Multiple banks. Different interest rates. Call it a "conflict of interest".

Personal Loan EMI Calculator

Recalculate your Personal Loan EMI and Total Interest Due in a snap!

Your Personal Loan Details

Use the slider to alter your Personal Loan details.

Loan Amount
50000
Tenure
12
Loan Amount:
Tenure:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Personal Loan EMI: Sprite 4,402

Monthly amount paid to your Personal Loan provider

Break-up of all total amount payable
Loan Amount
25000Sprite
Total Interest Due
756Sprite
Processing Fee
500Sprite
Loan Amount Via EMI
500Sprite
Loan Amount Prepaid
500Sprite
Total Interest
500Sprite
Processing Fee
500Sprite
Pre-payment Fee
500Sprite
Total Amount Payable
26252Sprite
Your loan details as specified by you
Loan Amount
25000Sprite
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Sprite

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
Landing Previous Arrow
Have a question? Leave your email here Thank You! Sorry! That looks invalid. Please try again.
Down Arrow
Down Arrow

How to use BankBazaar.com's Personal Loan EMI calculator to understand your Personal Loan Repayment

Loan parameters needed for using the EMI calculator:

  • You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
  • Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
  • The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!

Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com?s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.

  • Loan Amount: Enter the Personal Loan amount using the slider or the edit box you wish to borrow. For better financial planning our monthly outgoings (EMI?s) should not be more than 40% of your monthly income.
  • Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is monthly reducing balance.
  • Tenure: Select the period for which you wish to take the Personal Loan. Generally personal loan tenures range from 1 to 5 years.
  • Processing Fees: Bank charges a processing fee at the time of disbursing a Personal loan.Processing fees typically vary between 1% to 5% of the loan amount.
  • EMI: By entering the four fields you can see your monthly EMI which you have to pay to the lender to pay off your personal loan. Based on your loan EMI output you can check your personal loan eligibility in real time at BankBazaar.com. Based on your eligibility BankBazaar will show you customized personal loan offers from various banks. You can then select the best offer and apply online.
  • Break-up of your total amount payable: The EMI Calculator tool gives you the total personal loan amount payable to the lender. Your total loan amount payable is the sum of your loan amount (Principal), Interest payable and processing fees.
  • Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
  • Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the personal loan matures. The rest of your monthly payment is applied towards the personal loan principal.

  • Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
  • Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
  • You can switch to Annual view of your personal loan amortization.
When you decide to take a personal loan one of the most valuable tools you will ever use with regards this loan is the Personal loan EMI calculator. Unlike home or car loans, a personal loan can be one of the most convenient sources of funds since it does not come with any conditions attached to how the money is used. There are even banks that can approve really high amounts that can be borrowed but the question that can stump most people is with regards the amount that should be borrowed. There are a lot of things that need to be taken into consideration when deciding on the ideal amount to borrow. There is the consideration of the amount that you want to borrow, the amount you will have to pay as interest, the duration for which you want to take the loan and, of course, and the interest rates. There is also another question that needs to be answered and that is about the bank of NBFC (Non-Banking Financial Company) that you should approach. It is the personal loan EMI calculator helps you make these decisions.
As with all EMI calculators, the Personal Loan EMI calculator is a tool that you can use to determine the monthly instalments that you will have to pay for a personal loan that you might be planning on taking. If you are to consider the questions mentioned earlier then too the EMI calculator can help. Questions regarding loan amounts, tenures, interest rates and monthly payments are the first things that you need to consider. When you get down to answering the first three questions, you will get all the basic data that you will need to be able to use the calculator efficiently.
The basic principal behind the personal loan equated monthly instalment calculator are two particular formulae. The first one is the one used to calculate the monthly interest rate and the second one is the one used to calculate the EMI itself. Here is how these formulae work:

