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Personal Loan EMI Calculator
Urban Money's Personal Loan EMI Calculator reliable tool designed to helps you to calculate monthly EMI amount & interest payable. Whether you're planning a dream vacation, home renovation, or any other financial goal, this user-friendly personal loan calculator simplifies your financial planning, giving you a clear picture of your loan payments and calculation.
- 50 K
- 1 Cr
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Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
Table of Content
What Is a Personal Loan EMI Calculator?
Personal Loan EMI Calculator is a super-helpful tool that quickly calculates your monthly payments based on the loan amount, interest rate, and how long you take to repay. And the best part? It uses advanced AI tech to do the math for you, so you don’t have to!
With Urban Money’s loan calculator, you can easily figure out your EMIs and plan your finances better. Some of the key benefits include:
- Accurate calculations in seconds
- No more manual math headaches!
- Easy to use and understand
- Helps you choose the right loan for your needs
- Plan your finances better with precise EMI amounts
How can a Personal Loan Calculator help you?
- Accurate EMI calculation: Get an exact amount of your monthly installment (EMI) to plan your finances accordingly.
- Loan affordability: Determine how much loan you can afford based on your income and expenses.
- Interest cost: Calculate the total interest payable over the loan tenure, helping you understand the true cost of the loan.
- Loan tenure: Decide the loan tenure that suits you best, considering your financial situation.
- Loan comparison: Compare different loan offers and interest rates to choose the best option.
- Financial planning: Make informed decisions about your loan and plan your expenses, savings, and investments accordingly.
- Avoid debt trap: Avoid overborrowing and ensure you have a manageable debt-to-income ratio.
- Loan eligibility: Get an estimate of your loan eligibility based on your income, credit score, and other factors.
How to Use Personal Loan and EMI Calculator:
1. Enter Loan Details:
- Manually input the principal loan amount or use the slider to select the desired amount.
- Choose the loan repayment tenure in months.
2. Interest Rate Selection: - Move the slider to select the applicable interest rate or enter it manually.
3. Instant Results:
- The monthly EMI calculator for personal loan displays your monthly EMI, interest component, and overall repayment amount.
4. Flexibility: - Adjust input values to recalculate EMIs instantly.
Tips for Using the Loan EMI Calculator Personal Loan
A personal loan EMI calculator of Urban Money is an advanced simulation that helps in the computation of EMI amount based upon the principal loan amount, tenure, and interest rate. All you have to do is enter specific details or move the slider to input values into the calculator
1. Loan Amount and Interest Rate
- Be mindful of the loan amount and interest rate, as they directly impact your EMI and total interest cost.
- Higher loan amounts or interest rates result in higher EMIs and increased interest expenses.
- Lower loan amounts or interest rates lead to lower EMIs and reduced interest costs.
2. Repayment Tenure
- Understand the impact of repayment tenure on your loan.
- Longer tenures may reduce monthly EMIs, but increase the overall interest cost.
- Shorter tenures may increase monthly EMIs, but reduce the total interest expense.
3. Lender Preferences
- Keep in mind that lenders prefer borrowers who maintain a healthy debt-to-income ratio.
- Aim to keep your EMI payments within 50-60% of your monthly income to increase your loan eligibility.
How Does the Personal Loan EMI Calculator Work?
The Personal Loan EMI Calculator operates based on a standard mathematical formula to compute your Equated Monthly Installments (EMIs). Here’s a breakdown of how it works:
- Input Collection: Enter three essential details:
- Loan Amount (Principal)
- Interest Rate (per annum)
- Loan Tenure (in months or years)
- EMI calculator uses the formula: EMI = P * r * (1+r)^n / ((1+r)^n – 1)
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12 and 100)
- n = Total number of monthly installments
3. Interest Computation:
The interest on personal loan calculator determines the interest component of each EMI.
It also calculates the total interest payable over the entire loan tenure.
4. Amortization Schedule:
Many advanced calculators generate an amortization schedule, showing how the principal and interest components change with each payment.
5. Instant Results:
The loan EMI calculator personal loan processes these calculations instantly, providing you with:
a) Monthly EMI amount
b) Total interest payable
c) Total amount payable (Principal + Interest)
6. Visualization:
Some calculators offer graphical representations of the loan breakdown, helping you visualize the proportion of principal and interest in your repayments.
Note: While our calculator provides accurate estimates, the actual EMI might vary slightly depending on the lender’s specific terms and conditions.
By utilizing this personal loan and EMI calculator, you can easily adjust the loan parameters to see how they affect your monthly payments and overall loan cost. This empowers you to make informed decisions about your borrowing, ensuring you choose a loan that fits comfortably within your budget.
Factors Affecting Personal Loan EMIs
The calculation of personal loan EMIs involves three crucial components: the loan amount, interest rate, and tenure. Each of these factors significantly influences the monthly instalments. Here’s how they interrelate:
- Loan Amount:
- A higher principal amount leads to larger monthly instalments. Lenders assess your financial profile to determine the maximum sanctioned amount.
- Borrowers should strike a balance between their loan requirements and affordability.
- Interest Rates:
- Interest rate fluctuations play a pivotal role in personal loan EMIs, especially with floating interest rates.
- Changes in interest rates can impact EMIs positively or negatively. Keep an eye on RBI policies and global market trends.
- Higher interest rates result in increased EMIs, while lower rates lead to reduced payments.
