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Personal Loan EMI Calculator

Personal Loan Calculator Online

Last Updated 29th Jul 2021

The personal loan EMI calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure. All you need to enter is loan amount, loan tenure, rate of interest, and you can calculate the amount of EMI.

  • Lowest personal loan EMI as on 29 Jul 2021 is ₹ 2,137 per lakh at 10.25% for 120 months.
  • Banks that offer the lowest EMI on personal loans are Axis Bank, ICICI Bank, IndusInd Bank, Kotak Bank, Bank of Baroda, HDFC Bank, Federal Bank, Tata Capital, IDFC First Bank.
  • Use MyLoanCare Personal Loan EMI Calculator to instantly calculate your EMI and get a breakup of principal and interest amount in every installment.
  • Here is an example of personal loan EMI on different loan amounts at different tenures at lowest interest rate of 10.25%.
    Loan Amount1 Year Loan3 Year loan5 Year loan
    ₹ 3 Lakh₹ 26,410₹ 9,715₹ 6,411
    ₹ 5 Lakh₹ 44,016₹ 16,192₹ 10,685
    ₹ 10 Lakh₹ 88,032₹ 32,385₹ 21,370

    Jump to EMI Calculator

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    What is the EMI for Personal Loan?

    Personal Loan EMI is an Equated Monthly Installment that you have to pay on your personal loan till the end of your loan tenure. The EMI amount consists of both principal and interest amount. The EMI will remain the same throughout the loan tenure. You can use an online Personal Loan EMI Calculator to determine your EMI accurately.

    How to Calculate EMI on Personal Loan?

    You can calculate EMI on personal loan using a personal loan EMI calculator on online platforms such as MyLoanCare. The calculator is available free of cost and can be accessed anytime, anywhere. It is always better to consider online calculators over manual calculations as the results are more accurate and reliable as chances of errors are less.

    To calculate the personal loan EMI with MyLoanCare perform the below steps:-

    • Visit the website of MyLoanCare.
    • Go to Personal Loan page and then navigate to Personal loan EMI calculator.
    • Fill in the details like Loan amount needed, Rate of Interest, Loan Tenure.
    • Email ID is a non-mandatory field to get the results on your email.
    • Enter your Mobile number and OTP (One Time Password).
    • Click ‘Submit’.
    • EMI will be displayed for the loan amount, tenure and interest rate which you have filled.
    • You will also get a detailed EMI calculation on your Email id

    Benefits of using MyLoanCare EMI Calculator

    • Easy to use and gives instant EMI results with 100% accuracy
    • Allows you to get a detailed amortization schedule for every EMI Calculation
    • A unique feature of MyLoanCare EMi Calculator is that it gives a comparison of EMIs at various loan amounts, interest rates and tenure in an excel format. You have the option to receive EMI calculation in a document in your email or as a link on SMS.

    How does a Personal Loan EMI Calculator Work?

    A Personal Loan Calculator uses a simple mathematical formula to calculate your EMI. The formula to calculate loan EMI is given below-

    EMI = [P*R* (1+R)^N/([(1+R)^N]-1)

    In the above formula,
    P = The loan amount that you want to borrow
    r = The rate of interest per month
    n = The tenure of loan repayment in months

    Factors Affecting Personal loan EMI

    Some of the factors that impact your Personal Loan EMI are listed as follows:

    Loan Amount

    This is the amount that a borrower decides to borrow from the bank in the form of a loan and is directly proportional to EMI. Higher the personal loan amount, higher will be the EMI.

    Rate of Interest

    This is the interest charged on the borrowed loan amount. Lower the EMI and lower will be the interest payable.

    Loan Tenure

    This is the period for which you take a loan. Longer the personal loan tenure, lower will be the EMI. Longest loan tenure available across banks in India is 5 years,subject to borrower’s current age and retirement age.

    The following table provides a comparison of EMI for ₹ 1 Lakh loan at different tenures:

    Loan Tenure2 years3 years5 years
    EMI amount for loan amount ₹ 1 Lakh at 10.25%₹ 4,626₹ 3,238₹ 2,137
    Total amount you pay back to the bank including principal and interest₹ 1.22 Lakh₹ 1.35 Lakh₹ 1.66 Lakh
    Interest you have to pay over loan tenure₹ 22,436 ₹ 35,476 ₹ 65,872

    At the lowest interest rate of 10.25%, the lowest EMI for a tenure of 5 years is ₹ 2,137 per lakh. You need to pay an interest of ₹ 65,872 on your loan amount of ₹ 1 Lakh over 5 years.

    If you take a loan for 2 years at the same rate of interest, you will have to pay a higher EMI of ₹ 4,626 and total interest of ₹ 22,436 on your loan amount of ₹ 1 Lakh for 2 years, which is much lesser than what you paid for a 5 years loan.

    Benefits of Online Personal Loan Calculator

    EMI calculator calculates your loan EMI and has multiple benefits, which are listed below-

    • Saves time: EMI calculator helps you to save time in doing tedious calculations by calculating EMI in seconds. You save time as you get the output the moment you enter the personal loan details.
    • Gives accurate results :An online calculator minimises the chance of errors and thus will give you accurate results. Manual calculations may often lead to wrong or inaccurate results which can change your EMI for a personal loan and can impact your decision while taking a loan. Therefore, it is always advised to use the online EMI calculator to get precise results.
    • Plan your finances : Personal loan EMI calculator informs you about your EMI which is to be paid during the loan tenure and also lets you know whether you will be able to pay back the amount or not. Always go for an amount that does not affect your budget, current financial health and your investments, and credit score.Personal Loan EMI Calculator helps you to plan your finances as you can choose EMI that suits your budget without affecting your financial health.
    • Allows to evaluate multiple schedules : EMI calculator also allows you to view the amortisation schedules and EMIs for various combinations of loan tenures and interest rates. Thus allowing you to choose the EMIs that suit your repayment capabilities.