  • Calculating the monthly interest rate: When you approach a financial institution in order to take a personal loan, the main piece of information you are looking for is the interest rate that is being offered. Once you know it, and before you start using it to calculate the EMI, you need to convert the rate into a monthly one since the interest rate is always presented as an annual rate. To do so, the following formula is used. Interest rate/12 For example if the interest rate offered to you for your personal loan is 18% per annum then your monthly interest rate will be calculated as so: 18/12 = 1.5 This means that the monthly rate of interest will be 1.5%.
  • Calculating the EMI Calculating the EMI is a bit more complicated. It takes into account the amount you want to borrow, the duration you want to borrow for and the interest rate that you will be charged. The thing to note here is that when you consider the tenure of the loan, you won’t consider it in years, but in months. To find the EMI the following formula is used: E = P x r x (1+r)^n/((1+r)^n – 1) Here:

    • E will be the actual EMI that you will have to pay.
    • P will be the loan that you want to take
    • r is the monthly interest rate that is being offered
    • n is the tenure of the loan considered in months

    Once all the relevant details have been entered into the calculator, it will tell you the amount you will need to pay every month for the loan.
The biggest advantage that a personal loan EMI calculator provides is the convenience of performing complicated calculations with precision and within just a few minutes. However, there are some other advantages of an EMI calculator too. They are:

  • Accuracy: If you were to perform this calculation manually, with a pen and paper, the chances are that you will end up making a mistake sooner or later and these changes will increase dramatically, depending on the number of times you need to do the calculation. With this tool you will be able to perform the same calculation accurately within seconds.
  • Save time: Speaking of seconds, the pen and paper method can take a lot of time which means that you could be sitting calculating away to glory when you should really be out enjoying life with your family. With the calculator you can do just that because this tool will allow you to do multiple calculations in minutes.
  • Easy comparisons: Speaking of multiple calculations, it is but natural that different banks will offer you various permutations and combinations of loan amounts, tenures and interest rates. To actually sit and calculate an EMI for each one of them could turn into a tedious task and may end up, through an error in calculations, leading you to the wrong loan. With the calculator you can quickly evaluate the EMI for different loans to see which one suits you best.
  • Fit loans to budgets: If you are going in for a personal loan then odds are that you will be concerned about the EMI that you need to pay. It would be natural to be concerned since that is an expense that your monthly income will now have to bear. How this calculator can help sort this problem out is but showing you the EMI and giving you the numbers you need to calculate your monthly budget.
  • Endlessly adjustable: There is no limit to the number of times you can calculate and recalculate an EMI. Suppose you found a bank that will offer you the loan amount you want and that too at an attractive interest rate. What you need to do now is to see how much you will pay every month for it. You do that and find out that the EMI is too high for you to afford but it’s not really a problem because you can easily re-adjust the tenure or the loan amount till such time as you can arrive at an EMI that suits your pocket.
  • Processing fee accounted for: While the basic EMI calculator for personal loans will only take into account the amount borrowed, the tenure and the interest rate, there are calculators that also take into account the processing fee that the bank will charge and tell you how much your EMI will be including that fee.
  • Tell you more than just the EMI: These calculators don’t just tell you the EMI you can expect to pay but also tell you a bit more. For example some provide a graphic representation of the loan along with an amortisation table too.
While most EMI calculators for personal loans will end the interaction by providing you with the EMI, there are some that go a bit further. These calculators will also provide you with two other pieces of information that can prove invaluable to you when it comes to know how your loan will be structured and how it will progress. These two pieces of information are provided through the graphic representation and the amortisation table.

  • Graphic representation When you are done entering all the relevant data and have already been told what you can expect to pay every month, there is still one thing you need to know. And that one thing is the structure of the loan. Personal loan EMI calculators can tell you the basic structure of your loan by calculating the total amount that you will end up paying over the years and what part of that payment will be your principal and what part the interest. This information can be presented to you in the form of a pie chart or any other manner that manages to represent the information pertinent to the loan. The advantage of this tool is that a quick look at it and you will know exactly how much you will end up paying back and how much of that amount will be paid as interest; A thing of importance if you don’t want to end up paying too much in interest. This tool can also help you affirm your decision to take the loan.
  • Amortisation tables The amortisation table is actually just the repayment of the loan split into years and months and presented in the form of a table. However, the reason why this table is important is that it shows you how the EMI that you pay is being used by the bank. It can show you things like how much of your initial payment will be towards the interest and how much towards the principal. It can also show you how the loan will progress in terms of years and what you will still owe at the end of each year.
All in all there is no denying the fact that if you intend to take a personal loan then a Personal loan EMI calculator can be your best friend in helping you make the right choice and pick the best personal loan for you.
Down Arrow
Further Reading

