Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

Your Amortization Details (Yearly/Monthly)

Personal loan is the most commonly availed loan product in the Indian debt industry. Over 78% of all credits availed in India fall under this category. The unsecured nature of these loans makes them a popular choice among prospective borrowers.

Individuals planning to avail such credits must be familiar with certain aspects before they finalise their decision. The first and primary loan feature a prospective borrower must decide is the EMI amount they will pay towards the repayment of the loan. The best way to calculate and determine EMIs is by using a **personal loan EMI calculator**.

Calculating the EMI amount for a personal loan is a complicated procedure involving multiple variables. It can be troublesome to compute for individuals who are not well acquainted with the minute details of EMI calculation. A **personal loan interest rate calculator **can be immensely helpful in such situations.

- It allows one to perform these complex calculations in seconds, thereby saving time which could otherwise be used productively.
- It eliminates chances of any inaccuracy in the calculations.
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.

Determining the personal loan EMI amount requires the use of a specific formula which is standard across all calculators available online. Groww’s **personal loan calculator for EMI** uses the same standardised method to accurately calculate the exact amount you’d need to pay as EMI against your loan.

The formula –

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

EMI | Equated Monthly Payment |

P | Principal amount |

R | Rate of interest |

N | Tenure |

This **personal loan EMI calculator formula** can be used to obtain the EMI for any loan amount.

For example, suppose Mr. X plans to avail a loan amount of Rs. 15 Lakh for a tenure of 5 years at an annual interest rate of 12%. He can calculate his payable EMI using the above mentioned formula.

As you can see, it is quite a complicated equation and can take a lot of time for an average person to solve. A **personal loan EMI calculator online **can provide one with the answer in a matter of seconds.

In this example, the EMI amount payable is Rs. 33,367.

The EMI that you pay has two components- principal and interest. At the beginning of repayment schedule, a majority potion goes towards interest payment. It keeps reducing gradually, as the principal component goes up.

Year | EMI for 12 months | Interest in a year | Principal in a year | Closing Balance |

1 | Rs. 4,00,400 | Rs. 1,67,465 | Rs. 2,32,935 | Rs. 12,67,065 |

2 | Rs. 4,00,400 | Rs. 1,37,923 | Rs. 2,62,477 | Rs. 10,04,587 |

3 | Rs. 4,00,400 | Rs. 1,04,634 | Rs. 2,95,766 | Rs. 7,08,821 |

4 | Rs. 4,00,400 | Rs. 67,123 | Rs. 3,33,277 | Rs. 3,75,544 |

5 | Rs. 4,00,400 | Rs. 24,856 | Rs. 3,75,544 | Rs. 0 |

The **personal loan interest EMI calculator** available at Groww’s website is quite simple to use. Even a layperson will be able to operate it without any hassle.

Input the loan amount, tenure and interest rate in their respective sections. The EMI payable will be calculated instantly and displayed in the bottom.

The **personal loan interest rates EMI calculator **available at Groww is a simple tool that benefits a user in multiple ways.

- It intimates prospective borrowers about the exact EMI amount they are liable to pay for a particular loan amount. Borrowers can use this information to plan how much loan they can safely obtain without risking their financial health. In the financial circles, it is highly advised that the debt to income ratio doesn’t exceed 50%. Preferably, it should be below 30%.
- You can use this calculator as many times as you need free of any charges. You can check the EMI for various loan amounts and avail one that suits your financial situation.
- This calculator is precise to the last digit. There is no place for any ambiguity anywhere.

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