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Personal Loan EMI Calculator

Compare Personal Loan Interest Rates

Bank Interest Rate Procssing Fee Loan Tenure
HDFC Bank 10.50% Min Rs. 1,999 Upto 2.50% 12 - 60 Months
Citi Bank 10.50% Upto 0.5% 12 - 60 Months
Tata Capital 11.25% Rs 1499, Upto 2.5% 12 - 72 Months
Fullerton India 11.99% 1% - 3% 12 - 60 Months
Kotak Mahindra 10.50% Rs. 2999, Upto 2.5% 12 - 48 Months
Indusind Bank 11% 0.75% - 1.75% 12 - 60 Months
Yes Bank 10.45% 0.99%-2% 12 - 60 Months
HDB Finance 13.99% Upto 2% 12 - 60 Months
Aditya Birla Capital 11% 1% - 3% 12 - 60 Months
ICICI Bank 10.75% 0.99% - 2.25% 12 - 60 Months
Bajaj Finserve 12.99% 0.5% - 2% 12 - 60 Months
RBL Bank 12.99% Upto 2% 12 - 60 Months
IDFC Bank 11.50% 1% - 1.5% 12 - 60 Months
Axis Bank 10.49% 1.5% - 2% 12 - 60 Months

One of the most important decisions that you need to make while applying for any kind of loan, be it an Instant personal loan or home loan, is your monthly EMIs.

What is an online Personal Loan calculator?

One of the most important decisions that you need to make while applying for any kind of loan, be it an Instant personal loan or home loan, is your monthly EMIs. An equated monthly installments or EMIs is the amount that you need to pay every month on a particular date to repay the loan amount you borrowed along with the interest rate applicable. In such situations, a loan EMI calculator can help you out! It can help you out to calculate the EMIs that you will be required to pay every month for the desired loan amount. The calculator just requires you to mention a few details of your home loan and gives an accurate result.

Calculating EMI using the online calculator is easy and you can know the EMIs in just a few seconds. With the help of an online calculator, you can easily figure out your loan repayment requirement and plan your monthly budget accordingly. You can choose the amount that you are comfortable to pay off monthly and the duration for which you wish to make the payments depending upon your income and financial stability.

Things to consider before deciding Personal loan EMIs:

Paying EMIs must not add any financial burden on you. If you have any current financial obligations such as house rent or credit card bills, take these expenses into consideration for choosing the affordable loan EMIs. EMIs must be such that it balances all your current obligations without putting any extra financial burden on you.
Plus, it’s important to make a list of your expenses to calculate your residual income before you decide your loan EMIs. Based on the remaining income, you can decide your EMIs. Remember, your EMI must not be more than 40% of your monthly income.

How to Calculate Personal Loan EMIs?

Calculate your EMI using Mathematical Formula: The first method to calculate EMIs is by using the mathematical formula which is given below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where

EMI = equated monthly installment

P = amount that is borrowed as a loan

R = rate of interest applicable on the loan amount

N = tenure of repayment of the loan

However, calculating loan EMIs using this mathematical formula is a tedious task. Hence, using a loan EMI calculator is the best option. Using this calculator would calculate EMIs in seconds and save you from cumbersome calculations.

Use of online loan EMI calculator:

The best way to calculate your monthly EMIs is to use an online loan EMI calculator. This tool helps you calculate EMIs in seconds and saves your precious time. There are multiple online aggregators that provide easy access to EMI calculator. You are just required to input the following details – Loan amount, tenure and rate of interest.

Loan amount: The amount you borrow is the loan amount.

Tenure:It’s the time period in which you will repay the loan. Generally, the personal loan tenure ranges from 1 to 5 years.

Rate of interest: It is the Personal Loans interest rates charged on the personal loan per annum.

Reasons to use an online loan EMI calculator:

  1. Saves you from tedious calculations: An EMI eliminates the tedious manual calculations and additional stress involved.
  2. Saves time: With the help of a loan EMI calculator, you can calculate EMIs in seconds which in turn, saves your precious time.
  3. Allows evaluating multiple schedules:With the help of EMI calculator, you can view the amortization schedules and EMIs for various combinations of interest rates and loan tenures. This will help you choose EMIs as per your repayment capacity.
  4. Help you plan your finances well:Calculating EMIs gives you an idea as to how much money you need to set aside from your monthly income. In short, the EMI calculator helps you to decide the amount which you can pay back without any financial stress.

In short, a loan EMI calculator can make your life much easier as you can calculate the EMIs on your fingertips without any much stress involved. This will also help to manage your finances better and you can make a wiser decision.

FAQs on Personal Loan

What is a good personal loan interest rate?

The interest rate on a personal loan depends upon your credit history and credit score. If you want to avail a low-interest rate personal loan, then you need to have a CIBIL score above 750.

Which bank has the lowest interest rate on a personal loan?

The rate of interest on a personal loan varies from one lender to another lender. Like HDFC Bank charges 10.75%, Yes Bank charges 10.99% and ICICI Bank offers at 11.25%.

How can I get the lowest interest rate loans?

You can avail a loan at the low rate of interest if you pay your outstanding credit card bills and loan dues on time, check your credit report regularly, paying previous loan EMIs well on time.

Which bank is easiest to get a personal loan from?

You can apply for a personal loan with a bank or online digital lenders like bookmymoney.in. Make sure you do not forget to check your credit score before shopping for online personal loans.

What is the tenure for personal loans?

The tenure for the personal loan ranges from 12 months to 60 months. You can plan your EMI payments by making use of online personal loan EMI Calculator based on your loan tenure.

How much longer will it take for a personal loan to get finally disbursed?

The loan will be disbursed in your account within 3 to 5 working days.

What is the CIBIL Score required for low rate personal loan?

A CIBIL Score of 750 and above is required.

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Maximum APR (Annual Percentage Rate) 10.50% - 22%.
Fee applicable for BookMyMoney Rs 0.

*Terms and conditions apply. Credit at sole discretion of lender subject to rates, credit appraisal, charges, eligibility check and terms. Information shown is indicative and collected from public sources. This is a free service and no charges are payable by the borrower to BookMyMoney. The Company may receive remuneration from lenders for services provided to them. BookMyMoney is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not supposed to be an offer or solicitation or invitation to borrow or lend. The Company does not undertake any responsibility with respect to the correctness of the content, information and calculations. Information is subject to change without prior notice. By submitting your query or using any tools or calculators, you authorize BookMyMoney to share your information with lender(s), consent for such lender(s) to access your credit information report.