Personal Loan EMI Calculator

What is Personal Loan EMI calculator?

Equated monthly instalment or EMI is the amount which is composed of the loan payout for every month. Generally, every personal loan carries an interest rate and principal amount. Thus, when EMI on personal loan is calculated, the calculator includes a monthly portion of both these amounts towards loan repayment. Calculating this sum manually takes a lot of time, and when you have to manually calculate EMI for all banks and NBFCs, it gets tedious.

This why loanbaba personal loan EMI calculator online helps you know the exact monthly instalment in just a second, after you feed the necessary details in the calculator. If you are aware of the EMI to be paid on personal loan, it will be easier for you to manage repayments, but foremost, is that you will understand which bank offer is the best, since interest rate is also accounted in EMI calculation. With personal loan online EMI calculator you can calculate the instalment across banks and NBFC within no time. This toll is free-of-cost and user-friendly.

How Personal Loan EMI Calculator Works?

Personal loan and its EMI calculator go hand in hand. It is undeniable that borrowing a personal loan is very convenient since it does not come with any baggage, terms and conditions and there are no restrictions on how the money is to be used. Some of the banks sanction high amount of loan but most people are clueless as to the correct amount that should be borrowed. In addition many other factors need to be clarified, like:

  1. The amount of interest you have to pay
  2. Term period for which you borrow the loan
  3. The loan amount

There is another query that needs to be looked into that is, which Non Banking Financial Companies the borrower should approach. An EMI calculator for personal loan helps to solve these problems. Online Personal Loan EMI Calculator helps to know the exact EMI to be paid within a matter of few seconds. You do not have to manually calculate the results by applying any formula. The calculation of the Equated Monthly Instalments is rather done by our new-EMI calculator which provides accurate result. You can use this tool for free at our website.

How to use Personal Loan EMI Calculator by Loanbaba?

In order to figure out the exact pattern of repayment you need to feed the calculator with information like, the loan borrowed the processing fees and the interest rates of your vehicle loan, home loan and personal loan. If you want to pay your loan before the term period, you have to calculate the exact amount and the balance period.

For the same, use the slider and input boxes given in the calculator. The calculator automatically notifies the pattern of personal loan repayment, as per the amortization table, the total amount of interest, the schedule of repayment etc.  This will enable you to get a perfect decision regarding loan.

  • Enter loan amount in the calculator.
  • Adjust the slider on interest rate bar at desired rate of interest.
  • Adjust the slider on loan tenure bar at desired period of loan (in years or months).
  • Now at the left-hand side of the calculator, you will see immediate result of total interest payable, principal loan amount, and the EMI to be paid.
  • Below the calculator you will find the complete payment schedule and amortization table through the loan tenure.

What are Features and Benefits of a Personal Loan EMI Calculator?

A personal loan EMI calculator can be used for calculating the monthly instalment on your borrowed loan. Any sort of queries on loans and its repayment scheme is answered by an online EMI calculator personal loan. Well established both private and public sector banks make use of this EMI calculator, for example SBI personal loan EMI calculator and HDFC personal loan calculator, are frequently used for this purpose. You can also use free-of-cost personal loan eligibility calculator on our website.

Loan amounts, time period, levied interest rates, and monthly repayment scheme are the basic things you need to clarify. Once the first three questions are answered, the basic data will be available with efficient use of the calculator.

Calculating the monthly interest rate: Once you decide to get a personal loan, and approach a financial company, you initially prefer to look into the rate. After deciding and agreeing to a certain interest rate, the rate is broken into interest to be paid per month because this is how repayment works. A formulae is used for the same is interest rate divided by one year (12 months). For example if interest rateoffered@24%/annum then your monthly interest will be calculated as 24/12=2%. So the monthly interest rates will be @2% per month.

Once the calculator is fed with all the information, it gives us a clear concept of the amount of loan to be repaid every month. For the borrower this calculator works as magic as he or she can see the EMI that is to be paid within seconds of putting the data.

Personal Loan EMI Calculator FAQs

Below mentioned are the EMI personal loan calculator important questions:

  • add1. What is the formula to calculate personal loan EMI?

    To manually calculate EMI on loan you need to apply a formula, which calculates the total sum borrowed, the time period, the levied interest rate. It is to be noted that the duration of the loan is not taken into account in years, but in months. So the EMI is calculated on the basis of the following formulae: E=PXrX (1+r) ^n/ {(1+r) ^n-1}. Meaning:

    *E will be the actual EMI payable

    *P will be the amount of loan to be borrowed

    *R is the chargeable monthly interest rate

    *n is the duration of the loan to be calculated in months

  • add2. What Do You Need for Personal Loan EMI Calculation?
    1. Amount of loan: First you have to enter the sum of loan using the slider or the edit input box. It should be kept in mind that the monthly outgoing EMIs should be planned in such a way so that it does not exceed 40% monthly income.
    2. Interest Rate on loan: This is the interest rate on the loan sanctioned. This rate will be on monthly reducing balance basis.
    3. Term Period: Select the time span for the repayment of the loan ranging from 1 to 5 years.
    4. Processing Fees : while passing a loan bank charge a certain amount of fees as processing fees which may vary between 1% to 5% of the loan amount
  • add3. What is Amortization table (Spreading payments over multiple periods), and what does it contain?

    You can switch to Annual view of your personal loan amortization, if not monthly or as per repayment cycle.

    • Opening Balance: The opening balance of certain given period means the principal amount that is kept to the bank at the beginning of loan period.
    • Interest paid: This is the part payment of your total monthly instalment that is applied as interest. This amount or part will keep reducing every month till the loan matures. The rest part of your monthly instalment goes towards the principal amount.
    • Principal Paid: This part of your instalment payment goes towards the Loan Principal. This part will keep increasing every month till the loan matures. The rest part of your monthly instalment goes towards interest amount.
    • Ending Balance: The Ending balance of certain given period means the principal amount that is kept to the bank at the end of loan period.
  • add4. Why should you calculate personal loan EMI on an online EMI calculator?

    The EMI calculator prevents us from getting cheated by the financial companies. Banks and creditors will not mislead their customers if the borrower gets self-home work done by using an EMI calculator. Even if you are sure the financial institution is a reliable one, it is better to prepare ahead and know how much of monthly cash flow is required to pay for the loan.

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