Top picks from our Financial Expert

News About Personal Loan EMI Calculator

  • Oriental Bank of Commerce (OBC) launches ‘Oriental Batuaa’

    ‘Oriental Batuaa’ – a new mobile wallet launched by Oriental Bank of Commerce (OBC) on the occasion of its 75th Foundation Day. OBC has come up with a number of digital offerings along with this mobile wallet service. According to Animesh Chauhan, the Managing Director and CEO of OBC, the bank has also launched a new version of mobile banking and two new RuPay cards namely - Oriental Premium Card and Oriental Prepaid Card. The Oriental Premium card is a platinum international debit with airport lounge access.  The Oriental Prepaid Card is meant for corporates and individuals. Commenting on the launch of mobile wallet, Animesh Chauhan said, “Wallet launch cannot happen without building necessary security features. Wallet launch is also linked to customer awareness with it”. Recently, the bank also launched two new MSME schemes called ‘Oriental Budget Hotels and Restaurants’ and ‘Oriental Sanjeevani’.

    24th February 2017

  • Job Fair for Women Being Organized on Feb 25; Nationalized Banks to Provide Guidance to Female Entrepreneurs

    A job fair is being organized exclusively for women on Feb 25, which will be held at Keshav Memorial Education Campus at Narayanaguda. Nearly 60 leading companies are from across India are expected to participate in the job fair, giving a chance at employment to nearly 2,000 women. The fair will be inaugurated by Mr. Bandaru Dattatreya, who is the Union Minister of State for Labour and Employment. In addition to the companies, the job fair will also be seeing participation from some nationalized banks such as State Bank of India, SBH, Canara Bank, Andhra Bank, Syndicate Bank, Indian Bank, Allahabad Bank and Bank of India. The banks are participating to offer guidance and assistance to the women entrepreneurs to to avail loans under various schemes such as Stand Up and Start Up and MUDRA (Micro Units Development and Refinance Agency) run by the government.

    21st February 2017

  • SIDBI signs MoU with MCCIA for MSME Finance

    A Memorandum of Understanding (MoU) was signed by the Small Industries and Development Bank of India (SIDBI) with Mahratta Chambers of Commerce, Industries and Agriculture (MCCIA) in a bid to increase MSME financing by facilitating loans to member MSMEs. Loans would be sanctioned for of up to Rs.50 lakh on a preferential basis. MSMEs usually have a tough time getting loans from banks and financial institutions even though they are one of the biggest generators of employment in India. Out of 5.1 crore MSMEs in the country, only around 7.3% of them are able to get loans. The target groups of this MoU are micro, small, and medium enterprises that are members of MCCIA in the Pune region. MCCIA has a membership of around 1,600 MSMEs in Pune and surrounding areas. According to SIDBI, there will be no turnover restrictions imposed on the MSMEs who avail these loans. Enterprises who have been in existence for at least three years and have posted a profit in the last two years will be eligible for this loan.

    20th February 2017

  • Deutsche Bank says RBI may cut repo rate by 25bps next week

    According to reports from Deutsche Bank, RBI (Reserve Bank of India) might opt for a 25bp cut in interest rate in the next week at its monetary policy review. There is hope for an accommodative policy stance at the review, however chances of further rate cut is unlikely owing to global price developments. RBI is expected to tolerate more nominal rupee depreciation as well as resort to further monetary easing. The central bank, however has kept interest rates unchanged despite demand for lowering it. It also decreased the economic growth projection by half a percentage point to 7.1% in its first policy review after demonetisation.

