Personal Loan EMI Calculator
A Personal Loan EMI Calculator helps you calculate your monthly repayments, total interest payable, and the overall cost of your loan. Whether you’re borrowing from ICICI, HDFC, Axis Bank, or any other lender, this tool enables you to make informed financial decisions before applying for a loan.
What is a Personal Loan EMI?
An EMI (Equated Monthly Installment) is a fixed amount paid by the borrower to the lender every month. It includes both principal and interest, allowing you to repay your loan in manageable installments over a set tenure.
Formula to Calculate EMI
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P = Loan amount
- R = Monthly interest rate
- N = Tenure in months
How to Use the EMI Calculator
- Enter your desired loan amount
- Select the interest rate offered by the lender
- Choose your repayment tenure
- Click “Calculate” to view EMI, total interest, and total repayment
Advantages of Using a Personal Loan EMI Calculator
- Instant and accurate EMI estimates
- Helps compare loans from different banks
- Prepares you for monthly budgeting
- Breaks down total interest and repayment amount
Personal Loan Highlights
- Loan amounts from ₹50,000 to ₹40 Lakhs
- Tenure from 12 to 60 months
- Interest rates starting from approx. 10.50% p.a.*
- Quick processing and minimal documentation
Example EMI Calculation
| Loan Amount | Interest Rate | Tenure | Monthly EMI |
|---|---|---|---|
| ₹5,00,000 | 11.50% p.a. | 3 years | ₹16,494 |
FAQs
Q: Can I change my EMI amount during the loan tenure?
EMIs are fixed, but you may partially prepay or foreclose your loan to reduce the interest burden.
Q: Are there any prepayment charges?
This depends on the lender. Some banks like HDFC and ICICI may charge prepayment penalties in the initial months.
Q: Where can I find official personal loan EMI calculators?
You can use calculators from:
- ICICI Bank
- HDFC Bank
- Axis Bank
- Groww