# Personal Loan EMI Calculator

Loan Amount

₹ 1 Lakh
₹ 25 Lakh

Tenure

1 Years
30 Years

Interest rate

5 %
25 %

EMI
₹ 5,510

Principal Amt.
₹ 3,00,000

Interest Payable
₹ 4,93,415

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• Minimum 1 lakh margin required

## What is Personal Loan EMI?

Personal loan EMI is the specific amount borrowers need to pay lenders every month on a particular date. The personal loan EMI amount has two parts, including the principal and the interest.

## How Does a Personal Loan EMI Calculator Work?

A personal loan EMI calculator online requires you to specify particular details. After that, it will automatically reveal the personal loan EMI amount to you. Using a personal loan EMI calculator removes the need for manual calculation, which is time-consuming and error-prone.

## How is Personal Loan EMI Calculated?

Personal loan EMI is determined on the basis of the following factors:

• Principal Amount : It refers to the exact amount the lender is offering you to handle different expenses.
• Interest Rate : Personal loan lenders charge different interest rates from borrowers according to their credit score, repayment history, and other factors.
• Tenure : It is the duration or period over which a borrower will be responsible for repaying the personal loan.

## Personal Loan EMI Formula

Anyone wondering how to calculate EMI for personal loan can use this mathematical formula:

[P x R x (1+R)^N]/[(1+R)^N-1]

Here, P stands for principal amount that is borrowed as a loan, R stands for rate of interest that is applied on the loan amount & N is the loan repayment tenure or the number of monthly installments that you will have to pay.

## How to Use IIFL's Personal Loan EMI Calculator

The right steps to use a personal loan EMI calculator are as follows:

• Step 1: Input the personal loan principal amount that you intend to borrow from your borrower.
• Step 2: Specify the tenure or duration over which you will be able to smoothly repay the personal loan.
• Step 3: Mention the personal loan interest rate demanded by the lender.
• Step 4: The personal loan EMI calculator online will instantly reveal the correct personal loan EMI amount on your screen.

A personal loan EMI calculator acan provide you with an accurate idea about your EMI amount. The tool ensures that you don't have to use the error-prone and time-consuming method of manually calculating the personal loan EMI. A personal loan EMI calculator online ensures that you can plan your finances accordingly to repay the EMI amount conveniently every month.

## Factors Affecting Your Personal Loan EMI

The different factors that are responsible for affecting the EMI amount of your personal loan are as follows:

• Principal Amount : The personal loan amount that you borrow is directly proportional to the EMI that you need to pay. Therefore, borrowing a higher amount will mean your EMI amount will also be high.Maintaining a good credit historyis necessary if you desire to borrow a personal loan of a hefty amount.
• Interest Rate : Lenders apply a personal loan interest rate depending on the borrower. The interest amount gets added to the principal amount to determine the personal loan EMI. Therefore, a high rate of interest will mean that lenders need to pay a higher EMI.
• Loan Tenure : A personal loan for a short tenure will mean a high EMI every month. However, stretching the personal loan for a long time can help reduce your EMIs.
• Prepayment: You can also make a prepayment to reduce your personal loan EMI amount. But, lenders often ask for a prepayment charge. Calculate the prepayment charges and go for it only when it is lower than the EMI amount you will have to pay throughout the tenure of your personal loan.

## Advantages of Using IIFL's Personal Loan EMI Calculator

The different advantages of using the IIFL personal loan calculator are as follows:

### Fast and Accurate Results

The IIFL personal loan EMI calculator removes the need for manual calculation. Once you input the necessary information, the calculator will instantly show the EMI amount. If you mention all the details correctly, the EMI will be calculated correctly.

### Easy to Use

The process of using the personal loan calculator is straightforward and convenient. Anyone can calculate their personal loan EMI using it by entering the right details.

### Unlimited Access

The online personal loan EMI calculator is free to use. You will be able to use it multiple times to compare personal loan EMIs from different lenders.

### Easy Comparison

A personal loan EMI calculator can be used multiple times. It ensures that you can compare the loan terms from different lenders to find the one with the most affordable EMI.

### Loan Management

You can change the interest amount and the tenure multiple times on the calculator to check the EMI. It will help you determine whether you should go for a long loan tenure with a high interest rate or a low interest rate with a short tenure.

## What is a Personal Loan EMI?

A personal loan EMI is a monthly payment toward the principal and interest amount of your personal loan. You will have to pay a certain amount every month to the lender throughout the tenure of your personal loan.

## What are the factors that can affect your Personal Loan EMI?

The factors that will influence your personal loan EMI include the principal amount, tenure, and interest rate.

## How is Personal Loan EMI calculated?

Anyone wondering how to calculate EMI for personal loans must know that there is a mathematical formula for it. But if you need a more reliable and convenient method of calculating your personal loan EMI, use an online personal loan EMI calculator.

## How is the personal loan interest calculated?

The personal loan interest is calculated on the basis of the credit score, repayment history, income potential, and various other factors.

## What is a Personal Loan EMI?

A personal loan EMI is a monthly payment toward the principal and interest amount of your personal loan. You will have to pay a certain amount every month to the lender throughout the tenure of your personal loan.

## What are the factors that can affect your Personal Loan EMI?

The factors that will influence your personal loan EMI include the principal amount, tenure, and interest rate.

## How is Personal Loan EMI calculated?

Anyone wondering how to calculate EMI for personal loans must know that there is a mathematical formula for it. But if you need a more reliable and convenient method of calculating your personal loan EMI, use an online personal loan EMI calculator.

## How is the personal loan interest calculated?

The personal loan interest is calculated on the basis of the credit score, repayment history, income potential, and various other factors.