Personal Loan EMI calculator 2024

Personal Loan EMI calculator

Use the National info 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 you see your equated monthly instalments.Loan Amount4,00,000


Benefits of Using a Personal Loan EMI Calculator

Here’s some of the benefits of using a personal loan EMI calculator.

  • Compare loans: Enter a fixed loan amount and tenure and vary the interest rate and processing fee depending on the rates fixed by the concerned bank. That’ll give you a holistic idea regarding total cost of your loan and based on that you can choose your personal loan product.
  • Saves time: Calculating EMI takes less than a minute when you are using a calculator. Also, EMI calculators are extremely easy-to-use and 100% accurate.
  • Choose your preferred loan tenure: Vary loan tenures and compare your EMI to see which one is better suited for your financial health. If you are okay with paying higher EMI and would like to close your loan early, go for a shorter tenure. Otherwise you can always opt for a longer tenure.
  • Check your repayment schedule: BankBazaar’s personal loan EMI calculator also gives you a complete break-up of your repayment schedule. That way you will get an idea how much you’ll have to pay as interest and how much will be your principal outstanding.
  • Verify EMI information: You can validate your repayment schedule as offered by the bank by using an EMI calculator. Other than that, with a calculator you can also calculate the processing fee that you have to pay upfront (usually deducted from the sanctioned amount).

What is the Formula Used for Personal Loan EMI Calculation

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.

EMI calculator for Personal Loans

Personal Loan Restructuring

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.

FAQs on Personal Loan EMI Calculator

What EMI means?

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.

How to Calculate the Lowest EMI on Your Personal Loan

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.

How much EMI can i get for 5 lakhs?

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.

What is the EMI for 3 lakhs personal loans?

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.

What is the EMI for 20 lakhs personal loan?

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.

How is EMI deducted from debit card?

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.

What is the formula for EMI in Excel?

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.

What are the benefits of knowing your EMI in advance?

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.

What Happens If You Fail to Pay Your EMI?

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.

Can I Pay EMI at One attempt?

If you are imply prepayment or foreclosure, yes you can do that. But, different banks have different conditions for personal loan prepayment. For example, 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.