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.

Calculate Your Monthly EMI

`
0
%
0% %
Months
Months Months

Your Calculated EMI*

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:

  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.

 

Send Email Notification
0

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.

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

Knowledge Centre

Here are some articles which could help you understand us and our products better. Do share your comments and let us know what you think!


Loans vs. Advances - Difference Between Loans and Advances
Personal Loan

Loans vs. Advances - Difference Between Loans and Advances

Organisations across the world cannot function without funds. It is an essential part of a business that ensures all the…

Difference Between Short Term and Long Term Loans
Personal Loan

Difference Between Short Term and Long Term Loans

Term loans are borrowings from banks or other financial institutions for a fixed tenor, where repayments are made over a…

How to Clear Overdue Payments with a Personal Loan?
Personal Loan

How to Clear Overdue Payments with a Personal Loan?

Loans are an extremely convenient way of meeting requirements and dealing with your financial obligations. According to…

Send Email Notification
0
 

How can we help?

 

Get in Touch

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

 
Toll Free Number
Alternate Text
1800 103 6001 Timings: 9:00 AM to 7:00 PM on all days (except Sundays and public holidays).
 

 

Pay EMI

 
Send Email Notification
0