The personal loan EMI calculator is a valuable and free tool that lets you figure out the EMI amount you will have to pay every month. It considers the principal amount, interest rate, and loan tenure to tell you how much you need to pay monthly. A useful tool to plan out the inflow and outflow of funds ensures that you never run out of cash to make EMI payments.
EMI Calculation
Suppose you have borrowed ₹1 lakh at an annual interest rate of {plintrestrate} for 5 years / 60 months. Here is a table of your Personal Loan EMI Calculation:
-
Row 1
- Year
- Principal Amount (Year)
- Interest Payable (Year)
- Total Amount (Year)
- Avg. Monthly EMI
- Outstanding Balance
-
Row 2
- 1
- ₹ 16,997
- ₹ 10,308
- ₹ 27,304
- ₹ 2,275
- ₹ 83,003
-
Row 3
- 2
- ₹ 16,915
- ₹ 10,388
- ₹ 27,304
- ₹ 2,275
- ₹ 66,088
-
Row 4
- 3
- ₹ 19,250
- ₹ 8,053
- ₹ 27,304
- ₹ 2,275
- ₹ 46,838
-
Row 5
- 4
- ₹ 21,907
- ₹ 5,396
- ₹ 27,304
- ₹ 2,275
- ₹ 24,931
-
Row 5
- 5
- ₹ 24,931
- ₹ 2,372
- ₹ 27,304
- ₹ 2,275
- ₹ 0
How use Piramal Finance’s Personal Loan EMI Calculator?
If you want to calculate the EMI of your personal loan, you should use the Piramal Finance Calculator. It is easy to use and provides results instantly. You will need to provide the necessary information to use our EMI calculator online for personal loan.
- Principal Component: Mention the amount you intend to borrow.
- Rate of interest: Specify the rate of interest charged by your lender.
- Loan tenure: Enter the duration over which you intend to repay the loan.
While you can always use the mathematical formulae to determine your personal loan EMIs, using the Personal Loan Calculator helps save time. Moreover, you will also be able to eliminate the scope of mistakes by using the calculator.
How to Calculate Personal Loan EMI?
The formula to calculate the EMI amount of personal loan is as follows:
- EMI= [P x Rx (1 + R)^ N]/[(1 + R)^ N - 1]
Here, P refers to the principal component, R means the ROI, and N signifies the number of months you have to repay the loan.
These values are variable. Therefore, the EMI amount will change every time these values change.
Let us consider an example to understand how the formula helps with personal loan EMI calculation. For instance, you have borrowed a ₹ 10 lakh personal loan at an interest rate of 17%. The loan tenure is 3 years or 36 months. Since you will be paying the EMIs on a monthly basis, you need to calculate the duration in months.
In this case, P = ₹ 10 lakh, R = 17%, and N = 36 months. So, your EMI will be calculated as follows:
[10,00,000 x 17/ 100/ 12 x (1+ 17/ 100/ 12)^ 36] / [(1+ 17/ 100/ 12)^ 36- 1]
Therefore, the EMI will be Rs 35,653
Calculating personal loan interest manually is complex. You should use a Personal Loan Calculator.
Benefits of Using the Piramal Finance Personal Loan Calculator
Getting a personal loan is an important financial choice. You need to understand your repayment plan before deciding.
The Piramal Finance Personal Loan Calculator can help. It makes the process easier and enables you to plan confidently.
If you have ever wondered how much your EMI would be, this tool is for you. It also helps you compare loan options quickly. Let's look at why using this calculator is a smart choice.
Simple, Easy, and Hassle-Free
No complicated formulas or guesswork—just simple calculations in seconds! The Piramal Finance EMI Calculator is simple to use. It helps everyone, from finance experts to first-time loan applicants.
Just enter: Loan Amount,Interest Rate,Loan Tenure
And you will receive an immediate calculation of your EMI.
Instant Results – No Waiting Around
Calculating EMIs by hand can take a lot of time, especially when considering different loan options. The Piramal Finance EMI Calculator gives quick results that allow you to compare various scenarios easily.
