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.

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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!

Benefits of Personal Loan EMI Calculator

It's smart, simple and free! You can use the calculator as many times as you need at no cost. Moreover, you can access the EMI calculator online anytime, from any device.

It's real! Manual calculations create room for human error. The resulting amount could be misleading and confusing with real-world financial planning implications. With the online calculator, you can use multiple variations and get realistic results each time.

It's all inclusive*: When you enter loan tenure, interest rate, and total loan amount into the calculator, you get realistic results for overall costs associated with the loan you are seeking. It even includes processing fees and related taxes to give you a quick and easy understanding of how to plan your application.

Special benefits for existing customers: Avail benefits and facilities such as easy top-up*, digital query servicing and flexible repayment tenures up to 60 months.

  * 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:

  1. Your credit history
  2. Your monthly income
  3. The loan amount
  4. 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.

 

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FAQs

How to calculate EMI for personal loan?

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 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.

What is an EMI?

An Equated Monthly Instalment or EMI is a fixed amount paid to the lender on a specified date every month. The payments are used to cover the interest and principal amount due for the month. By paying these EMIs over a specified number of months, you can pay off your debt in full without an overwhelming impact on your finances.

How much do I need to pay every month?

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. You can also use the personal loan EMI calculator on our website to get a better understanding.

* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.

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Have a query? You can contact us through any of the channels listed below.

 
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