI payable through a tenor, until complete repayment of the loan. The schedule gives accurate insights to a borrower on the principal and interest component included in each EMI.

What is an EMI?

An equated monthly instalment (EMI) is a fixed monthly payment, part of the equally divided repayments, used to clear off your outstanding loan. Your personal loan EMI depends on the loan principal, the rate of interest and the loan tenor.

How does a personal loan EMI calculator work?

An EMI calculator uses a simple mathematical formula to calculate your EMI. The formula used is:
E = P*r*(1+r)^n/((1+r)^n-1) where

  • E is EMI
  • P is the principal loan amount,
  • r is the rate of interest calculated on a monthly basis, and
  • n is the tenor/duration in months

What are the benefits of a Bajaj Finserv Personal Loan EMI calculator?

Bajaj Finserv’s online personal loan EMI calculator offers the following advantages:

  • Quick EMI calculation
  • Minimizes the chances of error
  • Helps in the evaluation of a suitable repayment schedule via EMI calculation.
  • Helps in choosing a suitable amount that is repayable over time without affecting a borrower’s financial health.

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