Are you looking to adjust the loan duration or sum? No worries! Modify the figures and instantly see how your EMI changes.
100% Accurate Calculations Every Time
A small miscalculation can lead to financial strain down the line. Manual calculations can sometimes be prone to errors, but this calculator ensures that you get: Precise EMI estimates, Error-free financial planning
The calculator will always provide the right numbers if you enter the correct loan details.
Compare Loan Options
EMI calculator allows you to simultaneously compare loan amounts, interest rates, and repayment terms. This helps you find the best option for your budget. Find the most affordable EMI, Compare different lenders to get the best deal, Ensure easy repayment by choosing a manageable EMI
Try different settings to see many options and make a smart choice.
Get a Clear Picture of Your Repayment Plan
Taking a loan isn't just about monthly payments—you should also understand how much goes toward Interest and how much goes toward the principal.
This tool gives you a detailed breakdown, including: Monthly EMI structure, Interest vs. principal payment details,Total repayment amount over the loan tenure
With this transparency, you won't be surprised when repaying your loan.
Smart Financial Planning Made Easy
Borrowing money means taking responsibility for timely repayments. The Piramal Finance EMI Calculator helps you plan so that you can: Pick an EMI that fits your budget,Change the loan term to make payments more manageable,Plan to avoid financial stress.
Knowing what to expect helps you manage your money. It also enables you to avoid missed EMIs.
Plan for Prepayment & Foreclosure with Ease
Want to pay off your loan early? This calculator helps you understand: How prepayment affects your EMI,How much Interest you'll save by closing the loan early,Any potential prepayment penalties
This feature is perfect for getting debt-free faster while keeping interest costs low.
So, whether at home, work, or on the go, you can calculate your personal loan EMI instantly and conveniently.
What are the Factors Affect Personal Loan EMI?
Following factors determine the loan EMI.
-
Loan Amount: The higher the amount you borrow, the higher your EMIs will be. Similarly, your EMIs will be lower when you have borrowed a lower amount.
-
Loan Tenure: While using the calculator, you will realize that the EMIs are lower when the tenure is longer.
-
Interest Rate: The interest gets accumulated on the principal amount to determine how much you will have to repay. Therefore, a higher interest rate will increase your EMIs considerably.
-
Credit score: The credit score shows whether you will struggle with loan repayment. A low credit score makes you a risky borrower, and lenders might not agree to lend you the personal loans at low-interest rates. Therefore, maintain a credit score of more than 700to keep your EMIs lower.
-
Nature of employment: The lender will check whether you are a salaried professional or a self-employed individual before determining your personal loan EMI amount.
-
Employer's record: Lenders will check the record of your employer before giving you a personal loan. For instance, they will check whether you work in a government institution or in the public or private sector.
-
Monthly income: : Lenders will assess your monthly income before providing you with a personal loan. You will be able to avail of loans with lower EMIs when you have a steady source of income. You should try adding all your income sources to receive a personal instant loan with lower EMIs.
-
Age: Older people, especially the ones nearing or over retirement age, are more likely to default on EMI payments. Therefore, EMIs become costly as you grow older. After a certain age, it will become extremely difficult for you to qualify for loans because you don't have any steady income.
Frequently asked questions
A prepayment is when you pay off a part of your loan amount before the scheduled EMI payments. This can significantly reduce your total interest burden and help you become debt-free faster.
Types of Prepayments
- Partial Prepayment: Paying a lump sum before the loan tenure ends while continuing with regular EMIs.
- Full Prepayment (Foreclosure): Pay off the outstanding loan amount before the loan tenure ends.
Benefits of Making a Prepayment - Reduced Interest Cost: Since Interest is calculated on the outstanding principal, a prepayment lowers the amount on which Interest is charged.
- Faster Loan Closure: You can clear the loan earlier than planned by reducing your outstanding balance.
- Lower EMI or Shorter Tenure:
You can reduce your EMI while keeping the same tenure.
