Personal Loan EMI Calculator

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Personal Loan EMI Calculator

An EMI, also known as Equated Monthly Installments, is the money that the borrower has to pay to the bank. It is the total amount borrowed by an individual divided over the months over which the amount is borrowed. The total amount includes the sum of the principal and interest. This helps the person to return the entire amount of the debt in monthly instalments instead of a single payment.

What is a Personal Loan EMI Calculator?

A personal loan EMI calculator is similar to an ordinary EMI calculator. It helps the person to calculate the interest rates, loan duration, EMIs and the loan amount that one can avail from the lender. It also assists the borrower in managing their monthly budget according to the EMIs. A Personal loan EMI calculator is readily available on most of the lending institution’s website. It is very convenient to use and also easy to understand. If a person does not have enough knowledge of calculating the EMIs, then, they must use the EMI calculator to solve all the queries.

How Does a Personal Loan EMI Calculator Work?personal loan emi calculator

You have to enter the amount of loan you need for a personal loan. Besides that, you have to enter the time for which you need a personal loan and the applicable rate of interest. It will automatically tell you the EMI that you have to give per month.

How to Calculate EMI for Personal Loan?

A person must estimate the amount of EMIs that one will have to pay before applying for any loan. It’s not that the funding institutions do not provide the amount that one will have to pay; however, knowing the Personal Loan EMI Calculator helps the person to estimate the amount of loan that one can take, the interest rate that will suit the person’s budget and so on.

E= P x r x (1 + r) n / ((1+r) n -1)

Where,

  • P is the principal amount
  • R is the rate of interest
  • n is the tenure period.

Usage of Personal Loan EMI Calculator

Consumers can download the EMI Calculator in the form of an excel sheet from several online sources. These calculators help the customer to estimate the EMI amount payment that the person has to repay every month along with the rate of interest. If a borrower wishes to apply for a personal loan, then, the borrower should make use of the personal loan EMI calculator which is accessible on the website of the loan lenders.

Types of Personal Loan EMI Calculator

There are several varieties of EMI calculators available online. Some calculators just ask for the amount of loan that is wished to be availed and the preferred loan tenure, whereas, some will also ask to fill all of the information including the interest rates and then runs the simple calculations.

personal loan at 10.75%*

Factors that Affect the EMI Calculator

There are main 3 Components of Personal Loan which affect it’s EMI : 

  • Interest Rate: The price of interest is in direct proportion to the monthly instalment for the loan (EMI). The bank will determine your loan’s rate of interest based on several factors such as your income, your credit history, repayment capacity, etc.
  • Amount on Loan: This is also directly proportional to the EMI against the loan. If one is high, the other will undoubtedly be high. The maximum amount of personal loan you can avail is decided by the lender based on your repayment capacity, relationship with the bank, and other factors.
  • Loan Tenure: This is the only component which is inversely proportional to the EMI of the loan. The longer the tenure of the loan, lesser will be the EMI. The loan tenure options usually range between 1 to 5 years.

Pre Calculated Personal Loan EMIs

Rate
5 Yrs
4 Yrs
3 Yrs
10.50%
2149
2560
3250
11.00%
2174
2584
3273
11.50%
2199
2608
3297
12.00%
2224
2633
3321
12.50%
2249
2658
3345
13.00%
2275
2682
3369
13.50%
2300
2707
3393
14.00%
2326
2732
3417
14.50%
2352
2757
3442
15.00%
2378
2783
3466

How to Reduce Personal Loan EMI

Here are a few tips which can help you in reducing the EMI against your loan: 

Consider your current bank for the loan: If you’re planning to get a Personal Loan, you should consider taking a loan from the bank where you have an already existing account or a mortgage. This existing loyal relationship with the bank may turn out to be advantageous to you in terms of getting a lower rate of interest on your loan, thereby reducing your monthly instalment amount.

Choose the Loan Tenure carefully: If you think the EMI that you’re paying takes up a major part of your income, you can opt for a longer loan tenure. An extended loan tenure will reduce EMI. However, you should consider all the new terms associated with a longer tenure as in most cases the interest levied will be higher when the mandate is longer.

Pick a lender that offers a Low-Interest Rate: The interest rate is one of the prime factors that decide the EMI you have to pay, so pick the lowest price available to you.

Use the Balance Transfer option: Certain lenders allow you to transfer your loan from one to another bank. You can do so if the other banks offer a lower interest rate.

Types of Personal Loan EMI Calculator

There are several varieties of EMI calculators available online. Some calculators just ask for the amount of loan that is wished to be availed and the preferred loan tenure, whereas, some will also ask to fill all of the information including the interest rates and then runs the simple calculations.

