Take your plan to perfection! Find out exactly what you need to budget for every month. Our personal loan EMI calculator cracks your Equated Monthly Instalments (EMIs) in seconds to assist you in planning your finances better.
While taking an instant personal loan online, you should review your current financial commitments and income to arrive at a suitable loan amount and affordable EMIs. Our simple and smart personal loan EMI calculator does the job for you in moments. With reasonable interest rates and flexible repayment timelines, as Fullerton India, we can assure you of EMIs that can be managed easily.
The EMI on your loan is calculated based on the loan amount, repayment tenure, and interest rate. While the loan amount and tenure depend on your financial needs and repayment capabilities, the personal loan interest rate is set on the basis of your eligibility. Our team is available to assist you with any queries related to your EMI on phone, email, and chat.
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!
* Terms and conditions apply
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.