Personal Loan Calculator – EMI, Interest and Principal Amount
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How Can Scripbox Personal Loan EMI Calculator Help You?
Scripbox’s online Personal Loan calculator simplifies the process of determining your monthly loan instalments. When obtaining a loan, the equated monthly instalment (EMIs) plays a crucial role in determining both the loan amount and the repayment duration. Using the personal loan calculator, you can promptly calculate your payments, enabling you to plan and manage your loan and repayment more effectively.
To decrease your EMI, you have several options: you can reduce the loan amount, negotiate a lower interest rate, or extend the loan tenure. Conversely, if you can make higher monthly payments, you may increase the loan amount or shorten the repayment tenure.
Scripbox’s EMI calculator for a Personal Loan lets you plan your cashflows effectively for servicing your Personal Loan. The Personal Loan EMI Calculator assists you in determining the monthly loan instalment, i.e., the EMI for your Personal Loan.
How to Use Scripbox Personal Loan EMI Calculator?
Scripbox’s Personal Loan EMI calculator is a free-to-use online tool that helps you estimate the EMI payouts. All you have to do is input the following information:
- Loan Amount: The total amount you wish to borrow for your personal loan.
- Annual Interest Rate: The rate at which the lender is lending money.
- Loan Tenure: The tenure in which you will repay the personal loan.
Based on the above information, the calculator automatically calculates the following:
- Loan EMI: The monthly instalment that you must pay towards the personal loan.
- Total Interest Payable: The total interest payable for the personal loan.
- Total Amount: Total amount borrowed plus the total interest paid.
Personal Loan Interest Rates for Top 10 Bank in September 2023
|Bank Name||Lowest Interest Rate||EMI per Lakh|
|SBI||11% p.a.||Rs. 8838/-|
|PNB||11.4% p.a.||Rs. 8857/-|
|ICICI||10.5% p.a.||Rs. 8815/-|
|BARODA||10.9% p.a.||Rs. 8834/-|
|YES||10.99% p.a.||Rs. 8838/-|
|HDFC||10.5% p.a.||Rs. 8815/-|
|UNION||13.4% p.a.||Rs. 8951/-|
|CANARA||12.04% p.a.||Rs. 8887/-|
|IDBI||10.5% p.a.||Rs. 8815/-|
|AXIS||10.5% p.a.||Rs. 8815/-|
NOTE: EMI per lakh were computed by taking loan tenure as 1 year and personal loan interest rates as updated on 23 September 2023
Personal Loan EMI Calculation Formula
The formula for Personal Loan EMI Calculation is
Personal Loan EMI = P*R*(1+R)^N / [(1+R)^N-1]
P – Principal loan amount
N – Loan tenure in months
R – Monthly interest rate
How to Calculate the EMI of a Personal Loan Using the Formula?
Let’s assume Mr Sanjay takes a Personal Loan of INR 10 lakhs for 5 years at 11% p.a. Using the formula, let’s calculate the loan EMI amount.
Monthly Interest Rate = 11/(12*100) = 0.0092
Loan tenure in months = 5*12 = 60
Personal Loan EMI = 10,00,000 * 0.0092 (1+0.0092)^60 / [(1+0.0092)^60-1]
Personal Loan EMI = ₹ 21,742
Total Interest Payable = ₹ 3,04,545
Total Amount = ₹ 13,04,545
Advantages of Using a Personal Loan Calculator
The following are the advantages of using Scripbox’s Personal Loan Calculator:
- Easy to Use: All you need to do is input the loan amount, interest rate, and tenure into the personal loan EMI calculator. There’s no need for complex calculations or difficult mathematics. The personal loan EMI calculator will handle the actual computation for you. Also, the EMI calculator is free to use, and there is no limit on the number of times you can use it.
- Compare Different Options: Utilize the personal loan calculator to compare loans that different banks offer. The corresponding EMIs, and the overall interest payout, enables you to evaluate and choose the most feasible option while considering the total cost involved.
- Choosing the Right Tenure: By knowing your EMI through the personal loan calculator, you can make an informed decision about the loan tenure. If you can afford a higher EMI, opting for a shorter loan period allows you to repay the personal loan sooner. Alternatively, if you prefer a more manageable EMI, you can extend the personal loan tenure.
- Loan Management Assistance: If you have surplus funds for prepayments while paying your EMIs, the Personal Loan EMI calculator can help you reassess the financials.
Frequently Asked Questions
A Personal Loan calculator is an online tool that calculates the Equated Monthly Installment (EMI), monthly interest, and total amount.
While the EMIs remain relatively consistent throughout the loan tenure, the payments are divided between the principal and interest portions. Typically, the initial instalments primarily cover the interest, while the later instalments contribute more towards reducing the principal amount.
An amortisation schedule offers a detailed breakdown of these payments. It illustrates the amounts allocated to the principal and interest, as well as the remaining balances for each loan year.
A Personal Loan eligibility calculator is a tool used to determine whether a customer meets the criteria set by a financial institution to avail and repay a specific loan amount. Personal Loan eligibility depends on factors such as age, financial position, credit history, credit score, and other financial obligations.
To apply for a personal loan in India, you will need KYC documents and your Income documentation.
Increasing your EMI will automatically reduce the Personal Loan tenure. Prepaying personal loan during the initial years will reduce the overall interest outflow. Thus, if you plan to prepay a Personal Loan, consider doing it early on.
Yes, you can foreclose or prepay your Personal Loan. However, this can be done only after at least one EMI payment. Furthermore, foreclosure of personal loans will attract charges.
A personal loan in India can be taken for a duration ranging between 12 to 60 months.
No, a personal loan in India is an unsecured loan. Thus, no collateral is required to obtain a personal loan.
Having a high credit score high or choosing a lender who offers loans at competitive interest rates.
The personal loan EMI for INR 3 lakhs for a tenure of 5 years at 11% interest is INR 6,523. The total interest payable is INR 91,364.
The personal loan EMI for INR 5 lakhs for a tenure of 5 years at 11% interest is INR 10,871. The total interest payable is INR 1,52,273.
The personal loan EMI for INR 20 lakhs for a tenure of 5 years at 11% interest is INR 43,484. The total interest payable is INR 6,09,090.