Benefits of a Personal Loan EMI Calculator

  • Personal Loan EMI Calculator is quick and easy to use.
  • Helps in calculating the monthly instalments based on the prospective loan amount that one wishes to borrow.
  • The Personal Loan EMI Calculator can be used to obtain different quotes and compare all the lenders before applying for any loan.
  • The Personal Loan EMI Calculator also helps the person to determine the maximum and minimum amount of the loan that one is eligible to borrow.
  • Readily available on the web portals of all the banks.

Leading Personal Loan Providers (Click to Apply)

Citibank Personal Loan HDFC Personal Loan Axis Bank Personal Loan Other Banks

Why one should apply for Personal Loan?

  1. Lowest interest rates
  2. Instant Approval in 2 hours
  3. Easy Documentation and flexible loan tenure.

Personal Loan EMI Eligibility

Personal Loan EMI for Salaried:

  1. The minimum age of the applicant should be 21 years and maximum up to 60 years.
  2. If the borrower is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The borrower should have the work experience of the last three years, and the salary should come in their account only.
  4. If a person is applying for the personal loan, then he must have a good credit history.
  5. The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the previous six months.

Personal Loan EMI for Self-Employed:

  1. If a person is self-employed than the age of the applicant should be 25 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be kind, and no debt should be left due.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. And the applicant has a business than his business should be running from the last three years.

personal loan at 10.75%*

Advantages of Personal Loan EMI Calculator

Time-Saving

This EMI Calculator calculates EMI’s on your loan. The process is speedy. You will get to know about the EMI without wasting time. There is no need to call anybody or to go anywhere. You can check it online.

Get Rid of Tedious Calculations

By using online EMI calculator, you can get rid of tedious and complex calculations. You will get results within a few seconds.

Pre-estimation

By using Personal Loan EMI Calculator, you can get an estimate of your EMI’s you can get the idea and decide that whether you are capable of paying EMI per month or not. This helps you to choose the amount of loan according to your budget.

EMI Calculation Using Flat Balance vs. Reducing Balance Methods

The principal loan amount is the key factor based on which the EMI on a loan varies. If the EMI is calculated using the flat balance method, the interest to be paid on the loan is calculated in the whole amount over the entire tenure period of the loan. Thus, EMI amount is the same throughout the period of the loan.

On the other hand, if the reducing balance method is used to estimate the EMI on your loan, Interest on the loan is calculated on the outstanding principal amount after every month. Therefore, the amount of principal on which the interest was calculated decreases over time leading to a low EMI over time.

The following is a comparison of calculating the interest payable using the flat rate method vs. the reducing balance interest calculation method:

Personal Loan Details EMI for Flat Balance Method (Rs.) EMI for Reducing Balance Method (Rs.) Total Interest Savings over Loan Tenure (Rs.)*
Rs. 1 lakh @12% for 3 Years 3,778 3,321 16,428
Rs. 2 Lakh @15% for 5 years 5,833 4,758 64,521
Rs. 3 lakh @10.50% for 5 years 7,625 6,448 70,610
Rs. 5 lakh @11% for 4 years 15,000 12,923 99,707
Rs. 7 lakh @11.25% for 3 years 26,007 23,000 1,08,248

personal loan at 10.75%*

How to Apply for Personal Loan using EMI Calculator?

  1. After checking your EMI’s, you can apply for a personal loan online on Dialabank. The process is quite easy and convenient.
  2. Search for Dialabank on Google.
  3. Fill the application form for the personal loan.
  4. You will get a call back within 5 minutes, with proper guidance.
  5. If you are eligible, then your loan will get approved within 10 minutes.

FAQs About Personal Loan EMI Calculator

✅  Do I have to enter the monthly rate of interest or the yearly rate of interest in the EMI calculator?

You have to enter only the yearly rate of interest in the online EMI calculator to get the exact EMI amount.

✅. How long does it take for the EMI calculator to calculate the personal loan EMI?

Dialabank’s EMI calculator gives you the exact EMI amount on your personal loan in just 30 seconds if not less. 

✅. How do I calculate the EMI on my personal loan if the processing fee charged is a flat fee and not in percentage? 

In case your personal loan provider charges a flat fee as processing charges, you can still easily calculate the EMI on your loan by keeping the Processing Fee as 0% in the EMI calculator. But make sure to pay the processing fee at the end. 

✅. What is the maximum loan amount for which I can calculate the EMI on my loan for using the DialaBank EMI calculator?

You can calculate EMIs for a loan amount of up to Rs.30 lakh in the DialaBank personal loan EMI calculator.

✅. Do I have to pay GST on the amount of EMI paid by me? 

Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).

Disclaimer: The information provided on www.dialabank.com is collected from public sources and is believed to be accurate and genuine. This site should be used as an information provider for different product offerings of Insurance companies, and the visitor should make an independent verification with the Insurance companies to verify the claims made in the policy before making any purchase. The decision to Apply and Purchase a policy is at the sole and complete discretion of the website visitor and Dialabank.com cannot guarantee or can be held liable for loss or damage caused by claims made by insurance companies through their agents, partners, products or services, directly or indirectly.

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