- Home
- Personal Loan
- EMI Calculator - Personal Loan
Quick Personal Loan EMI Calculator
Get the EMI amount in seconds and plan the monthly instalments toward your loan with Fibe’s personal loan calculator for EMIs online.
Personal Loan Interest Rate Calculator
Formula to Determine Personal Loan EMI
Whenever applying for a credit facility, get an estimate of your monthly obligations to check if the offer is affordable for you.
Use the following formula to calculate your EMIs:
E = P x R x (1+r)^n/((1+r)^N – 1
The following are the meanings of the variable provided in the formula above:
- E stands for ‘Equated Monthly Instalment’ or EMI
- P means the principal amount
- R refers to the applicable rate of interest
- ‘N’ denotes the loan term or tenure
How to Calculate Personal Loan EMI?
1. Navigate to the ‘Personal Loan EMI Calculator’
2. Adjust the slider to choose the loan amount you wish to borrow
3. Then select the interest rate in % and the tenure in months
4. Your payable EMI amount will be displayed on the screen
Factors to Consider While Calculating the Personal Loan EMI
The loan amount is the principal amount that you wish to borrow from a lender or a financial institution. Your EMI amount is directly proportionate to your loan amount. This means if your loan amount is high, then the EMI amount will also be high.
The interest rate is the rate at which the lender or financial institution charges interest on your personal loan. A higher interest rate will result in a higher EMI.
The tenure is the duration for which you wish to take the loan. A longer tenure will result in a lower EMI, but you will end up paying more interest over the loan's lifetime.
Most banks and financial institutions allow you to prepay your loan partially or completely. If you plan to make prepayments, it is important to factor in these payments while calculating your EMI. At Fibe, there are no prepayment charges. So you can close your loan anytime.
Benefits of Personal Loan EMI Calculators
One of the most notable benefits of using a personal loan calculator is that it allows better financial planning. It gives you a clear understanding of how much EMI you will have to pay against your borrowing. You just need to decide on your loan amount and tenure and prepare your monthly budget accordingly.
This online tool also lets you compare different lending options based on the total obligation. This helps you choose a cost-effective option.
You can calculate a correct estimate of the EMI amount that you need to pay. Thus, it allows you to efficiently plan for repayment and avoid default during the entire tenure.
Manually calculating the EMI can be a time-consuming process. However, you can get the results instantly if you use an online EMI calculator.
FAQs for Personal Loan Calculator India
You can use Fibe’s Personal Loan EMI Calculator to determine the monthly instalment amount. Just provide the loan amount, interest rate and repayment tenure to get the EMI amount in seconds.
EMI or Equated Monthly Instalment is the monthly payout a customer needs to make against the loan. It is generally a sum of the principal amount and interest paid on a loan that is repaid over a tenure of the customer’s choosing.
Below are the factors that affect loan EMI amount:
- Loan Amount
- Interest Rate
- Repayment Tenure
EMI Calculators help in choosing the right loan option. It gives you an understanding of how much your monthly instalment will be and how to plan your finances better.
An EMI calculator is a financial tool that helps you to calculate your EMI amount before applying for a loan. It can be used for multiple types of loans such as personal loans, home loans, etc.
You can calculate the EMI amount by following a few simple steps mentioned below:
- Visit our official website or download the Fibe App
- Go to the Personal Loan EMI Calculator
- Adjust the loan amount, interest rate and tenure by moving the sliders
- Once done, you will get the EMI amount displayed on the screen
The EMI calculator works on different factors like loan amount, tenure and interest rate. Once you provide the details, it instantly shows you the EMI amount which needs to be paid monthly toward your loan.
You can find out the your loan interest rate using the below formula:
Rate = Annual Rate of Int./12/100
To calculate the EMI amount, you need loan amount, interest rate and tenure. In this case, the principal amount is ₹5 lakh (P), interest rate is 2% (r) per month and 5 years (n) is the tenure.
You can use a personal loan EMI calculator to get the exact EMI amount in seconds or use below formula:
EMI = (P * r * (1 + r)^n) / ((1 + r)^n – 1)
The EMI amount will be ₹11,236/month in the above illustration.
If your EMI payment is missed, the lender can charge you late fees, your credit score can be negatively affected and there can be additional charges and increase in your monthly interest rate.
Personal Loan EMI Calculator Blogs
EMIs have improved access to retail. We see EMI options everywhere right from phones, laptops, appliances and many more. Nowadays, you don’t even require a credit card to convert your expenses into an EMI. You can just use your debit card. But here’s the real question most people ask: Does debit card EMI affect credit scores? Let’s break it down in simple, conversational language so you know …
Continue reading “Does Debit Card EMI Affect Credit Score? Here’s the Simple Truth”
Imagine this: Your loan EMI is due on the 5th. You assume everything is fine. A day later, you receive an EMI bounce message from your bank saying the payment failed due to insufficient balance. That’s when you first hear about EMI bounce charges and realise they’re more serious than they sound. Let’s break it down in simple terms, with real examples and data so you know exactly what you’re dealing with. …
Continue reading “What is an EMI Bounce Charge and Why Does It Matter?”
Public Provident Fund (PPF) is an investment plan for individuals that is totally backed by the Government of India. It is known as one of the best long-term savings options. Moreover, you can take out a PPF loan against your balance instead of breaking your savings. A loan out of the PPF is a smart option for your short-term financial needs, which, at the same …
Continue reading “What is a PPF loan? Know the Eligibility Criteria, Benefits and How to Apply”
The cool new vibe of finance!
Download the Fibe App – the cool new vibe to finance – to avail of a loan in just a few clicks from anywhere.
Here's what our customers think of us!
Subham Pawar
Shilpi Mukherjee