Use the BankBazaar Personal Loan EMI Calculator to calculate your personal loan EMI. You just need to enter your preferred loan amount and tenure, interest rate, processing fee (if applicable), and click "Calculate" to see your equated monthly instalments.
Monthly amount paid to your Personal Loan provider
Your debt repayment schedule in regular instalments over a period of time.
Year | Principal Paid(A)1 | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance | Pre-payment |
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The table below shows you the loan repayment schedule if you borrow Rs. 1 lakh at an interest rate of 9% per annum for five years.
Year | Principal | Interest | Total Payment | Total Balance |
---|---|---|---|---|
2023 | Rs.16,584 | Rs.8,327 | Rs.24,911 | Rs.83,417 |
2024 | Rs.18,138 | Rs.6,772 | Rs.24,910 | Rs.65,278 |
2025 | Rs.19,839 | Rs.5,071 | Rs.24,910 | Rs.45,438 |
2026 | Rs.21,702 | Rs.3,209 | Rs.24,911 | Rs.23,737 |
2027 | Rs.23,737 | Rs.1,172 | Rs.24,909 | Rs.0 |
Loan Amount | Rs. 1,00,000 |
EMI | Rs.2,076 |
Total Interest Due | Rs.24,550 |
Total Amount Payable | Rs.1,24,550 |
Bank | Lowest EMI Per Lakh | Loan Tenure |
---|---|---|
SBI | Rs.1,707 | 7 years |
HDFC Bank | Rs.2,174 | 5 years |
Axis Bank | Rs.2,224 | 5 years |
CitiBank | Rs.2,149 | 5 years |
IOB | Rs.2,237 | 5 years |
SCB | Rs.2,199 | 5 years |
Kotak Mahindra | Rs.2,174 | 5 years |
Union Bank of India | Rs.2,202 | 5 years |
Karnataka Bank | Rs.2,224 | 5 years |
BankBazaar personal loan EMI Calculator is extremely easy to use and user-friendly. Put your preferred loan amount, interest rate, processing fee and tenure into the form. Click Calculate to see your estimated monthly payment. You can also view the details of your payment plan through an amortisation chart.
The monthly payment for your personal loan depends on various factors, such as the loan amount, interest rates, and tenure. Calculate your monthly instalments beforehand so that you can budget your finances in a better manner.
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.
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%.
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:
Here’s some of the benefits of using a personal loan EMI calculator.
The mathematical formula for calculating EMIs is EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where E: Equated Monthly Instalment,
P: Principal or loan amount,
R: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and
N: Number of monthly instalments or loan tenure in months.
In a new directive announced by the Reserve Bank of India (RBI), it was announced that banks can help restructure the personal loans of those borrowers who are finding difficult to repay the EMI on time due to the financial crunch caused by Covid19.
The bank can restructure the personal loan by lowering the rate of interest, rescheduling the payment of EMI, or allow the individual to avail a limited loan repayment holiday.
The restructuring window will be available till 31st December 2020. This will help the borrower gain more time to repay their loan. The loan account will not be deemed as a non-performing asset (NPA) and the credit score of the borrower will not have any negative impact. However, borrowers who have been paying their EMIs regularly and were not overdue by more than 30 days as of 1st March, 2020 are eligible to avail the personal loan restructuring facility.
EMI stands for Equated Monthly Installment. It is a fixed monthly payment made by a borrower to a lender on a set date each month.
In order to calculate lowest EMI, you need to consider your preferred loan amount, the lowest rate offered by the concerned bank, and the maximum tenure. Enter these details while calculating and you will get the lowest EMI applicable on your loan. However, for long-term loans, you pay more towards interest though your monthly repayments are smaller when compared to short-term loans. For short-term loans, the situation is reversed, which means you pay less towards interest though your monthly repayment amount is higher than loans with longer tenures.
If you are referring to prepayment or foreclosure, yes you can do that. However, different banks have different conditions for personal loan prepayment. For instance, HDFC allows you to prepay only if you have completed 12 EMIs. Also, a certain prepayment charge may be levied depending on the bank at the time of pre-payment or foreclosure. So, read your lender’s terms and conditions before opting for foreclosure or prepayment.
It’s always advised to pay your EMIs on time. Most banks charge a penalty fee of 2% on your EMI if you fail to make repayments. Also, any missed payment will hurt your credit score and may jeopardise your chances of getting a loan in the future. Use a personal loan EMI calculator and calculate your EMI beforehand to avoid any financial stress.
You can easily get your EMI deducted from your debit card as you don’t have to provide any security deposit. You can set up a standing instruction and provide the relevant details of your debit card where the EMI amount will be deducted from your account on the due date.
Some of the benefits of knowing your EMIs in advance is that first of all you can plan your finances in a better manner which in turn also allows you to pay your EMIs on time which will improve your credit score. You can also plan the payment in such a way that you do not miss any EMI payments which can also help in the bank reducing the overall interest rate in future.
You can check the EMI in Excel by using the formula PMT. For example, if you avail a loan of Rs.5 lakh at an interest rate of 12% for a tenure of 48 months, then the formula will be (500000x48x0.01). Here 0.01 will be the rate of interest will be 12% divided by 12 which will yield 0.01%. On using the formula, the result yielded will be the EMI payable.
The EMI payable will depend on factors such as the tenure and interest rate charged, hence the EMI for a loan amount will differ from bank to bank. For example, if you avail a loan of Rs.3 lakh for a tenure of 1 year where the rate of interest rate charged is 10%, then the EMI payable will be Rs.26,375.
The EMI payable for a loan of Rs.5 lakh will differ from bank to bank and will depend on the tenure and interest rate charged. For example, if you avail a loan of Rs.5 lakh for a tenure of 1 year with an interest rate of 10% being charged, then the EMI payable will be Rs.43,958.
For example, if you avail a loan of Rs.20 lakh for a tenure of 5 years where the interest rate charged is around 10%, then the EMI will be Rs.42,494. However, you must understand that the EMI payable will depend from bank to bank and hence you must properly compare the various personal loan schemes to know the one most suitable for you.
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