loader

Home >Personal Loan > EMI Calculator

prod-img
prod-img

You Dream and We make your Dreams come True!

Apply Now

Quick Apply

I authorize Ruloans representatives to call/SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC. T&C apply
Calculator

What's a Personal Loan EMI Calculator?

A loan taken must be repaid. The deduction of the loan amount takes place in a specified format from the borrower account on a particular day of every month. This pre-decided deduction amount depends on various factors. In financial terms, EMI or Equated Monthly Instalment stands for this standardized deduction.

The amount borrowed, the rate of interest applied, and the tenure of your loan are the factors that decide the value of an EMI. An EMI calculator does the job of computing Equated Monthly Instalments payable every month to repay a loan within a particular period. Such a tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator.

This PL Calculator tool permits you to determine the value of the personal loan you can afford to take, and budget your finances accordingly after comparing different loan amounts, rates of interest, and loan tenures.

emi-calc1

The mathematical formula for calculating your Equated Monthly Instalments

eligibility-formula forms the basis of such a calculator.

Here,P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Ruloans Personal Loan EMI Calculator online empowers you to make the right choice!

What are the Factors that Affect Personal Loan EMI?

Enumerated below are a number of factors that affect a personal loan EMI.

  • Loan Value or Loan Amount 1.
  • Rate of Interest - Fixed or Flexible 2.
  • Loan Tenure 3.
  • Other Applicable Charges4.
    • Insurance
    • Service Fees
    • Others Fees and Charges
emi-calc2

While the first three factors namely loan value, rate of interest, and loan tenure are direct factors that affect your personal loan EMI calculation. Your EMI Calculator may not indicate other applicable charges that affect your borrowing. An EMI Calculator gives you a fair and close to an accurate estimate of your personal loan EMI payable and allows you the freedom to select the right loan tenure based on your capacity to repay your personal loan. The final EMI amount, however, will only be communicated to you in your loan agreement and schedule, after your personal loan gets approved. Calculate your EMI using Ruloans Personal Loan EMI Calculator online to make the correct choice!

What's an EMI?

EMI stands for Equated Monthly Instalment. The financial term EMI implies a standardized deduction or loan repayment amount that takes place in a specified format from the borrowers account on a particular day of every month. This pre-decided deduction amount depends on various factors. EMIs are calculated based on loan value, rate of interest applicable, and the period of the loan. You may use an EMI calculator to compute the EMI payable to complete repayment of a loan within the specified loan period. Ruloans Personal Loan EMI Calculator online help you to make the exact choice!

How to Calculate Personal Loan EMIs?

The mathematical formula for calculating your Equated Monthly Instalments

emi-formula

forms the base to calculate EMI. Here, P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Your personal loan EMI depends on three factors, namely the loan amount or loan value, the rate of interest, and the tenure or period of the loan.

A tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator. When you use this tool, you notice that EMI increases with the loan amount and the rate of interest, but EMI decreases, as the tenure or period of the loan increases. You may think better of a longer tenure as the monthly instalment lowers, but this does not hold true, since a longer tenure also results in the increase of total cost of the funds as the total amount that you repay would be larger due to the increased tenure. Plan your EMI by using Ruloans Personal Loan EMI Calculator online for an informed decision!

Calculate your EMI for Personal Loan

50,000 40,00,000
10.5 21
1 5
  • Monthly EMI

    34,279

  • Total Interest Payable

    73,40,277

  • Total Amount Payable

    (Principal + Interest)

    1,23,40,277

How's Personal Loan Interest Calculated?

The interest rate charged by a lender for a personal loan depends on various factors. Different lenders depending on your eligibility will charge you varying interest rates. Personal loan interest rates are calculated by weighing the following criteria to factor the same in, to cover lending risks.

  • Your Credit History
  • Your Monthly Income
  • Your Loan Amount or Value
  • Your Fixed Monthly Obligations
  • Your Outstanding Loans
emi-img

Typically, a lender considers a lower interest rate on your personal loan, if you are perceived to be less risky in terms of credit. A good record on all the above factors will ensure you have your lender calculate a lower interest rate on your personal loan. For best rates of interest, make sure you service outstanding credit on time, and have good income to service fixed obligations, and enough to service the loan that you plan to apply. Make the most feasible choice by using Ruloans Personal Loan Interest Rate Calculator online to compute EMIs!

What's a Personal Loan Amortization schedule?

An amortization schedule consists of a complete table of periodic loan payments, which shows principal loan amount, and the amount of interest, that makes up each payment or the EMI or Equated Monthly Instalment of every year until you completely pay-off the loan at the end of the chosen loan term or tenure. A Personal Loan EMI Calculator automatically generates an amortization schedule to help you keep track of what you owe at any given point of time. Use Ruloans Personal Loan EMI Calculator online for clearer picture of what lies ahead!

How does a Personal Loan EMI calculator work?

An EMI Calculator uses a simple mathematical formula to calculate your Equated Monthly Instalment. The formula states:

  • E = EMI or Equated Monthly Instalment
  • P = Principal Loan Amount or Value of Loan
  • R = Rate of Monthly Interest
  • N = Tenure or Term of Loan in Months

For a clearer idea of how an EMI calculator works, use Ruloans Personal Loan EMI Calculator online!

emi-formula
emi-calc2

How to Use a Personal Loan EMI Calculator?

With the Personal Loan EMI Calculator, you can easily arrive at an amount you plan to pay as EMI or Equated Monthly Instalment, and plan and manage your Personal Loan repayment schedule efficiently.