Or, you can keep the EMI the same and reduce the loan tenure (recommended for bigger savings on Interest). - Improved Credit Score: A prepayment lowers your debt-to-income ratio, improving your chances of getting loans in the future.
Piramal Finance imposes a prepayment fee of approximately 3% on the remaining loan balance + applicable taxes.
Example: Impact of Prepayment on a ₹2 Lakh Loan
- Loan Amount: ₹2,00,000
- Interest Rate: 13% per annum
- Tenure: 36 months
- EMI: ₹6,754
- Total Interest Without Prepayment: ₹43,138
- Prepayment After 12 Months: ₹50,000
Effect of Prepayment:
- Option 1: Keep EMI the Same & Reduce Tenure
New tenure: 27 months (instead of 36 months)
Total Interest Saved: ₹9,000+
Loan Closed Faster - Option 2: Reduce EMI & Keep the Same Tenure
New EMI: Approx. ₹5,400 (instead of ₹6,754)
Loan tenure remains 36 months
Lower monthly financial burden
Final Thoughts
- Prepayment is smart if you have extra funds, as it helps reduce Interest and clear debt faster.
- Check prepayment charges before making an early payment.
- Use a loan prepayment calculator to see how much Interest you can save.
- Use the Piramal Finance Prepayment Calculator to see how Prepayment affects your loan
Reducing your personal loan EMIs can help ease your financial burden and improve your financial stability. Here are some strategies to consider:
- Opt for a longer tenure
- Make part prepayments
- Increase EMI amounts as income rises
- Check for special schemes or offers
- Consolidate debts
- Refinance the Loan with lower interest rate
The key features and benefits of applying for loans through Piramal Finance are as follows:
- Minimum Digital documentation
- Easy application procedure
- Instant sanction and quick loan disbursals
- Pocket-friendly EMIs
- Flexible repayment tenure
- Zero Foreclosure
- Zero Prepayment Chargers
- Low Interest rate starting from 12.99%*
What is the personal loan amortization schedule?
A personal loan amortization schedule reveals the division between the principal outstanding and the total Interest payable of every EMI paid for repaying a loan. During the beginning of the tenure, the interest amount is usually high. As you keep paying EMIs, the interest compound lowers, and the principal amount increases.
Personal Loan Amortization Schedule for ₹2 Lakh Loan (36 Months at 13% Interest per Annum)
Below is an amortization schedule for a ₹2,00,000 personal loan over 36 months at an assumed interest rate of 13% per annum (1.083% per month).
Loan Details:
-
Loan Amount: ₹2,00,000
-
Interest Rate: 13% per annum (1.083% per month)
-
Loan Tenure: 36 months
-
