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Monthly Payment (EMI)
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Do you want to renovate your home, buy an expensive new gadget, or simply go on an indulgent vacation but are looking for some funds to cover these short term expenses? A Personal Loan might be the easy answer for you. But the question you might worry over is - how much exactly will that loan cost you and, is it the best deal you can get? Well, there’s no need to worry any more. You can use CreditMantri’s Personal Loan EMI Calculator to see exactly how much your personal loan will cost in terms of interest payments and to determine the best loan you can get for your requirements.
EMI is an abbreviation of Equated Monthly Installment. It is the fixed amount of money you need to pay every month, on a fixed date, to your lender, in order to pay off your entire loan (including interest). Your EMI consists of two components: repayment towards the principal (the original amount borrowed) and repayment towards interest charges. The Personal Loan EMI Calculator will help you determine exactly how much you will need to set aside from your income every month towards your EMI payment.
It can be very confusing to evaluate the multiple loan offers available in the market and it is nice to get some trusty assistance to cut through all the numbers to determine how much each loan will cost you. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
When you are thinking of applying for a personal loan, you also need to think about how much to borrow, how long you want to borrow for, and at what price. Using this tool, you can try out various loan combinations – for example, how much your EMI will be for a larger amount or with a shorter repayment period. It is useful to know the actual EMI amount you will pay for the various combinations you try out.
All you have to do is to input the loan amount, the interest rate and the tenure of the loan. You can choose to input various combinations and permutations of all three parameters to see which combination suits your personal financial needs the best. Once you determine this combination, you can research the various offers available and choose the lender that offers you the most suitable loan.
Using the Personal Loan EMI Calculator is a simple 3-step process.
You need to have just 3 details:
Let us take an example. Say you want to check what your EMI will be if you take a personal loan of Rs 5 lakhs, for a tenure of 3 years, at an interest rate of 12% p.a. You need to complete the following actions which will only take a few seconds:
You will see your
Your Amortization Table shows you in detail the following items:
Here are some advantages of using a Personal Loan Calculator:
Accurately estimates the cost of your loan: The biggest concern when applying for a loan is what the loan will cost you. The EMI Calculator for Personal Loans takes care of that worry. It works like a kind of personal loan interest calculator and is the simplest way to evaluate what your loan will cost in terms of interest.
Enables quick comparative pricing: When you input the various lender offers available on the market, you get an instant idea of how much each loan offer will cost you. You can make your final decision after reviewing the numerous offers based on the results of the EMI Personal Loan Calculator.
Accurate: Doing the maths for each loan offer manually carries the risk of making mistakes. Even if you are using a calculator, there is room for human error each time you input the numbers. This might lead to inadvertently choosing the wrong loan based on miscalculations. Using the Personal Loan Calculator allows you to do multiple variations with accurate results every single time.
Quick: Doing the sums manually is not only error-prone, but can be tedious and time consuming. There are better ways to spend your precious spare time than doing repetitive math calculations. Our EMI Calculator for Personal Loans will take care of all your calculations instantly.
Simple: It is extremely easy to use the Personal Loan Calculator. All you need to do is to input three numbers.
Free: You can use the tool as many times as you want and it will not cost you anything. Moreover, you can use the EMI Calculator for Personal Loans at any time, from any place at your convenience.
Do you know if you qualify for a personal loan? Or what size of loan you are eligible for? Before you make an application to a bank or NBFC, you need to think carefully about what size of loan or what repayment terms you will qualify for. If you apply for a loan and are rejected, it has a long term negative impact on your ability to access future loans. The Personal Loan Eligibility Calculator takes out the worry of wondering if you will be rejected. It lets you know what size of loan you are eligible for. You only need to answer a few questions which could include details about:
The calculator tool will estimate your eligibility for a personal loan so that you are able to make a more informed decision when applying for a loan. This will help you minimise the chances of rejection. The personal loan calculator for India will use information relevant to the local credit market and check your eligibility accordingly.
There are two attractive features of a personal loan:
In terms of tenure, personal loans are relatively short-term loans and the tenure can range from 1-5 years. This is in contrast to home loans, for example, that can have a repayment period of up to 30 years.
Remember that personal loans are the most expensive loans in the formal consumer banking system. They incur the highest interest rates since they are ‘unsecured’, and the bank or other financial institution has no safeguard against default. You can use a personal loan interest calculator to check how much you will need to pay in interest costs.
The interest rate on a personal loan can be influenced by a few factors including:
The advantages of a personal loan are:
1. What is a Personal Loan?
Personal loan is an unsecured loan offered to eligible individuals to take care of their personal needs. There is no restriction on how you use the loan amount, so you can use it for anything from personal vacations, marriage expenses, education fees, medical emergencies, and various other personal needs.
2. How much personal loan can a person get?
Your personal loan eligibility is dependent on your gross monthly income. Most banks offer up to 15 times your gross monthly income as personal loans.
3. What is the average interest rate on personal loans?
Personal loans, being unsecured loans, come with high interest rates. You can expect it to be between 9% - 18% per annum.
4. What is the benefit of using a personal loan EMI calculator?
A personal loan EMI calculator helps you determine the approximate EMI amount you will have to shell out every month. Based on your financial standing, you can adjust the loan amount to arrive at a comfortable EMI amount.
5. What is the input required to calculate my personal loan EMI through this calculator?
You have to enter the loan amount, interest rate and loan tenure to arrive at the expected EMI amount.
6. What other information will the personal loan EMI calculator give me?
This calculator will show the tentative EMI amount, along with the total repayment amount on your loan. It will also give a clear break-up of the interest component and the principle component from the total amount repaid.
7. What are the options to repay your personal loan EMI?
Personal loan EMI is usually repaid through auto-debit or ECS from your bank account. These days, banks request for a NACH mandate to auto-debit the EMI amount from your bank account.
8. What are the factors affecting my personal loan EMI?
Your personal loan EMI is based on the loan amount, interest rate and the repayment tenure.
9. Can I pre-pay my personal loan?
Yes, you can pre-close your personal loan any time after the completion of 12 consecutive EMIs.
10. Can self-employed individuals get a personal loan?
Yes, any individual with a stable income can get a personal loan. You should be able to provide documentary proof of your income during the loan application.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application