Utilize your Ruloans Personal Loan EMI Calculator online by entering the amount you need to borrow as a personal loan, the interest rate you are comfortable with, and the repayment tenure or period of loan you are comfortable with, to calculate your Personal Loan EMIs in an instant. You don't need to enter the details actually; moving the slider to reach the desired figure will easily fetch you the required results.

What are the Factors that can Affect Personal Loan EMI?

Personal Loans serve many purposes, and unsecured by nature, quick online processing makes this type of loan a widely accepted type of borrowing. A Personal loan might seem attractive, but you need to account for certain factors before you apply for such a loan. A good practice of acquainting oneself with details that affect the terms and conditions of your loan, and the EMIs payable, helps. Here are some factors that affect your personal loan EMI.

  • Income

    High disposable income people have better repayment capacities than those with lower incomes; therefore, they receive lower interest rates on personal loans. Lower income levels on the other hand have lower repayment capacities, and thus such people are charged higher interest rates, which affect the EMI amount payable.

  • Credit Score

    A credit score generally reflects the financial health of a person in terms of income, existing debt, borrowing behaviour, and repayment history. A high score tends to increase the trust of a lender about the borrowers fiscal capabilities, and therefore such a borrower receives better interest rates compared to lower scores. Thus, credit scores are important factors that determine your interest rate consequently affecting your EMI.

  • Type of Employer

    Interest rate offered depends on the risk assurance of a personal loan. Employed with a good organization, you are likely to be a good candidate for a personal loan since your repayment capacity has the factor of stability in terms of your employer and employment. A lender will thus offer you interest rates lower than others, which will in turn affect your personal loan EMI.

  • Debt-to-Income Ratio

    Your Debt-to-Income Ratio conveys an impression of your debt burden, and stands for the ratio of your total debt payments divided by your total income. While a higher ratio indicates a heavier debt-burden, a lower ratio reflects your practice of fiscal prudence to affect your interest rate, which in turn affects your EMI payment.

  • Lender Relationship

    Trust developed over time nurtures the quality of a relationship. Loyalty to a lending institution causes the increment of trust in a borrower, and with such responsible behaviour, the lender will often lend you a personal loan at a lower interest rate, which will in turn affect your personal loan EMI. This might also be the case with peer-to-peer lending.

  • Payment Default History

    Credit history indicating a high level of defaults will cause the reduction of the lender's confidence in you, who to cover the risk factor will charge you a higher rate of interest in turn to affect your EMI payment.

Weigh the factors that affect your personal loan EMIs with use of Ruloans Personal Loan EMI Calculator online for a good EMI plan and schedule!

What are the Benefits of Using a Personal Loan EMI Calculator?

Errors and mistakes are a human tendency, which results in wrong decisions. When you use a Personal Loan EMI Calculator, you tend to do away with the factor of errors to add efficiency and accuracy to your results for good decision-making. There are quite a few benefits of using an EMI calculator, a few of which you will find mentioned below.

  • Custom-Fit EMI by Adjusting to Monthly Budget

    Using a personal loan EMI calculator helps you to arrive at an accurate figure you will have to pay each month as EMI repayment of your personal loan. A personal loan calculator allows you the freedom to adjust your EMI according to your monthly expenses throughout your loan tenure.

  • Change Factors That Affects EMI for Good Decisions

    Loan values, interest rates, and tenures are significant factor that go to determine EMIs, which in turn are directly proportional to the loan amount and interest rate, and inversely proportional to the loan. Likewise, you can adjust factors according to your EMI plan.

  • Ensure Healthy Credit Rating

    A personal loan EMI calculator allows ease of use to adjust your EMI plan according your income, and expenditure. This flexibility helps you manage your finances to reflect good fiscal discipline, consequently causing a healthy credit rating for good fiscal behaviour.

  • Accurate Result with Timesaving

    Personal loan EMI calculators cut the risks of errors caused by complex manual calculations. This leads to accurate results, and saves time.

  • Easy-to-Access-and-Use

    Due to the availability of a personal loan EMI calculator online, you have easy access to complex and accurate computing easily at any time, and anywhere. Just having to enter the principal loan amount, interest rate, and loan tenure also makes this tool an easy-to-use tool for accurate results.

Benefit from accurately computed decisions by using Ruloans Personal Loan EMI Calculator online!

How is the Personal Loan EMI to be Paid?

When you take a personal loan, your EMIs are planned as per your accepted plan. These EMI are a fixed amount, and are debited directly from your bank account every month on a fixed date until you pay off the complete loan. The details of the EMIs are communicated to you during the time of approval and disbursal of your personal loan.

You may use Ruloans' Personal Loan EMI calculator online to ascertain and plan feasible EMIs, and a viable loan tenure as per your eligibility.

How to Reduce your Personal Loan EMI?

When you plan a Personal Loan, remember your term of loan repayment will be inversely proportional to the EMI amount. When you plan a long tenure, the Personal Loan EMI Calculator distributes the total loan amount over the planned span of time, which reduces the EMI amount payable, yet the interest rate will be higher on the outstanding debt for an extended duration causing the cost-of-loan to increase.

The reverse applies when you plan a short tenure loan. Weigh your plan according to your budget, and execute accordingly. You could in the process of planning a personal loan, consider taking a loan from your existing bank, negotiate a lower rate of interest, opt for a higher down payment if possible, or even consider prepaying a loan with the help a Personal Loan Prepayment Calculator, or Personal Loan Foreclosure Calculator.

Your Ruloans Personal Loan Calculator, will assist you to calculate EMIs for varied tenures, at varied interest rates to select the best plan to suit your repayment capacities.

emi-calc4
shapes
Related Blogs

Latest Credit News From Blog

Reviews

What Our Clients Say