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Use our Personal Loan EMI calculator

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%
Your monthly EMI is at % interest rate for months
Total Amount Payable
Principal Amount
Total Interest
    Year Principal Interest Balance

    Personal Loan EMI Calculator Online

    Now that you have decided to avail a personal loan, it is critical that you plan your monthly payouts or EMIs alongside your other financial obligations. The aim is to pay the EMI on time without defaulting on it. To ensure this, you need to know the exact monthly outflow of your EMI amount. The Personal Loan EMI Calculator by Finserv MARKETS is the quickest way to know this.

    There are three important inputs required when using the EMI Calculator:

    • Loan amount

    This is the principal amount of Bajaj Finserv Personal loan that you wish to avail from us.

    • Rate of interest

    The rate of interest is the actual cost of your personal loan application.

    • The tenure of the loan

    The next input is the loan tenure or loan duration. This the total duration in months or years in which the EMI will repaid.

    How is the Personal Loan EMI calculated?

    An EMI calculator uses a simple formula to determine your EMI. The formula used is:

    E=P*r*(1+r)^n/((1+r)^n-1)

    Where ‘E’ is EMI,

    ‘P’ is the principal loan amount

    ‘r’ is the rate of interest calculated on a monthly basis

    ‘n’ is the tenor/duration of the loan

    Let us say you borrowed INR 10 lakh as a personal loan from a bank at the rate of 12% for a period of 10 years or 120 months. Then your EMI as per the formula would be: INR 10 lakh *0.010*(1+0.010)^120/((1+0.01)^120-1))= INR 22,244 per month. In a span of 120 months, you will end up paying INR 13,34,677. Out of this, INR 3,34,677 will be towards the interest.    

    Personal Loan EMI Calculation Example:

    Loan Amount

    Interest Rate

    Repayment Period

    EMI per month

    3 Lakh

    13.00% p.a.

    4 Years

    Rs. 8,048

    4 Lakh

    12% p.a.

    5 Years

    Rs. 8,898

    5 Lakh

    12.5% p.a.

    2 Years

    Rs. 23,654

    6 Lakh

    13.2% p.a.

    3 Years

    Rs. 20,274

    7 Lakh

    12.8% p.a.

    2 Years

    Rs. 28,469

    8 Lakh

    13.9% p.a.

    4 Years

    Rs. 21,829

    9 Lakh

    14.5% p.a.

    5 Years

    Rs. 21,175

    10 Lakh

    13.00% p.a.

    3 Years

    Rs. 33,694

    11 Lakh

    14.5% p.a.

    2 Years

    Rs. 53,074

    12 Lakh

    12.00% p.a.

    3 Years

    Rs. 39,857

    13 Lakh

    12.5% p.a.

    3 Years

    Rs. 43,490

    14 Lakh

    13.4% p.a.

    4 Years

    Rs. 37,837

    15 Lakh

    14.00% p.a.

    5 Years

    Rs. 34,902

    How to use the ‘Personal Loan EMI Calculator’?

    Calculating your loan EMI is really a simple process. You need to click on the Personal Loan EMI Calculator on Finserv MARKETS website. After that, all you need to do is to input the following:

    • Personal loan amount

    • Rate of Interest

    • Loan tenure

    You will get the amount of EMI that you need to pay for the Personal Loan according to those inputs instantly.

    Benefits of a ‘Personal Loan EMI Calculator’

    A Personal Loan EMI Calculator helps you to know the monthly amount that you would require to set aside for repayment of loan. Once you are sure that you can meet the EMI payments regularly, you will be able to enter into an agreement with us. You can also negotiate on the rate of interest or the tenure of the loan. This will help you plan your finances easily and more effectively.

    Personal Loan repayment schedule

    Personal Loan EMI Calculator from Finserv MARKETS includes a repayment schedule. A repayment schedule is a calendar of your periodic payments that you need to do throughout your loan tenure. The schedule separately shows the amount of the principal and interest component in each EMI that needs to be paid.

    How to reduce your Personal Loan EMI?

    An EMI can affect your financial liquidity until you pay off your 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 low interest rate can save you big amounts. So, depending on your association with the lender, negotiate with them before arriving at the best rate.

    Maintain a good credit score: The credit score goes a long way in determining your loan eligibility and the interest rate you pay. A strong score will let you enjoy lower EMI costs.

    Opt for a longer repayment tenure: A longer tenure gives you more time to make repayments. You can in turn pay your EMIs in smaller installments.

    Look for good deals: Finserv MARKETS lets you choose from some of the best lenders in the market. Pick the best deal based on your repaying capacity and requirement.

    What are the Factors that affect Personal Loan EMI?

    The following factors affect your Personal Loan EMI: 

    Rate of interest:

    Interest rate is the applicable rate that is applied on the total 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, the higher the payable EMI.

