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Enter loan details to get EMI amount, total payable amount, and interest amount.
10,000
1,00,000
1
34
1
72
When it comes to taking a personal loan, it’s important to make informed decisions. And a personal loan calculator can make that process easier for you. Say goodbye to complex mathematics and calculation errors because you can find out your EMI in a few clicks of a button. Just enter your loan amount, interest rate and tenure to see what your monthly payments look like. Calculating your EMI before even availing the personal loan can help you compare loan offers across various lenders and get the best terms of borrowing.
Your personal loan EMI contains 3 main components : your loan amount, interest rate charged and loan tenure. A change in any of these components can change your EMI amount. There are some factors that can affect these components.
Your credit score is so much more than a 3-digit number. It doesn’t only determine your creditworthiness but also acts like a golden ticket to high value loans. If you have a high credit score, you automatically get approved for loans with lower interest rates and longer tenure helping you reduce your EMI.
Your monthly income determines your repayment capacity. A high and steady income is often seen as a green flag among lenders. This can help you get a lower interest rate that automatically reduces your monthly EMI.
Debt to Income Ratio is the percentage of your monthly income that goes into paying EMIs. The amount you pay in your EMIs should not be more than 40-50%. Otherwise, you may have to pay high interest on your loans, increasing your monthly EMI.
Enter the loan amount
you want to avail.
Enter the annual interest
rate for personal loan
Enter the no. of EMIs you want to repay the loan in
Adjust values to determine
the best EMI plan
Here is the formula used to calculate EMI amount, total payable amount and interest amount:
E = P x R x (1+R)^N / [(1+R)^N-1], where
E is your personal loan EMI amount
P is the amount you are borrowing from the loan provider
R is the monthly interest rate
N is the no. of months of EMI payment
For example – Let’s say you want to avail a personal loan of Rs. 50,000 for a period of
12 months at a monthly interest rate of 1%. Then,
P (loan amount) = Rs. 50,000
R (interest rate) = 1%
N (loan tenure) = 12 months
Thus, EMI = 100000 x 0.01 x (1+0.01)^12 / [(1+0.01)^12-1] = 4189.27
So, your personal loan EMI amount would be approx. Rs. 4189 for 12 months.
With a personal loan EMI calculator, you can adjust the tenure to determine the EMI amount that you can afford to pay comfortably.
You can use the EMI calculator to compare loan offers from different personal loan providers and make an informed decision based on the most favourable terms.
Knowing more about your EMI amount, total amount to be repaid and the interest component of the loan will give you transparency on the financial implications of the loan.
Prepayment of your loan is when you pay off a partial or complete outstanding amount before the due date. While it can free you from your financial obligations early, there are some factors that you need to consider.
Depending on your lender, there are some additional charges associated with prepaying your loan. The charged amount is different for different financial institutions.
Before you opt for personal loan prepayment, make sure you understand the total savings on your outstanding amount. Compare this with other options like pre-closure or part payments to see where you will save the maximum amount of money.
Personal loans are calculated by using the formula E = P x R x (1+R)^N / [(1+R)^N-1], where
E – personal loan EMI amount
P – amount you are borrowing from the loan provider
R – monthly interest rate
N – no. of months of EMI payment
With Zype, the flexible repayment period for a personal loan is 6, 9 or 12 EMIs.
Easy & Quick Calculation: A personal loan EMI calculator provides easy and quick calculations for monthly loan payments just by entering loan amount, interest rate, and tenure.
Helps in budgeting: Personal loan EMI calculator allows you to adjust the loan amount, tenure, and interest rate to see the EMI amount you have to repay, helping you plan your budget more effectively.
Accurate and reliable: A personal loan EMI calculator provides accurate and reliable results which avoids the need for any form of manual calculation.
The interest rate on your personal loan can vary from lender to lender.
Zype offers personal loans up to Rs 5 lakhs starting at just 1.5% per month.
You can use Zype’s user-friendly and super-fast EMI calculator to calculate your personal loan EMIs. Just enter your loan amount, interest charged and tenure to find out your EMIs in seconds.
If you have a good credit score, a stable income and clean repayment history you will get a loan at a lower interest rate which will automatically reduce your EMI. When selecting your repayment plan, choose a longer repayment tenure. This will also help you reduce your monthly EMIs.
If you skip your EMI payment, you might face some negative consequences like penalty charges, decrease in credit score and even recovery calls from loan agents.
Personal loan amortization schedule is a detailed table that contains all the information about your repayment. It further breaks down your EMI payments into outstanding amounts and interest.
You can use the formula given below to determine your applicable rate of interest on a personal loan:
Interest = Principal * Rate * Tenure
When you use a personal loan EMI calculator online to calculate your EMIs, you get a clear idea about the monthly repayment you will be making towards your outstanding loan. This can help you assess whether the loan amount you’re planning to take fits your budget or not.
A personal loan EMI is to be paid every month throughout your loan tenure according to your repayment plan. The amount you pay towards your outstanding loan includes the additional charges like interest rate, processing fees, etc.
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