Personal Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
With offering Personal Loans with loan tenure upto 5 years, the loan EMI can be as low as Rs. 0 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by are as low as %.
This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
Personal Loan EMI Calculator Formula
Here is an illustration of how Personal Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 0 to Rs. 0
r = Rate of interest per month. Current rate is %
n = tenure in month. For , this can be months
personal loan EMI calculator - How it works?
This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal Loan EMI - EMI Changes in case of prepayment
In case you prepay your personal loan, the outstanding balance on your personal loan reduces. gives you two options:
Reduce your loan tenure and keep your personal EMI same
Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the in this option.
Frequently Asked Questions on EMI Calculator
What is the lowest EMI per lakh offered by on personal loan?
offers personal loan at % interest rate and hence lowest EMI on per lakh loan amount is Rs. 0.
Can I prepay my personal loan?
offers you an option of prepayment after months at .
Is there any processing charge on personal loan from ?
Personal Loan from charges a processing fee of .
Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
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