- Repayment Tenure:
- The exact EMI amount depends on the loan tenure.
- Longer tenures decrease monthly instalments but increase overall interest costs.
- Shorter tenures raise EMIs but reduce interest expenses.
In addition to these key factors, consider other aspects like income, investment history, stable employment, debt-to-income ratio, and credit score.
Benefits of a Personal Loan EMI Calculator
A personal loan EMI calculator offers an array of benefits to the user. Here’s what you get when you count on a PL calculator for the calculation:
- Compare Loans:
- No need to visit multiple bank websites. Input your loan amount and repayment tenure into the calculator.
- Keep these values constant while adjusting the interest rate dynamically.
- Get a holistic view of personal loan EMIs on a single platform and choose the best fit for your needs.
- Save Time:
- Urban Money’s personal loan EMI calculator provides lightning-fast results.
- Calculate EMIs for different scenarios accurately within minutes.
- Choose Preferred Repayment Tenure:
- Use the interest rate calculator to alter the repayment tenure.
- Longer tenures mean lower monthly instalments, while shorter tenures reduce overall interest costs.
- Repayment Schedule:
- Access a detailed loan breakdown, including interest and outstanding principal amounts.
- Plan your finances effectively based on this information.
- Verify EMI Information:
- Validate the repayment schedule provided by the finance provider using the personal EMI calculator.
- Calculate the loan processing fee (if applicable) deducted from the disbursed amount.
Personal Loan interest rate for EMI calculation across Top Banks in India.
When considering a personal loan, understanding the interest rates offered by various banks is essential to make an informed decision. To help you compare and choose the best option, we’ve compiled a list of current interest rates from top Indian banks. Use our personal loan EMI calculator to easily calculate your monthly payments.
Bank | Interest Rate | Features |
HDFC Bank | 10.50% p.a. | Quick eligibility check online Pre-approved loans for existing HDFC Bank customers |
ICICI Bank | 10.50% p.a. | Competitive rates Green financing portfolio (21.4% of total lending in 2023) |
Bajaj Finserv | 13.00% p.a. | Flexible repayment tenure Part-payment option |
Fullerton India | 11.99% p.a. | Robust performance Wide range of loan amounts |
IndusInd Bank | 10.49% p.a. | Attractive interest rates Hassle-free application process |
Kotak Mahindra | 10.99% p.a. | Competitive rates Customized loan amounts |
Standard Chartered | 11.49% p.a. | Transparent fees Personalized customer support |
Central Bank of India | 10.75% p.a. | Collateral-free loans Longer repayment tenure |
Bandhan Bank | 10.50% p.a. | Quick loan disbursal Simple documentation process |
SBI Quick | 10.10% p.a. | Low processing fees Convenient online application |
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Frequently Asked Questions (FAQs)
How much loan can I get if my salary is INR 60,000?
With a salary of INR 60,000 on a monthly basis at max, you can get a personal loan of INR 16.20 lakh.
How much loan can I get on an INR 40,000 salary?
With a monthly salary of INR 40,000, you can get a personal loan of INR 10.80 lakh.
What is the EMI for INR 3 lakh personal loans?
The monthly instalment payments for a personal loan of INR 3 lakh might vary from one bank to another. Additionally, it orients around the repayment tenure and applicable interest rate. For instance, when you avail of a personal loan of INR 3 lakh for 1 year at a 10% interest rate, the monthly personal loan EMI will account for INR 26,375.
What is the formula for EMI in Excel?
In case you don’t have access to a personal loan EMI calculator, count on the personal loan Excel formula. For instance, when you avail of a personal loan of INR 5 lakh, at a 12 percent rate of interest with 48 months of repayment tenure, the excel formula will be [500000x48x0.01]. In this, the interest rate is 0.01 percent. The resultant amount will be your monthly payable EMI.
What happens if you fail to pay your EMI?
It is advisable to pay monthly instalments on time without failing. Generally, banks charge a penalty of 2 percent of the EMI amount when the borrower fails to make a monthly payment. It also generates a negative impact on your credit score. To plan your budget accordingly and compute instalments beforehand, count on a personal loan EMI calculator.
Can I pay EMI in one attempt?
If you have planned for prepayment or foreclosure, you can pay your personal loan EMIs in one attempt. However, banks have different criteria for personal loan prepayment. Get familiar with the prepayment charges to avoid additional costs. Also, go through the lender’s terms and conditions while signing the loan agreement.
What is the EMI for an INR 20 lakhs personal loan?
The monthly instalment payments for a personal loan of INR 20 lakh might vary from one bank to another. The EMI amount also depends upon the repayment tenure and applicable interest rate. For instance, when you avail of a personal loan of INR 20 lakh for 5 years at a 10% interest rate, the monthly personal loan EMI will account for INR 42,494.
Does the personal loan EMI calculator include the GST component in its results?
No, Urban Money’s personal loan EMI calculator does not take the GST component into consideration.
How can I change my personal loan EMI date?
To change your personal loan EMI date, you need to contact the customer care executive. The process might vary from one lender to another.
How much EMI can I get for INR 5 lakhs?
The monthly instalment payments for a personal loan of INR 5 lakh might vary from one bank to another. Additionally, it orients around the repayment tenure and applicable interest rate. For instance, when you avail of a personal loan of INR 5 lakh for 1 year at a 10% interest rate, the monthly personal loan EMI will account for INR 43,958.
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