Personal Loan Payment Calculator

What does the calculator mean?

The personal loan calculator helps to measure the corresponding monthly installments (EMIs) owed to the borrower every month before the borrower is paid in full.

The EMI is dependent on the number, duration and interest rate of the personal loan. The calculator will tell you how much EMI you have to pay on a given personal loan number, interest rate and period.

How you should use it?

In order to hit the EMI, one must enter

Loan amount

Between Rs 50,000 and Rs 30 lakh


The tenure should range from 1 to 5 years.

Interest rate
It will range from 1% to 50%.

Interest rates can be different between lenders since different lenders can offer loans at different rates. Input the rate at which your lender gives you the loan for the interest rate.

Use the slider to add different personal loans and tenures to the EMI with which you are comfortable.

What does it show?

The results are three things-

The EMI-This amount is payable every month until the loan is paid in full.

The breakdown-shows the interest share in the EMI every month. The remainder is the primary monthly reimbursement.

The amortization plan indicates that the interest charged and the principal return received by the EMI are split every month before the end of the contract. The remaining balance after payment of the EMI each month is also shown in the amortization schedule. You can download this document as a PDF.

How the result came?

The formula used to hit the EMI is:

[P x R x (1+R) ^n] and [(1+R)^ n-1] EMI = [P x R x (1+R)

Here, P= Primary loan, R= interest rate, n= Number of monthly installments.

For instance:

P= Rs 3 lakh, R = 15% a year = 15/12 = 1.250 per month, N = 60 months

EMI = (((300000 * 1.250/200)^60/(((1 + 1.250/100)^60) = Rs 7.137 = ((300000 * 1.250/100)^76))

EMI Personal Loan Factors

Loan amount

This is the amount that a borrower decides to borrow in the form of a loan from the bank. The higher the amount of the personal loan, the greater the EMI.

Interest rate

This is the interest charged on the loan amount borrowed. Lower the interest rate on personal loans, lower the EMI.

Loan Tenure

This is the time you are taking a loan. Longer the holding of personal loans, the EMI will be lower. The longest available loan term among banks in India is 5 years, subject to current age and retirement age of the borrower.

Loan Tenure 2 years 3 years 5 years
EMI amount for loan amount Rs. 1 lakh at 10.50%  Rs. 4,638  Rs. 3,250 Rs. 2,149
Total amount you pay back to the bank including principal and interest ₹ 1.23 Lakh ₹ 1.36 Lakh ₹ 1.68 Lakh
Interest you have to pay over loan tenure Rs. 23,034 Rs. 36,470 Rs. 67,905

At the lowest interest rate of 10.50 percent, the lower EMI is 2 149 per lakh for a five-year period. You have to pay an interest of Rs.67,905 for Rs 1 lakh over 5 years for your loan.

If you receive a loan for 2 years at a rate of interest equal to that of 2 years, you will have to pay a higher EMI of 4,638 and the total interest of Rs.23,034 per 2 year for your Rs . 1 lakh loan, which is considerably lower than the 5-year loan you paid.

Leave a Reply

Need Help? Chat with us