Personal Loan EMI Calculator50537 views
- Know the exact calculation of your EMI in just a few seconds
- This online tool is easy to use and is 24x7 available for you
Want to avail a personal loan at a per lakh EMI of ₹2,199? Know the exact calculations of your EMIs and save a lot of time with an online magical tool known as a personal loan EMI Calculator. This smart device helps you in taking a calculative decision by giving you the accurate values of your EMI and Interest Outgo. Let’s just know more about this tool below.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
Below is a table showing personal loan interest rates & per lakh EMIs of various banks
|Banks||Interest Rate (in p.a)||Per Lakh EMI (in ₹) for 5 Years|
|HDFC Bank||10.75% - 21.45%||2,187-2,719|
|ICICI Bank||10.99% - 18.49%||2,174-2,566|
|SBI||11.55% - 14.95%||2,177-2,403|
|Kotak Mahindra Bank||10.99% - 20.99%||2,174-2,539|
|Bajaj Finserv||10.99% - 16.00%||2,174-2,432|
|Axis Bank||12.00% - 24.00%||2,405-2,877|
|Tata Capital||10.99% - 18.00%||2,275- 2,705|
|RBL Bank||17.50% - 24.00%||2,327- 2,649|
|Standard Chartered Bank||11.50% - 18.00%||2,199-2,352|
|Fullerton India||14.00% - 33.00%||2,327- 3,422|
|Citibank||12.99% - 18.50%||2,174-2,594|
|HSBC Bank||10.50% - 17.84%||2,189-2,512|
|Canara Bank||12.80% - 14.85%||2,159- 2,311|
|IDBI Bank||9.65% - 14.00%||2,249-2,300|
|Punjab & Sind Bank||11.00% - 13.75%||2,240-2,252|
|Punjab National Bank||9.95% - 14.50%||2,260-2,363|
|IndusInd Bank||10.99% - 16.00%||2,275-2,649|
|Vijaya Bank||11.60% - 14.60%||2,242-2,293|
|Yes Bank||Starting at 10.99%||2,162|
Rahul Verma is little worried these days as his younger sister’s marriage is just a month away. He is falling short of cash to do the wedding arrangement for her sister. Thus, he has decided to avail a personal loan to fulfill the impending need. But the problem is that he has no prior experience of availing a loan, thus he is confused how to calculate the EMIs.
So, for the same, he researched online and found a website called Wishfin which helped him in calculating the EMIs in a hassle-free and quick manner. On the site, he found an online tool called Personal Loan EMI Calculator that had the answers to all his questions. Wanna know how? Just read the page further…
Table of Contents
- 1 What is Personal Loan EMI Calculator?
- 1.1 Parameters on which Personal Loan EMI is calculated
- 1.2 How Does Personal Loan EMI Calculator Work?
- 1.3 Personal Loan EMI Calculator Formula
- 1.4 What is an Amortization Table?
- 1.5 Features and Benefits of a Personal Loan EMI Calculator
- 1.6 Personal Loan EMI Calculator HDFC
- 1.7 Personal Loan EMI Calculator ICICI
- 1.8 Personal Loan EMI Calculator SBI
- 1.9 Axis Bank Personal Loan EMI Calculator
- 1.10 Personal Loan Eligibility Calculator
- 1.11 Personal Loan Interest Rates
What is Personal Loan EMI Calculator?
An EMI calculator is one such magical tool that is used to calculate the monthly installments of a personal loan. With the help of a Personal Loan EMI Calculator, a borrower can know his/her monthly installments in the most hassle-free manner. This time-saving tool calculates the exact monthly installments and helps you in taking the calculative decision.
This useful device also provides you the detailed information about Total Interest Outgo and Total Amount Payable (Principal+Interest) in the easiest and fastest manner. In order to know the same, you just need to feed few details such as:
- Loan Amount
- Interest Rate
Let’s just have a better understanding of the same with the help of an example below.
