What is EMI?

EMI or Equated Monthly Installment - A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off along with interest.

Here's the formula to calculate EMI (Equated Monthly Installment):

EMI Formula

P is Principal Loan Amount
R is Rate of Interest [Monthly basis - Ex. 13.5 p.a = 13.5/100/12 = 0.01125 R]
N is no of months

Personal Loan EMI Calculator

When you plan to apply for a personal loan, EMI plays the most important factor, as it is the amount which you’ll be paying off on a monthly basis. Whether or not the EMI fits your requirement you still need to accept in order to avail a personal loan. This is where a personal loan EMI calculator helps you. A personal loan calculator helps you get the amount you can afford in order to get the specific EMI. Below are some following results of a personal loan calculator:

  • Monthly Repayments - EMI you will be paying every month
  • Total interest payable - Total interest on your loan
  • Total amount to pay - The total amount which is a sum of principal and interest
Few Personal Loan Details
Interest Rates 10.75% - 35%
Processing Fee It Differs from bank to bank; generally ranges between 1-3% of the loan amount
Loan Tenure 12 months to 60 months
Loan Amount Starting from 15000 – 30 lacs
LLock-in period It Varies from lender to lender
Pre-closure Charges It Differs; Generally between 2%-5% of the loan outstanding
Guarantor Required It Varies on different conditions