EMI Amount: ₹6,754 (approx.)
-
Total Interest Paid: ₹43,138
-
Total Payment (Principal + Interest): ₹2,43,138
-
Row 1
- Month
- EMI (₹)
- Principal (₹)
- Interest (₹)
- Outstanding Principal (₹)
-
Row 2
- 1
- ₹ 6,632
- ₹ 4,465
- ₹ 2,000
- ₹1,95,535
-
Row 3
- 2
- ₹ 6,632
- ₹ 4,510
- ₹1,955
- ₹1,91,025
-
Row 4
- 3
- ₹ 6,632
- ₹ 4,555
- ₹1,910
- ₹1,86,470
-
Row 5
- 4
- ₹ 6,632
- ₹ 4,600
- ₹ 1,865
- ₹ 1,81,870
-
Row 6
- 5
- ₹ 6,632
- ₹ 4,646
- ₹ 1,819
- ₹ 1,77,224
-
Row 7
- 6
- ₹ 6,632
- ₹ 4,692
- ₹ 1,773
- ₹ 1,72,532
-
Row 8
- 7
- ₹ 6,632
- ₹ 4,739
- ₹ 1,726
- ₹ 1,67,793
-
Row 9
- 8
- ₹ 6,632
- ₹ 4,786
- ₹ 1,679
- ₹ 1,63,007
-
Row 10
- 9
- ₹ 6,632
- ₹ 4,833
- ₹ 1,632
- ₹ 1,58,174
-
Row 11
- 10
- ₹ 6,632
- ₹ 4,881
- ₹ 1,584
- ₹ 1,53,293
-
Row 12
- 11
- ₹ 6,632
- ₹ 4,929
- ₹ 1,536
- ₹ 1,48,364
-
Row 13
- 12
- ₹ 6,632
- ₹ 4,978
- ₹ 1,487
- ₹ 1,43,386
-
Row 14
- 13
- ₹ 6,632
- ₹ 5,027
- ₹ 1,438
- ₹ 1,38,359
-
Row 15
- 14
- ₹ 6,632
- ₹ 5,076
- ₹ 1,389
- ₹ 1,33,283
-
Row 16
- 15
- ₹ 6,632
- ₹ 5,126
- ₹ 1,339
- ₹ 1,28,157
-
Row 17
- 16
- ₹ 6,632
- ₹ 5,177
- ₹ 1,289
- ₹ 1,22,980
-
Row 18
- 17
- ₹ 6,632
- ₹ 5,228
- ₹ 1,239
- ₹ 1,17,752
-
Row 19
- 18
- ₹ 6,632
- ₹ 5,279
- ₹ 1,188
- ₹ 1,12,473
-
Row 20
- 19
- ₹ 6,632
- ₹ 5,331
- ₹ 1,137
- ₹ 1,07,142
-
Row 21
- 20
- ₹ 6,632
- ₹ 5,384
- ₹ 1,085
- ₹ 1,01,758
-
Row 22
- 21
- ₹ 6,632
- ₹ 5,437
- ₹ 1,033
- ₹ 96,321
-
Row 23
- 22
- ₹ 6,632
- ₹ 5,490
- ₹ 980
- ₹ 90,831
-
Row 24
- 23
- ₹ 6,632
- ₹ 5,544
- ₹ 928
- ₹ 85,287
-
Row 25
- 24
- ₹ 6,632
- ₹ 5,599
- ₹ 874
- ₹ 79,688
-
Row 26
- 25
- ₹ 6,632
- ₹ 5,654
- ₹ 820
- ₹ 74,034
-
Row 27
- 26
- ₹ 6,632
- ₹ 5,710
- ₹ 766
- ₹ 68,324
-
Row 28
- 27
- ₹ 6,632
- ₹ 5,766
- ₹ 712
- ₹ 62,558
-
Row 29
- 28
- ₹ 6,632
- ₹ 5,823
- ₹ 657
- ₹ 56,735
-
Row 30
- 29
- ₹ 6,632
- ₹ 5,881
- ₹ 601
- ₹ 50,854
-
Row 31
- 30
- ₹ 6,632
- ₹ 5,938
- ₹ 544
- ₹ 44,916
-
Row 32
- 31
- ₹ 6,632
- ₹ 5,996
- ₹ 488
- ₹ 38,920
-
Row 33
- 32
- ₹ 6,632
- ₹ 6,055
- ₹ 431
- ₹ 32,865
-
Row 34
- 33
- ₹ 6,632
- ₹ 6,114
- ₹ 374
- ₹ 26,751
-
Row 35
- 34
- ₹ 6,632
- ₹ 6,173
- ₹ 316
- ₹ 20,578
-
Row 36
- 35
- ₹ 6,632
- ₹ 6,233
- ₹ 258
- ₹ 14,345
-
Row 37
- 36
- ₹ 6,632
- ₹ 6,293
- ₹ 199
- ₹ 0
Key Insights from the Amortization Schedule:
- EMI remains constant at ₹6,632 throughout the 36 months.
- In the initial months, most of the EMI goes towards interest payments.
- As time progresses, the principal repayment increases while the interest portion decreases.
- By the end of the tenure, the loan balance reduces to ₹0, meaning the loan is fully repaid.
- Total Interest Paid: ₹43,138 (Total repayment = ₹2,43,138).
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