Suppose, Raman Verma, a 28-year-old, Senior Manager by profession is looking to avail a personal loan of ₹5,00,000. One lender has agreed to offer him the same amount at an interest rate of 10.75% per annum for a tenure of 5 years. But before availing the loan, Raman wants to know what would be his EMIs? Thus he used an EMI Calculator for the same to get all the answers. Take a look at the table below for further clarification…
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 5,00,000 10.75% 1 ₹ 44,133 ₹ 29,591 ₹ 5,29,591 ₹ 5,00,000 10.75% 2 ₹ 23,246 ₹ 57,902 ₹ 5,57,902 ₹ 5,00,000 10.75% 3 ₹ 16,310 ₹ 87,168 ₹ 5,87,168 ₹ 5,00,000 10.75% 4 ₹ 12,862 ₹ 1,17,383 ₹ 6,17,383 ₹ 5,00,000 10.75% 5 ₹ 10,809 ₹ 1,48,539 ₹ 6,48,539 Year Principal Interest Balance Amount 1 ₹ 79,814 ₹ 49,893 ₹ 4,20,185 2 ₹ 88,829 ₹ 40,878 ₹ 3,31,355 3 ₹ 98,863 ₹ 30,844 ₹ 2,32,491 4 ₹ 1,10,031 ₹ 19,676 ₹ 1,22,460 5 ₹ 1,22,556 ₹ 7247 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Parameters on which Personal Loan EMI is calculated
Here are the parameters based on which personal loan EMI is calculated:
Loan Amount: The first and the most important thing to know when it comes to calculating EMIs is actually the loan amount. The monthly installment of the loan is directly dependent on the loan amount which varies from lender to lender and is calculated on the basis of the personal loan eligibility.
Interest Rate: Be it any loan, the interest rate that a person will be offered on the money borrowed is the main base that actually decides the exact amount of your EMIs. Generally, different banks offer different personal loan interest rates. So, the higher the rates are, the more EMIs you need to pay. And, if the rates are lower than your monthly installments also be reduced, hence less burden on your pocket.
Tenure: The longer the tenure, the easier it is for the debtor to repay the fund to the bank or to the financial institution from which he/she is taking the loan. For a personal loan, the lenders generally offer a tenure of up to 5 years.
How Does Personal Loan EMI Calculator Work?
A personal loan EMI Calculator works on a simple algorithm, wherein the device calculates the EMIs, Interest Outgo and Total Amount Payable of a personal loan in a hassle-free manner. The moment you feed the credentials into the device, i.e. Loan Amount, Tenure and Interest Rate, this magical tool instantly fetches the value for you in just a few seconds. It gives you the exact and accurate calculations in the best manner, hence eases the burden from your shoulder. This is the reason that this tool has been widely used by the borrowers to know the exact calculations of their monthly installments.
Personal Loan EMI Calculator Formula
The calculation in the EMI calculator is done through the below-given formula:
E = P . r . (1+r)^n/((1+r)^n – 1)
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
r = Monthly Interest Rate
n = Monthly Loan Tenure
What is an Amortization Table?
An Amortization Table shows the year-on-year repayment track of an individual availing a personal loan. It lets you know the Principal, Interest and Balance Amount of each year payable towards a loan. Every time an EMI is paid, there is some part of principal also paid along with it. The principal is the original loan amount that the borrower has to pay. However, by making regular periodic payments, the principal gradually decreases and slowly comes to zero.
Features and Benefits of a Personal Loan EMI Calculator
EMI calculator has many advantages and some of them are as follows:
Accuracy: The manual calculation of the monthly installment might not give the accurate results as the calculation is a little tricky. However, if the calculation is done through online EMI calculator, the result would be accurate for sure. So, it would be suggested to use the EMI calculator instead of getting into such a complicated calculation.
Time-Saving: As the calculation is a little difficult, doing it manually would be a little time consuming and might not be convenient for all. But, with online EMI calculator tool, a person can get correct results in few seconds. Hence, using a calculator is more suitable in this world where everyone is in hurry.
Easy Comparisons: On the basis of the loan amount, tenure and interest rates, a borrower gets various options to choose from. But, comparing all the options manually is not so easy and convenient. But, with the help of the calculator, a loan seeker can do a quick comparison of EMI and choose the best-suited one.
