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Personal Loan EMI Calculator

Determine the EMI on your personal loan using Piramal Finance Personal Loan EMI Calculator

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The Piramal Finance 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.

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EMI Calculation

Suppose you have borrowed ₹1 lakh at an annual interest rate of 12.99% for 5 years / 60 months. Here is a table of your Personal Loan EMI Calculation:

Year Principal Amount (Year) Interest Payable (Year) Total Amount (Year) Avg. Monthly EMI Outstanding Balance 1 ₹ 16,997 ₹ 10,308 ₹ 27,304 ₹ 2,275 ₹ 83,003 2 ₹ 16,915 ₹ 10,388 ₹ 27,304 ₹ 2,275 ₹ 66,088 3 ₹ 19,250 ₹ 8,053 ₹ 27,304 ₹ 2,275 ₹ 46,838 4 ₹ 21,907 ₹ 5,396 ₹ 27,304 ₹ 2,275 ₹ 24,931 5 ₹ 24,931 ₹ 2,372 ₹ 27,304 ₹ 2,275 ₹ 0

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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

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How to Calculate Personal Loan EMI

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.

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.

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Benefits of Using the Piramal Finance Personal Loan Calculator

The benefits of using the EMI calculator for a personal loan from Piramal Finance are as follows:

Easy to use

The personal loan calculator can be used by anyone in an easy and hassle-free manner. One needs to enter the required information to receive the results in a short time.

Saves time

The Piramal Finance EMI calculator for personal loan can offer the results instantly. On the other hand, manually calculating the EMI can be a tedious and time-consuming process. Therefore, the calculator helps save you time.

Accurate results

When you are manually calculating the personal loan EMI, you can make mistakes. But the online personal loan EMI calculator will always provide accurate results without any mistakes. However, you should enter the required information correctly.

Compare EMIs

You can use the personal loan EMI calculator to find the most affordable EMIs. You can compare the terms of different lenders to figure out whether you can repay the loan without defaulting.

Use multiple times

You can use the personal loan EMI calculator as many times as you want. It's free of cost, and you can use it anytime, anywhere.

Understand your repayment schedule

The personal loan EMI calculator will completely break down your EMI schedule. You will get a comprehensive understanding of what amount you need to pay and when.

Plan your finances

Once you use the personal loan calculator, you are able to determine how much you need to pay every month. It will ensure that you are able to plan your finances accordingly so that you don't fail to pay the EMIs on time.

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Formula to Determine 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.

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Factors Affecting 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 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.

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Frequently asked questions

What does EMI stand for, and what does it mean?

EMI stands for equated monthly installments. Regular payments made by a borrower to repay a loan amount over time. If you don't know how to calculate personal loan EMI, use the Piramal Finance online calculator for help.

How is EMI calculated?

To calculate the EMI, you add the interest amount to the principal amount borrowed. You must pay the EMI in monthly installments throughout the tenure of the loan. The interest rates charges and the amount you borrow affects the EMI you have to pay.

How is the personal loan interest rate calculated?

Personal loan interest rates calculated depend on factors like loan amount, repayment period, and borrower's Credit score. A high Credit score can lower the interest rate. On the other hand, a shorter tenure and a lower principal amount equal a reduced interest rate. Use our personal loan interest calculator to figure out the interest accumulated on the amount you borrowed.

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.

How to reduce your personal loan EMIs?

Reducing your personal loan EMIs can help ease your financial burden and improve your overall 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

What happens if I don't make my EMI payment?

When you don't make your EMI payment, the bank or financial institution will report you as a defaulter to the credit bureaus. It will lower your credit score and reflect badly on your credit report. Once you become a defaulter, you become a high-risk borrower. Therefore, lenders can start charging a high-interest rate.

Does the EMI amount remain fixed throughout the tenure of the loan?

At Piramal Finance, you will get loans with a fixed interest rate. Therefore, the EMIs will not change throughout the entire duration of the loan, irrespective of the fluctuations in the financial market. Use the personal loan EMI calculator to figure out how much EMI you will have to pay every month.

What are the key features and benefits of applying for personal loans through Piramal Finance?

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 role does EMI calculation play in future expenses?

The EMI calculation helps you determine how much you will have to save to repay your loan smoothly. For instance, you will have to pay 10 lakh personal loan EMI for 10 years. An EMI calculator will ensure that you manage your future expenses in a way that lets you pay all the EMIs on time without defaulting.

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