EMI Calculator
Personal Loan EMI Calculator
With a Personal Loan EMI calculator, you can easily calculate your monthly EMI online and plan your loan effectively.
Use the Moneyview online Personal Loan calculator below to enter the amount you need to borrow, the interest rate and the tenure to instantly calculate your EMI and even the breakdown of your installments.
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What is a Personal Loan EMI Calculator?
With the personal loans easily available in the market at a very affordable interest rate, flexible tenure and no end-use verification, it is very tempting to think of availing of a personal loan at the drop of a hat. But have you realised that getting into a debt trap without assessing your eligibility can put you through high financial stress? There will be continuous EMI missouts, and your credit score will dip to such an extent that it will negate all your chances of getting a loan in the future when you need it the most. So it is essential to calculate the EMI using the online personal loan EMI calculator so that the borrowings will be within your reach.
Personal loan EMI Calculator excel is a simple online tool that makes EMI calculation very easy and fast. The results obtained using the personal loan EMI calculator online is 100% accurate. All you need is the loan amount, tenure, and interest rate, and you can get the result in minutes. Knowing the EMI will help you plan your budget so that the EMIs are paid systematically without fail either on or before the due date.
Table of Contents: Personal Loan EMI Calculator
EMI, i.e., Equated Monthly Instalment, is a fixed amount that has to be paid monthly throughout the tenure of the loan. It consists of the interest and the principal component. The EMI usually remains constant throughout the tenure. If availed at a floating rate of interest, the EMI will change with the periodical interest fluctuations. If the loan is availed at a fixed rate, the EMI will remain constant throughout the loan tenure unless prepayments are made. With every prepayment, there will be an option to either lower the EMI or lower the tenure. Lowering the tenure will be a better option, and it will serve the purpose of making the loan more economical by reducing the overall cost of the loan. Calculation of the EMI using a personal loan EMI calculator is advised so that you can make an informed decision about the loan amount.
A personal loan EMI calculator enables you to calculate the EMI by entering the loan amount, tenure and rate of interest. Being aware of your repeated monthly commitment for the opted tenure helps you balance the monthly budget. The mathematical formula for calculating the EMI is P x R x (1+R)^N / [(1+R)^N-1]. Here
P is the principal
R is the rate of interest
N is the tenure
Manual calculation using the formula can be cumbersome and prone to errors. Whereas with a personal loan EMI calculator, the calculation becomes easy and with 100% accuracy.
The main factors that decide monthly EMI are the rate of interest and tenure. If you have a good income, a high credit score and working for a reputed organisation and have just started your career, you can negotiate with the lender for a better interest rate. Also, with the personal loan EMI calculator excel, you can compare the EMIs of different financial institutions and choose the deal that is best for you.
Planning your finances wisely spares you from financial stress. Personal loans are easy to avail, and if you have a good income and a good credit score, it makes it much easier. With most of the banks providing the facility of pre-approved loans to select customers, access to personal loans has become much easier. The moment you decide to avail of a personal loan, all you have to do is check your eligibility by accessing your net banking account and placing a request. The amount will land in your account within seconds. Being impulsive while opting for a personal loan is not a prudent thing to do. Before applying for a personal loan, it is wise to assess the repayment capacity vis-a-vis your income. This is where the requirement for a personal loan EMI calculator comes in.
MyMoneyMantra Personal Loan EMI calculator is a simple tool that enables a seamless calculation of the EMI. You can use the EMI calculator multiple times by changing the loan amount, tenure and rate of interest. The process of using the MyMoneyMantra personal EMI calculator is given below:
- Go to the ‘Financial Tools’ option on the website of MyMoneyMantra
- Enter the three components, i.e., the loan amount, tenure, and interest rate, by dragging the tab on the slider.
- The EMI will be calculated and displayed immediately.
- The interest payable for the tenure opted, and the total loan amount payable by the end of the tenure will also be displayed.
- An amortisation schedule, a chart that gives a break up of the interest and the principal payout out of the EMI each month till the end of the tenure, will also be provided.
When the banks/NBFCs are marketing their loan products by highlighting the interest rates offered, they will be referring to annualized interest rates. That means the interest rates mentioned will be the rate charged for a year. There are no uniform interest rates across all the financial institutions. It is essential to understand how this annual rate converts into monthly EMI. The personal loan EMI calculators help in converting this annual rate into a monthly rate to arrive at the EMI.
The conversion is done automatically by the personal loan EMI calculator. To manually convert the annual rate into a monthly rate, the annual rate has to be divided by 12. For instance, if the interest rate calculated for the loan amount is 6.75%, the monthly rate will be 0.56%.