Endless Adjustable: A person is free to do the calculation of the EMI as many times as he/she wants. In times when a borrower is looking for the lowest interest rates on the loan amount that he/she desires, high EMI amount stops him/her to move ahead. But, there is always an option to re-adjust the tenure or the loan amount till the time the person is comfortable in paying till the EMI. For such cases, an EMI calculator is the perfect tool to use.
Fit loans to Budgets: Anyone who is looking for a personal loan would be concerned about the rates and the loan EMI that he/she will have to pay every month. Now, these payments are done on regular basis from the borrower’s monthly income. With the help of the calculator of personal loan EMI, a person can get the exact loan EMI that he/she will be liable to pay to the bank. Doing so would help him/her manage the monthly financial expenses and budget according.
Tells More Than EMI: An EMI calculator is not restricted to the monthly installment calculation. There are some calculators that provide a graphic representation of the personal loan and amortization table where a person gets to the gradual payment he/she has made to the banks/NBFCs from where the personal loan has been availed.
Accounted Processing Fee: In general, the personal loan EMI calculators tells the monthly installment on the basis of the interest rates, tenure, and loan amount. But, banks have certain processing fee that is also kept in account while calculating the monthly installments. There are some EMI calculators that consider the processing fee charged by the bank and shows the amount after adding that amount. Now that GST has been implemented, all indirect taxes like processing fees, service charges, and prepayment charges have increased marginally.
Personal Loan EMI Calculator HDFC
Knowing the exact calculations of your monthly installment has become much simpler with none other than the HDFC Personal Loan EMI Calculator. This magical tool with its smart algorithms allows you to know the accurate results related to your EMI, Interest Outgo and Total Amount Payable towards a loan. The device after taking into account-Loan Amount, Tenure and Interest Rate gives you the exact values in just a few seconds. It is easy to use the same for a hassle-free loan journey.
Personal Loan EMI Calculator ICICI
If you are someone who wants to know the exact and accurate EMI calculations of an ICICI personal loan, look no further as ICICI personal loan EMI calculator is here to help. Yes, this magical and time- saving device with its smart algorithms allows you to know the exact results in just a few seconds. All you need to do is simply enter- Loan Amount, Tenure and Interest Rate and this amazing tool fetch the results instantly, helping you in knowing EMI, Interest Outgo and Total Amount Payable in a better way.
Personal Loan EMI Calculator SBI
Want to know the exact calculations of your monthly installments? Use SBI Personal Loan EMI Calculator and clear your confusion. This well-designed and unique device with its smart algorithms allow you to know the exact values of EMI and Interest Outgo in a hassle-free manner. You just need to feed-Interest Rate, Loan Amount and Tenure into the device and within a few seconds, it will give you the accurate values of EMI and Interest Outgo respectively.
Axis Bank Personal Loan EMI Calculator
If you are finding it difficult to know the exact and accurate calculations of your monthly installments, nothing to worry as Axis Bank personal loan EMI calculator is here to help. Yes, this magical online tool lets you know the exact calculations of your EMI and Interest Outgo in just a few seconds. All you need to do is just enter- Loan Amount, Tenure and Interest Rate and you will be done. This smart device with its simple phenomenon gives you the results in just a few seconds. And, this is the reason why this device is widely used by many as it clears the confusion and helps you in taking a calculative decision in the future.
Personal Loan Eligibility Calculator
Wanna know how much loan amount you are eligible to get from a lender? Well, nothing to worry because a personal loan eligibility calculator is here to help. Yes, this smart online tool after taking into the account-loan amount, income, other monthly expenses allows you to know the exact loan amount you can avail from a lender. This device functions so quickly that within a few seconds, it will give you the exact values so as to help you in taking a calculative decision.
Personal Loan Interest Rates
Talking about personal loan interest rates, most of the lenders offer you the lowest rates so that your overall loan burden can be reduced. Though different lenders offer different interest rates to the applicants based on their eligibility. Thus, one should always compare many lenders before availing this credit facility so as to grab the best deal. Make sure the rates are lower so that you can enjoy the pocket-friendly EMIs that actually help you in repaying the loan easily.