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Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

A Personal Loan EMI calculator is a must-use tool if you want to calculate the Personal Loan EMI amount that you must pay each month to repay your debt obligations. To calculate your loan EMI, you have to enter your principal amount, the expected interest rate, and the duration of the loan repayment tenure. Make use of the Personal Loan calculator on Bajaj Markets to calculate Personal Loan EMIs and gain the upper hand on your expenses today!

Calculate Your Personal loan EMI

Loan Amount
  • Months
  • Years
Rate of Interest

Your monthly EMI is

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

How to Calculate EMI for Personal Loan?

You have to enter the principal amount, tenure and rate of interest in the Personal Loan EMI calculator directly, or you can arrange them in a mathematical EMI calculation formula to calculate your Loan EMI. The tool is designed in such a way that when you enter the variables as directed, you will be able to determine your monthly EMI obligation towards your Loan even before applying for it.  Below we have provided how a Personal Loan EMI Calculator works with an example. 


Personal Loan EMI Calculation Formula


Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]



EMI is Equated Monthly Instalment,


  • P is the principal amount,
  • R is the monthly rate of interest, and
  • N is the loan repayment tenure (in months).

The above Personal Loan EMI formula should help you arrive at a near-to-accurate estimate of your Personal Loan EMI amount.

Personal Loan EMIs for Different Amount, Rate and Tenure

Loan Amount

Interest Rate

Repayment Period

EMI per month

₹3 Lakhs

13.00% p.a.

4 Years

Rs. 8,048

₹4 Lakhs

12% p.a.

5 Years

Rs. 8,898

₹5 Lakhs

12.5% p.a.

2 Years

Rs. 23,654

₹6 Lakhs

13.2% p.a.

3 Years

Rs. 20,274

₹7 Lakhs

12.8% p.a.

2 Years

Rs. 28,469

₹8 Lakhs

13.9% p.a.

4 Years

Rs. 21,829

₹9 Lakhs

14.5% p.a.

5 Years

Rs. 21,175

₹10 Lakhs

13.00% p.a.

3 Years

Rs. 33,694

₹11 Lakhs

14.5% p.a.

2 Years

Rs. 53,074

₹12 Lakhs

12.00% p.a.

3 Years

Rs. 39,857

₹13 Lakhs

12.5% p.a.

3 Years

Rs. 43,490

₹14 Lakhs

13.4% p.a.

4 Years

Rs. 37,837

₹15 Lakhs

14.00% p.a.

5 Years

Rs. 34,902

Benefits of Personal Loan EMI Calculator

There are several uses of a Personal Loan EMI Calculator. By helping you calculate Personal Loan EMI, it creates a sense of discipline and helps you manage your finances in the wake of your pending credit commitments. Here is a list of those benefits:


  • Know Your Dues: A Personal Loan EMI calculator helps you compute the Personal Loan EMI amount that you would need to set aside to repay your obligation.

  • Confidently Enter an Agreement: Once you are sure that you can fulfill the EMI payments regularly, it becomes easier for you to make a decision. You can also negotiate on the rate of interest or the loan tenure if your credit score permits it. This will help you plan your finances easily and more effectively.

  • Personal Loan Repayment Schedule: Our online Personal Loan EMI calculator includes a repayment schedule as well. A repayment schedule is a calendar of the periodic payments that you need to make throughout your loan tenure. The schedule separately shows the amount of the principal and interest component in each EMI that needs to be paid. It is commonly referred to as the amortisation schedule in banking parlance.

  • Figure out the Right Loan tenure: Once you have figured out your total loan amount and the interest you must pay on it, you will be able to select a loan repayment tenure that you feel most comfortable with.

  • Time-Saving and Accurate: Calculating your EMI manually through the traditional method of manual calculation is a time- and energy-consuming ordeal. On top of that, there’s more room for errors when you go the manual way. The Personal Loan calculator offered for India, on the other hand, gives you an accurate answer within seconds.

Factors that Affect Personal Loan EMI

The following factors affect your Personal Loan EMI:


  • Rate of Interest: Interest rate is the applicable lending charge that is applied on the total amount borrowed (principal). A lower interest rate lowers the EMI and vice versa.

