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How to Calculate EMI for Personal Loan?

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0 2024-06-12T11:05:44+00:00
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Learn how to make informed financial decisions with our comprehensive guide on using a personal loan calculator. Discover how to accurately estimate your monthly installments and overall loan expenses, ensuring you choose the best loan option for your needs. This essential tool can help you plan your budget effectively and avoid any surprises.

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0 2023-10-12T09:10:57+00:00
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Effective financial planning requires knowing how to calculate EMI for personal loan with example. It enables borrowers to comprehend their commitment to making monthly payments.

How Personal Loan Interest Calculated?

To calculate the personal loan EMI you can use an online EMI calculator. However, if you want to calculate the EMI for your personal loan you will need to use a loan EMI formula;

E = P*r*(1+r)^n/((1+r)^n-1)

Here,

  • E stands for EMI.

  • P stands for principal loan amount,

  • R stands for rate of interest calculated monthly, and.

  • N stands for tenure/ duration in months.

The period is measured in terms of the number of months because EMIs are paid every month. Therefore, the estimated EMI would be as follows if you avail a personal loan of Rs 10 lakh at a 15% interest rate: 

  • P = Rs 10 lakh

  • R = 15%

  • N = 2 years or 24 months.

EMI = [10,00,000 x 15/100/12 x (1+15/100/12)^24] / [(1+15/100/12)^24-1]

EMI = Rs 48,487.

Hope this was of help!

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