Total Interest Payable

Total Amount Payments

A Loan is a debt incurred by an individual or an entity and in return, the individual or entity promises to return the money with interest in a monthly scheduled manner i.e., EMI.
Loans are generally provided by financial institutions like NBFCs, Banks, or other institutions, and the interest is also decided by these intuitions.
There are different types of loans provided by the banks, one such loan is a personal loan. A personal loan is a loan that you seek for personal causes.
The interest rate demanded by the bank on a personal loan is usually high as compared to the other loan products. The interest on personal loans ranges from 10-25% P.A. and the tenure is usually 1-5 years.
The amount of loan, interest rate, and tenure depend on various factors like your credit score, your income, ITR filed, etc. Generally, a credit score of more than 750 is considered good and you’ll get good personal loans.
You can manipulate all these three factors i.e., interest rate, tenure, and loan amount to find your EMI which is the amount you’ll have to pay every month against your loan.
You can use the above tool to find your Personal Loan Details.

How to Use Personal Loan Calculator?

Personal Loan Calculator is a calculator which you can use to find your EMI Amount. It is a simple tool to use and can provide you with accurate information on how much EMI you’ll have to incur per month.
You can follow this step-by-step instruction to using the personal loan calculator to find your EMI amount-

  • Enter the mount or use the slider to set the loan amount you are seeking
  • Then you’ll have to enter the loan term i.e., no of the month you want to pay the EMI
  • Now, enter the interest you are charged for the loan amount
  • Now, based on the entered details, you’ll be shown details of the EMI amount, total interest payable, and the total amount you’ll have to pay

What is EMI?

EMI stands for Equated Monthly Installment that you pay to the bank or financial institutions against the loan. The EMI that you pay contains both the principal amount and the interest amount.
The EMI payments are designed to offer a better approach toward loan which benefit both lenders as well as loan seeker.
During the initial months of the EMI, the interest rate charged by the bank is greater than the principal amount but as time passed you’ll be paying towards the principal amount than the interest amount.

EMI Calculator Example

If you want to take a loan of Rs.1,00,000/- from a bank with an interest rate of 14.5% and for a tenure of 3 years, the following computation would be considered for EMI calculation-

Year Principal (A) Interest (B) (A + B) Total Payment Balance Loan Paid To Date
0 Year ₹ 13,814 ₹ 6,839 ₹ 20,653 ₹ 86,186 13.81%
1 Year ₹ 30,802 ₹ 10,503 ₹ 41,305 ₹ 55,384 44.62%
2 Year ₹ 35,577 ₹ 5,728 ₹ 41,305 ₹ 19,807 80.19%
3 Year ₹ 19,807 ₹ 846 ₹ 20,653 ₹ 0 100.00%

Note- You can also make prepayments of your loan amount. In that case, you’ll pay the loan faster and will incur low-interest payable because of the reduced principal amount.

Floating Rate EMI Calculation

Floating Rate EMIs are the types of EMI in which the rate of interest changes according to the market scenario. The term “Float” signifies volatility, the interest rate charged by the bank may go up or may go down.
This is a high-risk loan because of the volatility, if the economic and the market condition is good then the interest rate will be nominally low however if the inflation, as well as other economic indicators, are not performing well then your EMI amount will go up.
Reserve Bank of India in its monetary policy releases the Repo Rate which is the interest that banks have to pay to RBI for seeking capital for the banking business.
If the Repo Rate is high then the bank giving out loans will have a high interest as well. It certainly has a trickle-down effect and if you have a floating Loan then you’ll have to pay more EMI.
In any scenario, you should avoid floating interest rates because of the volatility, you might face economic pressure and un-calculative expense down the years.


If you’ve taken a loan of Rs.10,00,000/- on an interest rate @15.5% for 5 year period then your monthly EMI comes out to be Rs.24,053/-.
But, let’s say after a year the economic condition deteriorates and RBI has to increase the Repo Rate by 100 base points then that will be trickled down with a 1% increase in your interest so, the interest rate will become 16.5%. You’ll now have to pay Rs.26,623/- per month for the interest.

Fixed Rate EMI Calculation

Fixed Rate EMI is ideally the best scenario that you can choose while taking a loan. As the name suggests, it offers a fixed interest rate that is mutually agreed upon by the customer and the financial institution.
The Fixed Rate of EMI will provide you with the exact amount you would need for loan servicing and save you from any economic pressure.


For instance, if you take a loan of Rs.10,00,000/- @ 15.5% Interest for 5 years then your monthly EMI will be Rs.24,053/- per month. It does not matter what the market condition is, your EMI will be fixed.


What is an EMI in Advance?

EMI in Advanced is a type of loan in which you’ll pay the EMI amount in advance. Basically, when the loan amount is disbursed to your account, it will come with a deduction of the first EMI Installment and processing fee.

What are the fees associated with a loan?

Whenever you seek a loan from an institution, the lender will charge a processing fee which you’ll have to pay. Usually, the processing fee ranges from 0.5% to 2.5% of the loan amount.

What is an EMI in Arrears?

EMI in Arrears is a general EMI structure followed universally. In this loan, after the disbursement of the loan amount, you’ll be given a month for starting up the loan amount.

Can I take a loan with a credit score of 720?

Yes, you can take a loan with a credit score of 720 however, the interest rate and tenure will be not as per the nominal rate. with a 720 credit score, you’ll be charged more.

Can I prepay my Loan amount?

Yes, you can prepay your loan amount and the tenure of your loan will also be reduced along with the interest payable.