Personal Loan EMI Calculator

Loan		500 K
Tenure
Interest	%

Copy

EMI

10,694

Interest

270,000

Principal

500,000

Total

770,000

270 K
(2 Lac)

6 Year

500,000

206 K
(2 Lac)

Year

Original

Reduced 𝒊

How to Reduce Interest/ Tenure?

Pay Extra EMI every year. 𝒊
Increase EMI by % every year. 𝒊
Pay Lump-Sum in year. 𝒊

Loan Summary
Loan start year
Tenure reduced	1 year 5 months
Interest saved	63,750

Loan Summary

Loan start year

Tenure reduced

1 year 5 months

Interest saved

63,750

Loan Payment Schedule

Original Reduced

171 K
(1 Lac)

128 K
(1 Lac)

85 K

42 K

2024

2027

2029

Balloon Payment

Personal Loan EMI

A Personal Loan EMI Calculator is an easy-to-use tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and tenure. This tool helps you understand how different factors, such as adjusting the loan amount or tenure, affect your EMI. It enables you to plan your budget, compare different loan options, and make informed financial decisions.

Calculate Personal Loan EMI

To calculate personal loan EMI enter loan details including loan amount, interest rate, and tenure choose months or years.
Click Calculate to view your initial loan breakdown.
Customize payment options with three inputs.
Select a number of extra EMIs per year.
Increase EMIs by a percentage.
Select lump sum payment in a specific year.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.

Eligibility Criteria for Personal Loan EMI

Age and Income: Applicants should meet the minimum age requirement and have a stable source of income that meets the lender's specified income threshold, which is crucial for calculating the personal loan EMI.
Creditworthiness: A good credit score is essential, reflecting a positive credit history and repayment behavior, both of which enhance the chances of securing a favorable personal loan EMI.
Employment Stability: Borrowers should demonstrate stable employment, typically with a minimum tenure in their current job or business, as this stability can impact the terms of the personal loan EMI.
Debt-to-Income Ratio: Lenders often evaluate the borrower's debt-to-income ratio to ensure that they can manage additional loan repayments without financial strain, which is vital for determining the appropriate personal loan EMI.

Personal Loan EMI Calculator FAQ

Can I adjust my Personal Loan EMI during the loan tenure?

Yes, you can adjust your personal loan EMI by making additional payments or prepaying a portion of the loan. These adjustments can help reduce the outstanding principal and overall interest, potentially lowering your monthly EMI or shortening the loan tenure. Be sure to check with your lender about any prepayment options or penalties.

What factors affect the EMI amount of a personal loan?

The EMI amount for a personal loan is primarily influenced by the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will lower it but may increase the total interest paid over the life of the loan. Using a personal loan EMI calculator can help you understand these dynamics and plan accordingly.

How can I use a Personal Loan EMI Calculator to my advantage?

A personal loan EMI calculator allows you to experiment with different loan amounts, interest rates, and tenures to find the best EMI that fits your budget. It helps you understand the impact of various loan terms on your monthly payments, making it easier to plan and manage your finances.

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	270,000
1 Extra EMI/ year	6 year ▶ 0 year	243,750 ▶ 26,250
2 Extra EMI/ year	5 year ▶ 1 year	225,000 ▶ 45,000
3 Extra EMI/ year	5 year ▶ 1 year	202,500 ▶ 67,500

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	270,000
Increase EMI by 1%	6 year ▶ 0 year	262,500 ▶ 7,500
Increase EMI by 3%	6 year ▶ 0 year	247,500 ▶ 22,500
Increase EMI by 5%	6 year ▶ 0 year	232,500 ▶ 37,500

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	270,000
Pay 10% in 2nd year	6 year ▶ 0 year	243,750 ▶ 26,250
Pay 20% in 3rd year	5 year ▶ 1 year	217,500 ▶ 52,500
Pay 30% in 4th year	5 year ▶ 1 year	191,250 ▶ 78,750

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?

3. How Paying Lumpsum Amount helps?