Personal Loan EMI Calculator

A financial tool designed to help you estimate your monthly repayments when you avail a personal loan, our EMI calculator simplifies the complex calculations involved in determining the EMI amount, making it easier for you to plan your finances effectively.
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Equated Monthly Installments (EMI)

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Total Amt Payable

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View EMI Schedule

EMI payments’ schedule

YearPrincipal (A)Interest (B)Total Payment (A + B)

What is a Personal Loan EMI calculator?

The Personal Loan EMI Calculator is a tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.

How Can a Personal Loan EMI Calculator Help You?

A personal loan EMI calculator is helpful for you as it facilitates:

  • Better categorisation of credit
  • Monthly budget planning
  • Estimating loan amount to be availed
  • A more accurate repayment plan
  • Replanning and readjusting repayment if required
  • A detailed breakup of your repayment tenure and amount

What is the Formula to Calculate EMI on Personal Loan?

The formula for calculating your personal loan EMI is:

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]

where,
EMI is the Equated Monthly Instalment
P is the principal loan amount
R is the monthly interest rate (annual interest rate divided by 12)
N is the number of monthly instalments or the loan tenure in months

To explain it further, let's see an example:
Suppose you take a car loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]

By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.

How to use the KreditBee Personal Loan EMI calculator?

The best thing about our Personal Loan EMI Calculator is that you can use it even if you haven’t taken out a loan before.
A loan EMI calculator is ideal for first-time borrowers, as it will present a clear picture of their EMI.

You just need to enter three key elements – the loan amount, repayment tenure and interest rate. The EMI calculation will automatically be done for you. There are also sliders, through which you can increase or decrease any of these elements as per your requirements.

What are the advantages of using the KreditBee EMI calculator?

There are numerous advantages to using the KreditBee EMI calculator. Some of the advantages are:
  • Simple process: The process to use it is pretty simple and straightforward. It facilitates an easy understanding of the complete loan journey.
  • Easy accessibility: The tool is available for one and all to use, free of cost, and hence is easily accessible to anybody who wants to use it.
  • Planning repayment tenure: Our EMI calculator helps you plan your repayment tenure, amount, and EMIs.
  • Rendering accurate data: Our EMI calculator is an auto-generator tool, and it takes complex calculations to render accurate data about your loan EMIs.
  • Simplifying loan planning: As the tool lays out a detailed description of your loan’s components, it helps in planning out a better, more streamlined way of repayment.

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