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Personal Loan EMI Calculator

Planning for a personal loan? Achieve your plan to finance your needs. Set your budget by predicting the amount of money needed to be kept aside every month for your loan. Read More

IDFC FIRST Bank brings to you an online personal loan EMI calculator to figure out the monthly instalments on your loan.Read Less

EMI Calculator for Personal Loan

Amount

1L 50L

Period

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay an EMI of only monthly

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    Surojit Mukherjee

    "IDFC FIRST Bank does what it commits. I availed personal loan in a hassle-free manner. Their service orientation of employees is state-of-the-art. All the best for the future!"

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    Ravi Bhushan

    "My sincere thanks to IDFC FIRST Bank for making life so simple through their simplified personal loan process. I have also opened a Savings Account, and considering the services offered by the bank, I’ll proudly refer the IDFC FIRST Bank to my peers – truly a Customer first bank."

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    Ajay Das

    "I had applied for a loan at IDFC FIRST Bank and it got disbursed quickly. I am really impressed with the commitment level of the bank employees."

What are the benefits of using a Personal Loan EMI Calculator?

When you use a personal loan EMI calculator, you can experience the following benefits:

Prior knowledge of EMI values

By using the online personal loan EMI calculator, you can know the amount needed to be kept aside every month for loan repayment.

Budget Management

With prior knowledge of monthly EMI values, you can manage your finances around the EMI amount and tackle expenses accordingly.

Better Tenure selection

With the knowledge of the total principal amount and the total interest payable, you can use a personal loan EMI calculator to choose a loan tenure you will be comfortable with.

Quicker, accurate results

Calculating EMI via the traditional manual method is time-consuming, complex, and often prone to errors. An online personal loan EMI calculator offers accurate results within seconds.

Prior knowledge of EMI values

By using the online personal loan EMI calculator, you can know the amount needed to be kept aside every month for loan repayment.

Budget Management

With prior knowledge of monthly EMI values, you can manage your finances around the EMI amount and tackle expenses accordingly.

Better Tenure selection

With the knowledge of the total principal amount and the total interest payable, you can use a personal loan EMI calculator to choose a loan tenure you will be comfortable with.

Quicker, accurate results

Calculating EMI via the traditional manual method is time-consuming, complex, and often prone to errors. An online personal loan EMI calculator offers accurate results within seconds.

What is the meaning of EMI?

Equated Monthly Instalments or EMI is the amount that must be paid every month until the end of the loan tenure to pay off the borrowed amount. On taking a loan, the equated monthly instalment becomes a key factor in deciding the loan amount and tenure. 

A personal loan calculator can help you instantly calculate your pay-outs, helping you better plan your loan repayments.

How is Personal Loan EMI calculated?

The formula for calculating EMI is: 

P x R x (1+R)^N] / [(1+R)^N-1]

where,

P= Principal or your loan amount

R= Rate of interest

N= Tenure (loan term in number of years)

A personal loan EMI calculator will work based on the above formula.

EMI includes two main components – principal and interest. At the beginning of the tenure, the interest amount is higher and eventually decreases throughout the tenure. Towards the end of the tenure, the principal amount makes up a large proportion of the EMI.

With a personal loan EMI calculator, you can easily calculate your monthly EMI value without committing any calculation errors.

How is Personal Loan Interest Calculated?

Along with knowing the monthly pay-out with the help of an online personal loan EMI calculator, you should also understand how the personal loan interest rate will be determined.

Loan EMI is calculated based on the loan amount, repayment tenure, and interest rate. While the tenure and loan amount depend on your financial needs and repayment capabilities, the personal loan interest rate will be based on your eligibility.

The interest rate offered to you will depend on multiple factors:

• Your monthly income
• Your credit history
• The loan amount
• Existing fixed monthly obligations (including outstanding loans)

As a rule, the less risky your profile is for the lender, the lower will be the interest rates offered. To get a good interest rate, you will have to ensure that you service all your outstanding loans on time and have enough income to cover your fixed obligations.

How to use the personal loan EMI calculator?

You don’t need to know complex formulae to calculate your monthly payments. You can just enter three key values – term, loan amount, and interest, into the personal loan EMI calculator. It will automatically take care of the calculations for you. Increasing the interest rate or loan amount will increase the EMI value while increasing the tenure will reduce the EMI value. You can adjust the variables according to your requirement.

Let’s take an example of how an online personal loan EMI calculator works when you enter the relevant information.

Suppose you are looking for a loan amount of Rs. 7,00,000 for a repayment tenure of 5 years at an interest rate of 12 per cent per annum.

You will have to carry out the following steps: 

• Keep the loan value at Rs. 7,00,000
• Keep the loan tenure as 5 years
• Keep the rate of interest as 12
• Click on CALCULATE

You will then receive a chart showcasing the different EMI values for the number of years of tenure, based on the interest rate, and principal amount. The longer the tenure, the lesser will be your EMI values. Similarly, a shorter tenure will lead to greater EMI values. 

What factors affect Your Personal Loan EMI?

• Loan Amount: Higher the loan amount, the greater the EMI value. The maximum loan amount you can avail, will be set by the financial lender based on your repayment capacity, relationship with the lender/institution, and other factors.

• Rate of Interest: The rate of interest is directly proportional to the EMI. The higher the rate of interest, the greater will be the EMI value. The financial lender will determine your loan’s interest rate based on several factors such as your income, your repayment capacity, and your credit history.

• Loan Tenure: The loan tenure varies inversely with the EMI. Longer tenures lead to smaller EMI values. However, with a longer tenure, you may end up paying more interest in total. Usually, the loan tenure options will be set by the lender and will be between 12 months and 84 months.

When you plan to take a personal loan online, you should review your current financial commitments and income to arrive at a suitable loan amount and affordable EMI values. 

You can use the simple and quick IDFC FIRST online personal loan EMI calculator to get the job done in minutes. 

IDFC FIRST Bank offers reasonable interest rates and flexible repayment timelines, which can help you get EMIs that can be managed easily.

Do get in touch with us for assistance on any queries you may be having for our online personal loan EMI calculator.

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