Unity Small Finance Bank Personal Loan EMI Calculator

The calculator uses the following formula to calculate the personal loan EMI of the lender:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Here:

• P is the principal loan amount
• R is the rate of interest
• N is the loan tenure

Simply enter the principal, interest rate, and tenure in the online calculator for accurate and instant results.

Example:
For a personal loan of ₹5 Lakhs at an interest rate of 16% per annum over 36 months, your monthly EMI would be ₹17,578.

The calculator also provides the total interest and overall repayment amount. Based on the given loan amount, interest rate, and tenure, the total interest payable will be ₹1,32,826, making the total repayment amount ₹6,32,826.

Poor planning can harm your long-term finances. Therefore, understanding the key factors that impact your EMIs is essential to maintaining financial stability. Some key factors to consider are:

• Loan Amount

Borrow only what you need to avoid unnecessary financial burden. A higher loan amount increases both your EMIs and the total interest payable.

• Loan Tenure

Longer tenures reduce monthly EMIs, making repayments easier. However, they increase the total interest due over the course of the loan. Shorter tenures increase EMIs, but reduce the total interest due. You can find a balance to help you repay affordably by using the personal loan EMI calculator. 

• Credit Score

A credit score of 750 or above improves your chances of approval. Higher scores can also help you secure lower interest rates, reducing your EMI.

• Existing Debt

Maintaining a low Fixed Obligation to Income Ratio (FOIR) demonstrates manageable financial obligations. This reassures lenders and strengthens your loan approval prospects. This also helps you secure pocket-friendly loan terms that reduce your EMIs. 

• Interest Rate Structure

Fixed rates keep EMIs predictable throughout the loan tenure, but may be higher than floating rates. Floating rates fluctuate in response to the RBI’s repo rate changes, but may make repayment unpredictable. Select the rate that best suits your needs.

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.