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Personal Details

Personal Loan EMI Calculator

â‚ą1 Lac â‚ą10 Cr
1 30
0.5% 15%

Monthly Home Loan EMI

â‚ą19,578
View Details

Principal Amount

â‚ą25,00,000

Interest Amount

â‚ą45,48,188

Total Amount Payable

â‚ą70,48,188

Benefits of Using a Personal Loan EMI Calculator

Here are some advantages of using a Personal Loan EMI Calculator:

  • Compare Loan Options: By adjusting the loan amount, interest rate, and processing fee, you can easily compare different loan options and understand the total cost of each.
  • Time-Saving: The calculator provides quick results in under a minute, and it’s easy to use with no complex steps involved, ensuring 100% accuracy.
  • Flexibility in Loan Tenure: You can experiment with different loan tenures to see which EMI works best for your budget. Choose a shorter tenure for higher EMIs or a longer tenure for lower monthly payments.
  • Detailed Repayment Plan: It shows a clear breakdown of your repayment schedule, including how much you’ll pay towards interest and the principal amount.
  • Confirm EMI Details: You can check if the EMI and repayment plan offered by the bank match your expectations, and also calculate the upfront processing fee that may be deducted from the loan amount.

What are the charges applicable on missing your personal loan EMI(s)?

If you miss your personal loan EMI(s), several charges may be applicable depending on the lender's policies. Here are the common charges that could apply:

  • Late Payment Charges: If you don’t pay your EMI on time, lenders usually charge a late payment fee. This could be a fixed amount or a percentage of the overdue EMI.
  • Cheque/NACH/SI Bounce Charges: If a scheduled payment via cheque, NACH (National Automated Clearing House), or Standing Instruction (SI) fails due to insufficient funds or account closure, a bounce charge is applied.
  • Penal Interest: A higher interest rate may be applied to the overdue amount, which increases the total interest payable until the missed EMI is paid.
  • Loan Repossession Fees: In extreme cases, if payments are consistently missed, lenders may charge additional fees for initiating legal proceedings or repossession of assets if the loan was secured against collateral.
  • Impact on Credit Score: While not a direct charge, missing EMIs will negatively affect your credit score, making it harder to obtain loans in the future.

How To Reduce The Personal Loan EMI?

To Here are some simple ways to reduce your personal loan EMI:

  • Extend the Loan Tenure: Opting for a longer loan tenure will reduce your monthly EMI. However, keep in mind that you may end up paying more interest over the life of the loan.
  • Prepay a Part of the Loan: Making a part prepayment (or partial early payment) reduces your outstanding principal amount. This can lower your EMI or shorten the loan tenure.
  • Refinance Your Loan: If your current loan has a high-interest rate, you can consider refinancing it with a lender offering a lower rate. This can reduce your EMI and overall loan cost.
  • Opt for a Lower Loan Amount: Reducing the loan amount will directly lower your EMI. If possible, you can reduce the loan amount by making a larger down payment or using savings.
  • Choose a Floating Interest Rate: If interest rates are expected to drop, consider switching from a fixed to a floating interest rate. Floating rates may initially offer lower EMIs.

Factors that Affect personal Loan EMI

Here are the factors that affect your personal loan EMI:

  • Loan Amount: The more you borrow, the higher your EMI will be. A larger loan means a bigger monthly payment.
  • Interest Rate: A higher interest rate leads to a higher EMI, while a lower rate results in a lower EMI. The interest rate depends on factors like your credit score and the lender's policies.
  • Loan Tenure: The longer your loan tenure, the lower your EMI will be, but you’ll end up paying more interest over time. A shorter tenure means higher EMI but less total interest.
  • Processing Fees: Some lenders charge processing fees, which may be added to your loan amount and affect the EMI.
  • Repayment Mode: The mode of EMI repayment (e.g., auto-debit, cheque, or post-dated cheques) may also influence your loan terms and EMI amounts.
  • Credit Score: A higher credit score often results in a lower interest rate, which can help reduce your EMI. A lower score may lead to a higher interest rate, increasing your EMI.