    Loan Tenure:

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

    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.

    Creditworthiness:

    Missed EMIs can 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. A score of above 750 is considered healthy. However, every missed payment can bring down your score and thus affect your future chances of availing a loan. 

     

    Benefits of Choosing Finserv MARKETS

    Personal Loan at Finserv MARKETS offers tailor-made to fulfil all your financial needs. You can enjoy end-to-end online process, minimal documentation and unlimited withdrawals with Hybrid Flexi Personal Loan. Get to know more about the benefits of availing our Personal Loan.

    FAQ’s on Personal Loan EMI Calculator

    • ✔ What happens if my EMI payment bounces?

      It is advised that you maintain sufficient funds in your account for clearing loan EMIs regularly. However, in case of an EMI bounce, you will be charged some penalty. You could also attract penal charges on further delay in paying the EMI which can impact your credit score.   

    • ✔ How do I pay my EMIs?

      Your EMIs will be auto deducted from your bank account via automatic ECS instruction.

    • ✔ What is EMI for Rs. 2 Lakhs Personal Loan ?

      The EMI will depend upon your loan amount, interest rate and loan tenure. You can use the EMI calculator to get a precise EMI calculation against your Personal Loan. 

       

    Personal Loan EMI Calculator Reviews

    Personal Loan EMI Calculator Reviews

    4.8out of 5

    23 reviews

    Easy Steps

    The personal loan EMI calculator has been simplified enough that even a beginner like me can operate it.

    Less Documentation

    I submitted my online application to avail a personal loan. To my surprise, even though the amount was quite huge, there was minimal documentation involved. Great experience!

    Affordable Interest Rates

    I calculated my personal loan EMI through the calculator easily. I also got the loan that too at satisfactory rates. Feeling great and would recommend it.

    Quick Response

    I’ll be honest, I seriously didn’t expect such a quick response while using a personal loan EMI calculator. Awesome!

    Ease of Use

    I didn’t really put much effort while going through the personal loan EMI calculator. All steps were crisp and straight-forward. I’d say it’s definitely worth a shot if you have never used this service before.

    Simple Steps

    Overall experience of availing a personal loan on Finserv MARKETS can be summarised in two words - quick and easy. Worth it!

    Quick and Smooth

    Yes, the entire application for availing a personal loan was quick and hassle-free thanks to the digital process. Recommended!

    Simple steps

    The biggest pro was the simplified procedure to use the personal loan EMI calculator. As a not-so-experienced guy, I am really happy that things went as expected without any hurdles and I managed to successfully avail a personal loan.

    Easy Application

    Smooth application process to avail a personal loan I used personal loan EMI calculator before applying. I can use the funds for fulfilling my requirement. Yay!

    Complete Online Process

    Availing a personal loan was really comfortable for my dad since all the procedures were done online at Finserv MARKETS, thus, being hassle-free for him.

    Easy Steps

    I availed a Personal Loan for home renovation. I calculated personal loan EMI through the calculator and the entire process was straight-forward thanks to the simplified steps.

    Less Documentation

    Love how quick and paperless the entire process is of availing the personal loan at Finserv MARKETS. 10/10. Definitely recommended.

    Affordable Interest Rates

    At first I couldn’t believe about such low interest on personal loan. But all my doubts were nullified once I applied for one at Finserv MARKETS. Paying the personal loan EMI was not a burden at all. Simply amazing!

    Affordable Interest Rate

    Availed a personal loan for education for my daughter. Really happy since I got the offer at best rates.

    Smooth Documentation

    The whole process to avail personal loan from beginning to end went smooth through complete online documentation. Worth it!

    Fast Approval

    My loan application got quickly approved at Finserv MARKETS. Calculating the Personal Loan EMIs using the EMI Calculator really helped. Just wow!

    Flexible Repayment Options

    I availed a loan with the aid of a personal loan calculator and repaid it on my terms as the loan repayment period was very flexible. It was a fantastic, stress-free experience.

    Flexible Repayment Option

    With Finserv MARKETS, there is a lot of flexibility when it comes to repaying a personal loan EMI amount which makes your life tension-free.

    Quick Process

    The entire process to calculate personal loan EMI from start to end is so easy and quick. No manual calculations required. My loan also got approved within minutes. Great job!

    Good Service

    The services offered through personal loan with the aid of personal loan EMI calculator are satisfactory and simplified enough for newbies like me. Didn’t face any issues, would recommend to others!

    Simple Steps

    The overall process to use a personal loan calculator is so simple and I’d recommend this to others. Calculating the EMI beforehand helps a lot to manage the finances.

    Quick Approval

    Approval of my application for personal loan was pretty quick and tension-free. The personal loan EMIs are very affordable too. Overall, I’m satisfied with the services offered and looking forward to coming back again.

    Easy Process

    The process to calculate personal loan EMI was super simple without any complications.