Personal Loan EMI Calculator

Calculate your Personal Loan EMI & Total Interest Due

Loan Amount
400000
Tenure
48
Loan Amount:
Tenure in Months:
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: Rs 11,132

Monthly amount paid to your Personal Loan provider

Break-up of all total amount payable
Loan Amount
25000Rs
Total Interest Due
756Rs
Processing Fee
500Rs
Loan Amount Via EMI
500Rs
Loan Amount Prepaid
500Rs
Total Interest
500Rs
Processing Fee
500Rs
Pre-payment Fee
500Rs
Total Amount Payable
26252Rs
Your loan details as specified by you
Loan Amount
25000Rs
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Rs
CT
Is your Credit Score good enough for getting a loan or card?

Your Repayment 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 Rs 0 YOUR TENURE REDUCED BY 1 years 8 months
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While addressing the press this morning, the RBI Governor Shaktikanta Das has announced the extension of the moratorium period by another 3 months.

The first moratorium was announced on the 27th of March 2020, soon after the announcement of Lockdown 1.0. In light of the recent advancements and the economic condition of the country, the central bank of India has decided to extend the moratorium period by 3 more months starting 1 June 2020 and ending 31 August 2020. This decision has been taken as a result of the lockdown extension, which is currently in its 4th extension. The moratorium, as announced earlier, can be availed for the deferment of payments towards term loans. It is applicable to credit card bill payments as well.

Calculation of Personal Loan EMI

The table below provides you the loan repayment schedule for a loan amount of Rs.1 lakh, tenure of 5 years, interest rate of 9% p.a. and processing fee of 2%.

Year Principal Interest Total Payment Total Balance
2020 Rs.9,493 Rs.5,039 Rs.14,532 Rs.90,508
Jun Rs.1,326 Rs.750 Rs.2,076 Rs.98,674
July Rs.1,336 Rs.740 Rs.2,076 Rs.97,338
Aug Rs.1,346 Rs.730 Rs.2,076 Rs.95,993
Sep Rs.1,356 Rs.720 Rs.2,076 Rs.94,637
Oct Rs.1,366 Rs.710 Rs.2,076 Rs.93,271
Nov Rs.1,376 Rs.700 Rs.2,076 Rs.91,894
Dec Rs.1,387 Rs.689 Rs.2,076 Rs.90,508
2021 Rs.17,473 Rs.7,437 Rs.24,910 Rs.73,034
2022 Rs.19,112 Rs.5,798 Rs.24,910 Rs.53,922
2023 Rs.20,905 Rs.4,005 Rs.24,910 Rs.33,016
2024 Rs.22,867 Rs.2,043 Rs.24,910 Rs.10,150
2025 Rs.10,150 Rs.229 Rs.10,379 Rs.0
Loan Summary
Loan Amount Rs. 1,00,000
EMI Rs.2,076
Total Interest Due Rs.24,550
Processing Fee Rs.2,000
Total Amount Payable Rs.1,26,550

What is a Personal Loan EMI Calculator?

The online personal loan EMI calculator allows you to calculate approximately how much you will have to pay as the Equated Monthly Instalment (EMI).

The "EMI calculator displays" the EMI to be paid, along with a detailed repayment table with a break-up of total amount payable (Loan Amount + Interest Payable + Processing Fee) for the tenure.

How to use BankBazaar Personal Loan EMI Calculator?

BankBazaar Personal Loan EMI Calculator is extremely easy to use and user-friendly. All you need to do is put your preferred loan amount, the interest rate, processing fee, and tenure. Hit “Calculate” to check your EMI. You can also view a detailed breakup of your payment schedule through an amortisation table.

Your personal loan EMI depends on various factors, including the loan amount, interest rate, and tenure. It’s essential to calculate your monthly instalment beforehand so that you can manage your finances in a better way.

Results Overview:

  • EMI: 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.
  • 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.

Parts of the EMI Calculator

  • Graphical Representation: Learn how much will be the principal amount and interest will be paid in each EMI. This information will be presented to you in the form of a pie chart.
  • Repayment Table: The repayment table, illustrates details with regard to your loan repayment. It helps you understand how much you will have to shell out each month so that you can plan the rest of your expenditures accordingly.
  • The elements of a repayment table are:
  • 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.
  • 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.
  • Total Payment: Sum total of the principal and interest paid
  • Outstanding Loan 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.
  • The repayment table provides year-wise and month-wise data. So, you can look at the details for each month as well as the cumulative data for each year.