    8th February 2017

  • Claim settlement, better margins are key to boosting bank lending

    An extended guarantee claim and strict loan reporting requirements seems to be the contributing factors that have crippled the Pradhan Mantri Mudra Yojana (PMMY). The PMMY promotes lending to different micro enterprises, collateral-free. There are a couple of challenges that are being faced when a closer look is taken at loan disbursals. Firstly, with just two months left in the financial year, only Rs.0.89 trillion has been disbursed to microfinance institutions (MFIs). Secondly, lending margins are capped at 6% and 10% respectively for banks and NBFCs. This spawns a risk-reward mechanism which comes under the refinance sector of PMMY and favours MFIs. Thirdly, women borrowers receive loans which are unsecured to a tune of up to Rs.0.5 lakh. Manish Jaiswal, Business-Head of SME Ratings, says that PMMY can move forward with respect to becoming a structurally efficient model by tackling two key factors; a pricing caps review for NBFCs and banks and an efficient claim settlement process.

    3rd February 2017

  • KVGB to turn 250 villages digital for banking activities

    Karnataka Vikas Grameen Bank (KVGB) a regional rural bank that is sponsored by Syndicate Bank, will be looking at making 250 villages 100% digital friendly for banking activities by the end of March this year. The move comes along with the promotion of cashless transactions to make all transactions digital. KVGB has over 65 lakh customers spanned over Gadag, Dharwad, Belagavi, Haveri, Vijayapura, Bagalkot, Udupi, Uttara Kannada, and Dakshina Kannada districts of Karnataka. KVGB has their work cut out for them to provide digital assistance to all of these areas. The bank has set a target of 9 villages that they intend on making 100% digital by the 26th of January. So far, they have succeeded in making 8 of these 9 villages 100% digital while the last village, Andinje village which has 491 households, will soon be announced as 100% digital, eligible for banking activities.

    24th January 2017

  • Gold loans growth to increase by next quarter

    Gold loan companies like Muthoot Fincorp and Manappuram Finance are expecting a growth in gold sales by the next quarter. Demonetisation hit gold sales with the lack of funds and various caps on withdrawals. But now, as the economy is slowly getting back on its feet, gold loans are steadily increasing in demand. Thomas George Muthoot, Director of Muthoot Fincorp, has said that business will fully normalise by April, 2017. With the rise in the number of cashless transactions, loan repayments are pretty much back on track. The rise in gold prices over the past couple of weeks has also helped in the growth and demand of gold loan business and has rekindled the customer’s interest in gold loans.

    20th January 2017

  • Bank of Baroda opens new branch in Whitefield

    Bank of Baroda, which is mainly occupied in providing services such as corporate banking, international banking, personal banking, and treasury services apart from various other services, has opened a new branch in Whitefield, Bengaluru. K. Venkateswarlu, General Manager of Bengaluru zone, inaugurated the new branch. Holding a solid domestic existence with 5,377 branches and 8,975 ATMs, Bank of Baroda is looking forward to serving people with various banking solutions.

    18th January 2017

  • Bank of India reduces its lending rates on retail loans

    With a majority of the banks across the country reducing their lending rates after being flushed by the inflow of money caused by the demonetisation of the Modi-led government, even Bank of India has followed suit. With the marginal cost of funds based lending rates (MCLR) of the bank being dropped by 90 basis points, the Bank has reduced its lending rates for retail loans as of January 7. As a result, the home and vehicle loans have seen a drop in interest rates. The interest rate on home loans has been reduced to 8.70%, whereas vehicle loan interest rates have seen a drop to 9.35%. Loans against properties also have been revised to 10.50-11 % with women enjoying a 0.5% lower interest rate on all retail loans. The revisal of the interest rates for retail loans are effective immediately.

    10th January 2017

  • Rates for All Consumer Loans Hits 6 year Low

    The influx of funds in the banking system due to demonetization has spurred the government banks to cut loan rates across all types of loans like housing, auto and personal loans. UBI and SBI have slashed their lending rates by 0.9% while the PNB has cut its rate by 0.7%. Kotak Mahindra bank and the State Bank of Hyderabad cut their MCLR based rates by 0.10% and 0.20% respectively. Dena Bank cut its rates by 0.75%. The demonetization has led the banks to slash their rates to the lowest in 6 years for SBI. From January, 2015 the SBI has slashed its lending rates benchmark by 200 basis points. The Prime Minister in his address to the nation on New Year’s Eve asked the banks to give priority to lending to the middle class and the poor.

    5th January 2017

Down Arrow
Tips
How to Use
EMI Calculator
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.