Personal Loan EMI Calculator
Calculate your monthly EMI, total interest, and repayment schedule for personal loans
Calculate Your Personal Loan EMI
Range: ₹10,000 to ₹40,00,000
Typical range: 12-60 months
Current rates: 9-36% per annum
Amount: ₹15,000
EMI Calculation Results
Payment Summary
Formula used: EMI = P × R × ((1+R)^N / ((1+R)^N - 1))
Recommended Monthly Income: ₹86,663 (EMI should not exceed 40% of income)
Loan Analysis
Example Personal Loan Calculation
Europe Trip Loan Example
Loan Amount: ₹10,00,000
Interest Rate: 15% per annum
Loan Tenure: 36 months (3 years)
Processing Fee: 1.5% (₹15,000)
Calculation Results
Monthly EMI: ₹34,665
Total Interest: ₹2,47,940
Total Amount Payable: ₹12,62,940
APR (with fees): 16.07%
Loan Eligibility Factors
Income
Higher income = lower rates
Stable employment preferred
CIBIL Score
750+ for best rates
Minimum 600 required
Age
21-60 years eligible
Younger age = better rates
Personal Loan Tips
Compare rates from multiple lenders
Check for pre-closure charges
Maintain good credit score
Keep EMI under 40% of income
Read all terms and conditions
Understanding Personal Loans
What is a Personal Loan?
A personal loan is an unsecured loan offered by financial institutions to meet various personal needs such as medical expenses, travel, wedding, debt consolidation, or any other personal financial requirement. Since it's unsecured, no collateral is required.
Key Features
- •Loan amount: ₹10,000 to ₹40,00,000
- •Tenure: 12 to 60 months
- •No collateral required
- •Quick approval and disbursal
EMI Calculation Formula
EMI = P × R × ((1+R)^N / ((1+R)^N - 1))
- EMI: Equated Monthly Installment
- P: Principal loan amount
- R: Monthly interest rate (Annual rate ÷ 12)
- N: Number of monthly installments
Interest Rate Factors
- •Credit score (CIBIL)
- •Income and employment stability
- •Loan amount and tenure
- •Age and existing debt
Important Considerations
Before Applying
- • Check your credit score
- • Compare interest rates across lenders
- • Calculate affordable EMI amount
- • Understand processing fees and charges
After Approval
- • Set up auto-debit for EMI payments
- • Keep track of repayment schedule
- • Consider prepayment if financially viable
- • Maintain good credit behavior