Factors that affect the Personal Loan EMI

  • Loan Amount: The higher the loan amount, the higher the EMI payable. The maximum loan amount you can avail is decided by the lender based on your repayment capacity, relationship with the bank, and other factors.
  • Rate of Interest: In this case, too, the rate of interest is directly proportional to the EMI. The higher the rate of interest, the higher the EMI. The bank will determine your loan’s interest rate based on a number of factors such as your Income, your credit history, repayment capacity, etc.
  • Loan Tenure: The loan tenure you choose is inversely proportional to the EMI. The longer the tenure, the lower the EMI. The loan tenure options usually range between 12 months and 60 months.

How to Calculate Personal Loan 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.

Monthly Interest Rate = Interest Rate/12

For Example, if the interest rate offered to you for your personal loan is 18% p.a. then your monthly interest rate will be calculated as follow:

18/12 = 1.5

This means that the monthly rate of interest will be 1.5%.

Should I Prepay My Personal Loan Early?

When a borrower pays their personal loan off in entirety or partially before the payment is due, it is known as prepayment of loan. Even though prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when planning to make prepayments on your loan:

1. Prepayment Charge: Most banks charge a penalty or prepayment fee when you try to pay off your loan earlier. Prepayment fee varies from bank to bank. It can be a percentage of the amount being paid or a flat fee. It can also be calculated based on the overdue interest amount. Some banks might not even charge any prepayment fee at all.

It is important to compare the penalty fee you incur to your savings on interest charges for the remainder of your loan period. This will help you determine whether prepaying your loan will be beneficial or not. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.

2. Savings on the Principal Amount: Prepaying early into your tenure can help you save a lot. However, due to lock-in period, it might not be possible to do so. Borrowers often think that since they have already paid many EMIs, the interest on the remaining ones will be low. Therefore, it would be useless to close the loan since there won’t be much saving on the remaining cost of interest.

However, interest paid on the unpaid principal amount remains the same as banks calculate interest on reducing balance basis. Rather than making your decision based only on the remaining tenure, factor in the interest rate charged when thinking about foreclosing your loan.

You can choose to make partial prepayment instead of foreclosing the loan. Partial prepayment reduces the principal amount remaining, thus reducing the interest part of the EMIs. However, you need to pay off a substantial amount of the loan for this method to be effective. Also, it is better to do so as early on in the loan period as possible. Otherwise, prepayment fee might surpass interest savings.

Personal Loan EMI Calculator Summary

When you decide to take a personal loan, one of the most valuable tools you will ever use with reference to this loan is the Personal loan 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 it regarding how the money is used. However, there are a lot of things that need to be taken into consideration when deciding on the ideal amount to borrow. Customers should consider:

  • The amount required to meet their financial requirements
  • The amount of interest they will have to pay
  • The interest rate at which the loan will be offered
  • The time period within which the loan should be repaid

Additionally, the borrower should also take into account which lender he or she should approach for the loan - a bank or a non-banking financing company (NBFC). The personal loan EMI calculator can help you make these decisions.

FAQs on Personal Loan Calculator

  1. Should I enter the monthly interest rate or yearly interest rate in the EMI calculator?

    You have to enter the yearly interest rate in the online EMI calculator to get the precise EMI amount.

  2. How long does it take to calculate the personal loan EMI?

    With the BankBazaar EMI calculator, you can calculate your EMI in as little as 30 seconds of your time.

  3. How do I calculate my EMI if the processing fee is a flat fee and not a percentage of the loan amount?

    In case the lender you are getting your loan from charges a flat amount as processing fee, you can still calculate your EMI by placing the value of Processing Fee as 0% in the calculator. But do remember that you have to pay the processing fee at the end of the day.

  4. What is the highest amount of loan for which I can calculate the EMI for using the EMI calculator?

    You can calculate EMIs for a loan quantum of upto Rs.30 lakh in the BankBazaar personal loan EMI calculator.

  5. Is the EMI amount I pay subject to GST?

    Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).

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News About Personal Loan EMI Calculator

  • Muthoot Finance planning to expand personal loan operations

    Muthoot Finance Ltd is a company based in Kerala that offers a number of financial services. The company is now planning to expand the personal loan operations of the company to more than 50 locations across different parts of the country by the end of the year. Muthoot Finance entered the personal loan segment last year and is now working hard to expand operations across the country. The latest target of the company is personal loan category for salaried professionals in Delhi and the National Capital Region. Such personal loans are currently offered in 16 cities by Muthoot Finance. This is a very unique offer and will be benefiting a number of salaried individuals. The loan can be availed and will be disbursed by the bank before the completion of 48 hours from the time the loan was availed. The company is hopeful that they will be able to expand their customer base across different categories by the end of FY21. The company is targeting a Rs.750 crore book target for the upcoming financial year. The company will be availing loans for any amounts ranging from Rs.1 lakh to Rs.10 lakh at an interest rate ranging between 13.5% and 23% per year.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards

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