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Personal Loan EMI Calculator
Personal Loan EMI Calculator
Check Your EMI Amount Online
The personal loan EMI calculator is an easy to use online tool that is available to you 24/7. It instantly calculates your pay-outs, helping you to plan your loan and your loan repayment better.
All you have to do is enter the loan amount, rate of interest and loan tenure, and the EMI calculator will display the EMI amount in just a few seconds.
Schedule showing EMI payments starting from
Total Payment
(A + B)
Balance
Loan Paid To Date
₹ 597
₹ 20,215
32.62%
₹ 5,191
₹ 25,134
16.22%
₹ 5,191
₹ 20,215
32.62%
₹ 20,765
₹ 0
100.00%
₹ 5,191
₹ 15,242
49.19%
₹ 5,191
₹ 10,216
65.95%
₹ 5,191
₹ 5,136
82.88%
₹ 5,191
₹ 0
100.00%
How a Personal Loan EMI Calculator Works
A personal loan EMI calculator is used to calculate the amount of EMI that the borrower needs to pay the lender every month. It is a handy tool that calculates the EMI amount based on the details you enter. The details you need to enter in a personal EMI calculator is as follows:
Personal Loan Amount: The total amount you borrowed is your loan amount.
Interest Rate: There are two types of personal loan interest rates,fixed and floating. In fixed interest rate loans, the interest rate doesn’t fluctuate and remains the same throughout the loan tenure. That means, all the EMIs till the loan is paid off will be the same. However, the floating interest rate can vary, and hence the EMIs vary from time to time according to the fluctuation in the base rate.
Personal Loan Tenure: It is the time period chosen by the borrower to repay the loan. Most banks offer flexible loan tenure. That means, the borrower has the power to choose the loan tenure, which usually ranges from 1 to 5 years.
Once these details are entered in the personal loan EMI calculator, it then works on two arithmetic formulae – a simple calculation to calculate the interest and a complex calculation to calculate the personal loan EMI.
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1],
Where,
P stands for the principal loan amount.
R is the interest rate per month. For e.g. assuming that the interest rate per annum is 13%, then the rate of interest will be 13/ (12 x 100).
N is the numberof monthly instalments.
Eligibility Criteria
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month
or
Must be a self-employed professional with an income of at least ₹ 30,000/month.
(Only certain professionals like doctors, lawyers, or business owners qualify)
Must be above 23 years and below 55 years of age
Must be a resident of one of the following cities:
View city list
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Required Documents
Pan Card Number
Professional Selfie
To be taken on the Freo App
Address Proof
Valid Driving License / Valid Passport / Aadhar Card
ID Proof
Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card
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How EMI Breakups are Done in
Personal Loans
A few things you need to keep in mind about EMI breakups in a personal loan:
EMI is the monthly payment you make to repay your loan.
A personal loan EMI includes the principal amount and interest amount.
The interest rate applied to your loan amount is distributed throughout your loan tenure.
The interest amount will be high during the initial period of your loan tenure. As you come towards the end of the loan tenure, your repayment will pay the interest amount less and the principal amount more.
Benefits of Using a Personal Loan EMI Calculator
Does tedious calculations easily – saves your time and energy.
Calculates your personal loan EMI in seconds – quick and reliable.
Helps you to assess your repayment capacity – helps to plan your finances well.
Displays a consolidated list of the best personal loan offers – helps you make informed decisions.
