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Personal Loan EMI Calculator by Balloon Payment
EMI
Balloon Payment
Flat Rate
Reducing Balance
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
Balloon Payment
Copy
Share
EMI
8486
Interest
161027
Principal
500000
Total
661027
161 K
(1 Lac)
6
Year
500,000
126 K
(1 Lac)
Year
Original
Reduced
𝒊
8486
will be
EMI
for
500000
(500 K)
Loan Amount
for
6
Year
Loan Tenure
at
9.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(5 K)
(10 K)
(15 K)
(20 K)
(25 K)
(30 K)
(35 K)
(40 K)
(45 K)
(50 K)
in
0
1
2
3
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
6 year
161027
Reduced
4 year
8 months
126593
Saved
1 year
4 months
34434
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
152 K
(1 Lac)
114 K
(1 Lac)
76 K
38 K
0
-
-
-
-
-
2024
2027
2029
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Personal Loan EMI by Balloon Payment
A Personal Loan EMI by Balloon Payment involves making smaller, regular payments throughout the loan term, with a large lump sum payment, known as the balloon payment, due at the end. This arrangement allows for lower monthly payments, but requires planning for the significant final payment needed to fully repay the loan. Calculate your personal loan EMI quickly with our Personal Loan EMI Calculator by Balloon Payment. Plan your monthly payments, interest, and principal with ease to meet your financial needs and stay on top of your finances.
Calculate Personal Loan EMI by Balloon Payment
Enter loan details like loan amount, interest rate, tenure, and balloon payment amount to calculate personal loan EMI by balloon payment.
Click Calculate to view your initial breakdown and calculate personal loan EMI by balloon payment based on the inputs.
Customize payment options with three inputs to optimize your personal loan EMI by balloon payment.
Select extra EMIs per year to reduce your personal loan EMI tenure.
Increase EMIs by a percentage to manage your personal loan EMI effectively.
Select a lump sum payment in a specific year to lower your interest and calculate personal loan EMI.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Balloon Payment EMI formula
To calculate Personal Loan EMI, use the Balloon Payment EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
E
M
I
=
(
P
-
B
(
1
+
r
)
n
)
×
r
1
-
(
1
+
r
)
-
n
EMI
= Equated Monthly Installments
P
= loan amount.
B
= balloon payment at the end of the tenure.
r
= monthly interest rate.
n
= total number of monthly installments.
Eligibility Criteria for Personal Loan EMI by Balloon Payment
Stable Income:
Applicants should have a stable and verifiable source of income, either through salaried employment or self-employment, to demonstrate their ability to repay the personal loan EMI.
Creditworthiness:
A good credit score is essential to qualify for this loan, reflecting a history of responsible credit behavior and repayment, particularly for personal loan EMI by balloon payment.
Employment Stability:
Lenders typically require applicants to have a consistent employment history, ensuring a reliable income stream to support personal loan EMI repayments.
Property Compliance:
The property being financed must meet the lender's criteria, including clear title deeds, acceptable valuation, and compliance with local regulations for a personal loan EMI.
Personal Loan EMI Calculator by Balloon Payment FAQ
How does a Balloon Payment EMI differ from a regular EMI?
A balloon payment EMI involves making smaller, regular payments during the loan term, with a large lump sum payment due at the end. Regular EMI types involve equal payments of principal and interest throughout the loan term, with no large final payment required.
How does a Personal Loan EMI by Balloon Payment benefit borrowers?
Personal loan EMI by balloon payment offers lower monthly payments by covering primarily interest costs during the loan term. It’s ideal for borrowers expecting better financial conditions by the end, such as increased income or plans to refinance.
What are the risks or drawbacks of a Personal Loan EMI by Balloon Payment?
Personal loan EMI by balloon payment may require a substantial final payment, which can be a financial burden if borrowers cannot repay the full principal. Managing this balloon payment might require refinancing or restructuring, potentially leading to higher costs or less favorable terms.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
161027
1 Extra EMI/ year
6 year
▶ 0 year
146435
▶ 14592
2 Extra EMI/ year
5 year
▶ 1 year
134457
▶ 26570
3 Extra EMI/ year
5 year
▶ 1 year
124654
▶ 36373
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
161027
Increase EMI by 1%
6 year
▶ 0 year
157551
▶ 3476
Increase EMI by 3%
6 year
▶ 0 year
151600
▶ 9427
Increase EMI by 5%
6 year
▶ 0 year
146321
▶ 14706
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
161027
Pay 10% in 2nd year
6 year
▶ 0 year
138474
▶ 22553
Pay 20% in 3rd year
5 year
▶ 1 year
131413
▶ 29614
Pay 30% in 4th year
5 year
▶ 1 year
136874
▶ 24153
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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