Rate of Interest (P.a)
Loan Tenure (Months)
A personal loan EMI calculator helps you calculate your personal loan EMI (Equated Monthly Instalment) obligations. Calculating your EMI beforehand can help you plan your loan and manage your finances in a better way.
Navi’s personal loan EMI calculator carries a user-friendly design and is extremely easy to use. All you need to do is just select the loan amount you wish to borrow, interest rate and tenure. The online calculator will give you the EMI details in just a few seconds.
Your personal loan EMI depends on three factors – loan amount, interest rate and tenure. You can calculate your EMI obligations manually. However, the process can be extremely time-consuming. Navi Personal Loan EMI Calculator helps you calculate EMI in seconds. The online calculator is extremely simple and easy to use.
Here’s how you can calculate your personal loan EMI:
The mathematical formula to calculate EMI is:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where,
P = loan amount
r = interest rate
n = tenure in number of months
For instance, for a principal amount of ₹1 lakh, 10% interest rate and 12 months tenure, using the formula, your EMI would be ₹8792.
When you repay your loan in EMIs, initially you pay more towards the interest. At the end of your loan tenure, you pay more towards the principal amount. An amortisation schedule provides a detailed break-up of these amounts repaid towards principal and interest along with their respective balances through every year of the loan.
Your EMI would be due on a specific date every month, for which you would be notified prior. You can link your bank account and set up auto debit so as to not miss the due date. That way every month, your EMI would be auto-debited from your bank account.
In case you skip your EMI for any reason, your tenure would increase. However, missing EMI payments doesn’t reflect well on you and can hurt your credit score as well as creditworthiness.
Other than your loan amount, your personal loan EMI also depends on the interest rate and tenure. Let’s say, you have taken a loan of ₹1 lakh at 10% p.a. for a tenure of 3 years. Upon calculation, your EMI would come up to ₹2,536. Use Navi Personal Loan EMI Calculator to instantly calculate your EMI.
Most lenders require the following documents to assess your eligibility for a personal loan:
Want a personal loan? Calculate your eligibility and EMIs first. Check how to calculate personal loan EMI and eligibility online here!
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