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Personal Loan EMI Calculator by Flat Rate
EMI
Flat Rate
Reducing Balance
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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EMI
10694
Interest
270000
Principal
500000
Total
770000
270 K
(2 Lac)
6
Year
500,000
206 K
(2 Lac)
Year
Original
Reduced
𝒊
10694
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
270000
Reduced
4 year
7 months
206250
Saved
1 year
5 months
63750
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
171 K
(1 Lac)
128 K
(1 Lac)
85 K
42 K
0
-
-
-
-
-
2024
2027
2029
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Personal Loan EMI by Flat Rate
A Personal Loan EMI by Flat Rate calculates interest on the full principal amount throughout the loan term, resulting in fixed, equal monthly payments. This means the EMI amount remains constant over the loan period, which simplifies budgeting. However, this method generally leads to higher total interest costs compared to reducing balance methods, as interest is charged on the original principal for the entire term. Calculate your personal loan EMI quickly with our Personal Loan EMI Calculator by Flat Rate. 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 Flat Rate
Enter loan details like loan amount, interest rate, and tenure, choosing months or years to calculate personal loan EMI by flat rate.
Click Calculate to view your initial breakdown and calculate personal loan EMI by flat rate based on your inputs.
Customize payment options with three inputs to calculate your personal loan EMI by flat rate.
Select extra EMIs per year to reduce and calculate your personal loan EMI tenure.
Increase EMIs by a percentage to manage and calculate your personal loan EMI more effectively.
Select a lump sum payment to reduce interest and calculate your personal loan EMI.
Adjust inputs and click Recalculate to dynamically update your personal loan EMI tenure and interest.
Flat Rate EMI formula
To calculate Personal Loan EMI, use the Flat Rate EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
E
M
I
=
P
+
(
P
×
r
×
n
)
n
EMI
= Equated Monthly Installments
P
= Principal loan amount
r
= Monthly interest rate
n
= Number of monthly installments
Eligibility Criteria for Personal Loan EMI by Flat Rate
Age and Income:
Applicants should meet the minimum age requirement and have a stable source of income, meeting the lender's specified income threshold for a personal loan EMI.
Creditworthiness:
A good credit score is essential, reflecting a positive credit history and repayment behavior, which is crucial for securing a personal loan EMI by flat rate.
Employment Stability:
Borrowers should demonstrate stable employment, typically with a minimum tenure in their current job or business, to qualify for a personal loan EMI.
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 Flat Rate FAQ
How does Flat Rate EMI differ from a Reducing Balance EMI?
Flat rate EMI calculates interest on the original principal amount throughout the loan term, resulting in fixed, equal monthly payments. In contrast, Reducing Balance EMI calculates interest on the outstanding principal, which decreases with each repayment, leading to gradually lower EMIs and typically lower overall interest costs.
What are the advantages of a Personal Loan EMI by Flat Rate?
Personal loan EMI by flat rate provides predictable monthly payments, which aids in budgeting and financial planning. This method offers simplicity in understanding the repayment schedule, making it an accessible choice for borrowers who prefer straightforward financing options.
What are the disadvantages of a Personal Loan EMI by Flat Rate?
Personal loan EMI by flat rate can lead to higher interest costs, as interest is calculated on the full principal amount throughout the loan term. This method may be less cost-efficient compared to reducing balance methods, particularly for longer tenures, since interest is not recalculated on the decreasing principal balance.
×
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
270000
1 Extra EMI/ year
6 year
▶ 0 year
243750
▶ 26250
2 Extra EMI/ year
5 year
▶ 1 year
225000
▶ 45000
3 Extra EMI/ year
5 year
▶ 1 year
202500
▶ 67500
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
270000
Increase EMI by 1%
6 year
▶ 0 year
262500
▶ 7500
Increase EMI by 3%
6 year
▶ 0 year
247500
▶ 22500
Increase EMI by 5%
6 year
▶ 0 year
232500
▶ 37500
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
270000
Pay 10% in 2nd year
6 year
▶ 0 year
243750
▶ 26250
Pay 20% in 3rd year
5 year
▶ 1 year
217500
▶ 52500
Pay 30% in 4th year
5 year
▶ 1 year
191250
▶ 78750
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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