Calculate Your Personal Loan EMI with the help of a Calculator

Personal Loan

One of the most common loans from banks through Indian citizens is personal loans, either in the form of personal home loan EMIs or personal loans for a vacation. According to data, around 78% of people’s loans or credits fall under personal loans. Therefore, applicants need to be aware of certain aspects of planning that make the entire process of availing of loans smooth and stress-free. 

One of the major factors is to look for the different personal loan interest rates on loan and calculate your EMI. An EMI also known as equated monthly instalment, is a fixed monthly payment made by a borrower to a creditor regularly, usually once a month. One of the most advanced and easy ways to calculate your EMI in no time is through the personal loan calculator

What Is A Personal Loan Calculator? 

A personal loan calculator or an EMI calculator is an automated online tool that uses algorithms to calculate the EMI you would have to pay on loan. The tool helps the users calculate the precise amount of money they would have to pay monthly on loan in just a few seconds. Additionally, for the calculator to show the value of the EMI, it just requires the input of two data sets. 

1. The principal amount of the loan.

2. The tenure 

3. The personal loan interest rate. 

The principal amount of a loan is the initial amount of money you have borrowed from the bank or the lender. The tenure of a loan is the time duration in which you are planning to repay the amount. Lastly, the personal loan interest rate is the amount of money charged in addition to the principal amount by the lender. You can quickly get a personal loan calculator online, and certain banks provide their customers with their calculator. 

How can you use a personal loan calculator to calculate EMI?

The personal loan calculator makes the process of calculating EMI quite simple. In the steps given below, you can fill in the information required on the calculator manually or use the slider to select an appropriate amount. 

  • Fill in the principal amount of the loan you want to take. 
  • Enter the tenure for the loan.
  • Input the personal loan interest rate given by the bank or the lender for that particular loan.
  • After you input the values required, the calculator will automatically generate the value of the EMI you would have to pay based on the personal loan interest rate. 

How does the personal loan calculator calculate the precise EMI amount?

The calculator uses a particular mathematical expression (which can be done manually) in an algorithm to calculate the EMI in seconds. The formula is the same in all the EMI calculators online. The expression to calculate the EMI is as follows:

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


  • P – Principal amount that is borrowed
  • R – Personal loan interest rate imposed by the lender
  • N – Tenure in number of months

What are the benefits of using a personal loan EMI calculator? 

Imagine calculating the monthly EMI for a loan by yourself. It would take hours to do those hefty calculations. Personal loan EMI calculators make your task easier. That is, they have a lot of benefits such as:

  • You can save a lot of time
  • You can compare different loan options
  • You can choose among different loan plans and tenures.
  • Get accurate EMI amounts over a loan 
  • You can learn about the repayment schedules and do not miss any payment deadlines. 


Personal loan EMI calculators are a handy tool that you can get access to at any time. It makes your job quite effortless, as you can calculate and compare different EMI options by just inputting specific personal loan interest rate values, tenure and principal amount. Lastly, a personal loan calculator has a lot of benefits. 

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