  • Loan Amount: The loan amount is the total amount sanctioned by the lender. EMI is directly proportional to the loan amount. The higher the loan amount, higher the payable EMI.

  • Loan Tenure: A longer loan tenure will reduce the EMI but with an increase in interest payments. On the other hand, a shorter tenure increases the total EMI payable. So, choose the loan tenure wisely.

How to Reduce your Personal Loan EMI

An EMI can affect your financial liquidity until you pay off the loan. However, here are some steps that you can use to reduce the EMI and make the best of financial possibilities.


  • Negotiate for a Lower Interest Rate: A interest rate on a Personal Loan can save you big bucks. So, depending on your association with the lender, negotiate with them before arriving at the best rate.

  • Maintain a Good Credit Score: Negotiation becomes easy during loan application if you have an excellent credit score. The credit score goes a long way in determining your loan eligibility and the interest rate you pay. An excellent score, one that is over 750, will let you enjoy lower EMI costs.

  • Opt for a Longer Repayment tenure: A longer tenure gives you more time to make repayments. If the EMI amount at a shorter tenure is too high, you can increase the latter and pay smaller instalments.

  • Look for Good Deals: Bajaj Markets lets you choose from some of the best lenders in the market for personal loan. Pick the best deal based on your repaying capacity and requirement, which will, in turn, make it into the lowest possible EMI Personal Loan option for you.

What Happens if Personal Loan EMI is Missed

There are several repercussions that you could face upon defaulting on an EMI. These include:


  • Penalties: A penalty of about typically 1%-2% may be charged against a missed EMI. Additionally, lenders also levy a late payment fee when you miss the EMI due date.

  • Creditworthiness: Missed EMIs reduce your creditworthiness and affect your reputation. In spite of having a good credit score, it can deter lenders from offering you a loan.

  • Credit score: Defaulting can have a severe effect on your credit score. Every missed payment can bring down your score and, thus, affect your future chances of availing a loan.

FAQs on Personal Loan Calculator

  • ✔️What is a Personal Loan EMI?

    A Personal Loan equated monthly instalment, or Personal Loan EMI, is essentially the money you pay each month to repay your loan obligation. The word ‘equated’ denotes that this amount remains the same, provided factors such as the loan repayment tenure and rate of interest remain constant.

  • ✔️What is a Personal Loan EMI Calculator?

    A personal loan EMI Calculator is an online tool that prospective borrowers can use to compute their monthly financial obligation to service the loan. To compute the same, one must feed in variables such as the principal amount, rate of interest, and loan repayment tenure (in years) into the personal loan calculator.

  • ✔️How can a Personal Loan EMI calculator help determine the loan selection?

    The Personal Loan EMI Calculator can help borrowers understand their monthly obligation based on the loan amount, interest rate, and tenure. Basically, it will help the borrower understand the interest rate and repayment tenure that they are comfortable with. This will directly influence the kind of loan terms that they opt for when they apply for a Personal Loan.

  • ✔️How to calculate the Lowest EMI on Your Personal Loan?

    In order to calculate the lowest possible EMI amount for your Personal Loan, you will need to enter in the tool, the exact amount you wish to avail as a Personal Loan, the lowest interest rate that is being offered by the lender and the maximum tenure. The result that you will see on your screen post is the lowest EMI amount that you will have to pay.

  • ✔️What happens if my EMI payment bounces?

    It is advised that you maintain sufficient funds in your account for clearing loan EMIs regularly. In case of an EMI bounce, you will be charged a penalty. You could also attract other charges on further delay in paying the EMI. Most lenders also charge a late payment fee for missed EMI payments. The most troublesome aspect is that a missed EMI payment will adversely impact your credit score.

  • ✔️How do I pay my Loan EMIs?

    Your EMIs will be auto-deducted from your bank account via automatic NACH/ECS instruction. You simply need to set up the mandate between your bank and the lender.

  • ✔️ What is a personal loan amortisation schedule?

    A personal loan amortisation schedule is an overall assessment of your EMIs, including the principal amount and interest component of the repayment amount. The table can help you decide the right time to opt for a balance transfer or loan prepayment and foreclosure.