    Personal Loan Monthly EMI Comparison of Top Banks

    BankLowest Rate Lowest EMI Per LakhMonthly EMI for ₹ 5 LakhMax Tenure
    SBI Personal Loan EMI Calculator 9.60% ₹ 8,773 ₹ 43,865 72 months
    HDFC Bank Personal Loan EMI Calculator 10.25% ₹ 8,803 ₹ 44,016 60 months
    ICICI Bank Personal Loan EMI Calculator 10.50% ₹ 8,815 ₹ 44,074 60 months
    Bajaj Finserv Personal Loan EMI Calculator 12.99% ₹ 8,931 ₹ 44,656 60 months
    Citibank Personal Loan EMI Calculator 10.90% ₹ 8,834 ₹ 44,168 60 months

    What are the Charges Levied on Non-Payment of EMI?

    In case you default on your personal loan EMI, then you have to pay extra charges on the personal loan. The additional charges are:

    Late fee penalty1%-2% of EMI
    Post Dated Cheque (PDC) payment₹ 250 - ₹ 400
    Electronic Clearing System (ECS) payment₹ 100 - ₹ 150

    These charges may vary from bank to bank. If you default on your payments every month, the bank may increase the penalty amount and mark you as a defaulter. This will hit your credit score negatively.


    How does a Personal loan EMI calculator work?

    Personal loan EMI Calculator uses the combination of loan amount, loan tenure and interest rate to calculate EMI online. All you need to do is enter your loan details such as loan amount, tenure and rate of interest and you can know your monthly EMI. The calculator works on the mathematical algorithm and gives accurate and detailed results that help personal loan borrowers pre-plan their loan payments.

    What is the EMI for personal loan?

    EMI stands for Equated Monthly Installment and is the amount that you repay to the lender against the borrowed amount. EMI for the personal loan includes the principal component and the interest component. You can calculate the EMI using an online EMI calculator.

    What is the EMI for ₹ 10 Lakh personal loan?

    The personal loan EMI of ₹ 10 Lakh will be different for different loan tenures as per current lowest personal loan interest rate of 10.25%, the EMI for different tenures is as listed in the table below:

    Tenure Personal Loan EMI
    2 years₹ 46,260
    3 years₹ 32,385
    5 years₹ 21,370

    What is the EMI for 3 lakhs personal loan?

    The personal loan EMI for ₹ 3 Lakh offered at an interest rate of 10.25% for 5 years will be ₹ 6,411, Whereas the EMI for interest rate 12.99% for 5 years will be ₹ 6,824 and if the rate is 14% for the same tenure and loan amount then EMI will be ₹ 6,980

    What is the EMI for 5 lakhs personal loan?

    The personal loan EMI for ₹ 5 Lakh will differ for every borrower as the tenure will be different and interest rate will be different. For example if you have to take a personal loan for 2 years at an interest rate of 10.49% then your monthly EMI will be ₹ 23,186. Similarly, if the loan tenure is 4 years and interest rate is 12% then EMI will be ₹ 7,900.

    How to reduce your personal loan EMI?

    You can reduce your personal loan EMI by opting for prepayment of the personal loan. Thereby, you can pay a part of the principal borrowed amount before the repayment dues, saving the amount from interest payouts. The higher the prepayment; the lower is the outstanding balance.

    Can I pay my personal loan EMI using a credit card?

    Yes, you can pay your personal loan EMI using a credit card. This is because using a cheaper loan to pay off an existing loan is a convenient way to manage expenses. However, ensure that paying off loan EMI using a credit card is not costing you otherwise.

    What if I get a delay in paying the personal loan EMI?

    Banks charge a penalty for delaying EMI payment. The amount of penalty for late payment varies from bank to bank and can go upto 3% per month.

    Why is it necessary to calculate EMI beforehand?

    It is important to calculate your EMI in advance to maintain stability in future payments. When you avail a loan, you commit the bank to pay a fixed amount at a fixed date every month. So, before availing the loan, you should consider the stability of your income, monthly expenses, and the existing loan obligations to avoid any discrepancies in future payments.

    Does the loan tenure affect my EMI for a personal loan?

    Tenure affects your monthly EMI. Longer the tenure of personal loan, lower will be your EMI. In general, a personal loan can be availed for a maximum tenure of 120, months this, however varies across all personal loan lenders.

    What if I fail to repay my personal loan EMI?

    If you fail to repay the personal loan EMI then you will be charged a late fee penalty which ranges between 1%-2% of EMI. Also, a lender will send you a notice after three months and if you are still unable to pay then the lender will declare you as a defaulter.

    Is GST applicable to personal loan EMI?

    No, GST (Goods and Service Tax) is not applicable on personal loan EMI. Personal loan EMI only consists of principal amount and interest amount. However, other charges like processing fees, prepayment charges or foreclosure charges levy GST.

    Can I pay my Personal Loan EMI in one go?

    Yes, you can pay all your personal loan EMI at one go which is called pre-payment of loan. If you decide to close the personal loan account before the tenure ends then you will have to the pre-payment charges which differs for every bank. Generally, the pre-payment charges range upto 5% of the outstanding balance. However, it may vary from bank to bank.

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