Personal Loan EMI Calculator

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

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.

Your Personal loan EMI is
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Results generated by the calculator is indicative in nature. Piramal Capital Housing Finance Limited (“PCHFL”) does not guarantee accuracy, commitment, undertaking, completeness, or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness/accuracy.

The calculator is only a tool that assists the users to arrive at results of various illustrative scenarios generated from the data input by the users. The user should exercise due care and caution (including if necessary, obtaining of advise of tax/legal/accounting/financial/other professionals) prior to taking of any decision, acting, or omitting to act, on the basis of the information contained/data generated herein.

PCHFL does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against PCHFL. Neither PCHFL nor any of its agents or licensors or group companies shall be liable to user/any third party, for any direct, indirect, Incidental, special, or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/information contained/data generated herein.
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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:

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

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.

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.

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.

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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What does EMI stand for, and what does it mean?
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How is EMI calculated?
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How is the personal loan interest rate calculated?
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What is the personal loan amortization schedule?
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How to reduce your personal loan EMIs?
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What happens if I don't make my EMI payment?
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Does the EMI amount remain fixed throughout the tenure of the loan?
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What are the key features and benefits of applying for personal loans through Piramal Finance?
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What role does EMI calculation play in future expenses?
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