Personal Loan EMI Calculator

How to use Personal Loan EMI Calculator

Our online personal loan EMI calculator comes with three tabs to arrive at your Equated Monthly Instalment or EMI in an instant. Follow these simple steps below to find yours:

Choose the loan amount you are seeking. You can select an amount up to `25 lakhs.
Next, select the tenure. For a personal loan, you can choose a repayment tenure of up to 5 years or 60 months.
Finally, set the ‘Rate of Interest’

Here's an example to show you how the personal loan EMI calculator works. If you are looking for a loan of `5,50,000 for a repayment tenure of 3 years at an interest rate of 12 per cent per annum, complete the following actions on the calculator:

Move the 'Loan Amount' slider to `5,50,000
Next, select ‘3’ years as ‘Loan Tenure’
Finally, shift the slider to 12 in the ‘Rate of Interest’ box.

If you are not satisfied with the result, give it another go!

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Fullerton India strives to provide every client with best-in-class services and value. As your preferred financial partner, we can help you access simple and flexible personal loan solutions to make the most out of your life at every stage.

How is Personal Loan EMI Calculated?

Your personal loan EMI depends on three factors: the loan amount, the rate of interest and the tenure of the loan. The mathematical formula for calculating personal loan EMI is:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

Where, P = Loan amount, r = the rate of interest, and n = tenure in months.

Thus, you can see that the EMI increases with the loan amount and the rate of interest, but decreases as the tenure gets larger. This may make you think that a longer tenure is better as the monthly outlay towards the loan will be lower. But this is not necessarily true, as longer tenure also results in the overall cost of the funds getting higher as the total amount that you would pay back gets larger with the tenure.

How is Personal Loan Interest Calculated?

Now that you know how to calculate the EMI, you must be wondering how personal loan interest rate is calculated. The interest rate offered by the lender depends on multiple factors. These include:

Your credit history
Your monthly income
The loan amount
Your fixed monthly obligations including any outstanding loans

As a rule, the lower the credit risk that the lender perceives, the lower is the interest rate they can offer. Therefore, to get a good interest rate ensure that you service all your outstanding loans on time, and have enough income over your fixed obligations to service the loan you are applying for.

FAQs

What is Personal Loan EMI?

You can use our free personal loan EMI calculator to know your monthly EMI. Additionally, if you would like to get a clearer picture, after you submit the personal loan application, our team will calculate your EMI (Equated Monthly Instalment) on the basis of the loan amount, interest rate, and repayment tenure,

How to calculate Personal Loan EMI?

The personal loan interest calculator requires you to know the loan amount you want to borrow, tenure, and applicable rate. Upon feeding these details in our free-to-use online personal loan EMI calculator, you will get to know the exact EMI to pay every month. Knowing the EMI amount will help you plan your monthly budget better. Thus, you will be able to keep enough funds for monthly repayments.

How to calculate personal loan eligibility?

Personal loan eligibility depends on factors like your monthly income (if you are salaried) or yearly profit after tax (if you are self-employed), credit worthiness (determined by CIBIL score), existing monthly obligations (including credit cards), and so on. There are also various other factors, such as your age at the time of loan application, your location, and the company's policy at the time of loan application. To know the maximum amount you can be eligible for, you can use our free personal loan eligibility calculator.

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