Personal Loan EMI calculator | EMI Personal Loan Benefits & Documents Required

Calculate Personal loan EMI payments and interest rate using the Personal loan EMI calculator. Use the calculator on our site to check the monthly EMI payments and interest rate of your Personal loan. Just simply enter the personal loan amount, Personal loan tenure and interest rate to get the EMI. Personal Loan in India is the most popular type of loan which is necessary for many of the common people. Apart from the Car loan EMI and house loan EMI the personal loan is also an essential loan.

Personal Loan EMI calculator

The EMI calculator for the personal loan is a tool which is used to calculate the monthly instalment you have to pay for the lender or a bank. EMI personal loan calculation can be made using the excel sheet and also manually. But, those are complicated calculations. So, it is the better choice for everyone to use personal loan calculator EMI who takes the personal loan on EMI. Therefore, you can save your time and get the exact and accurate payable instalment amount by using this personal loan EMI rate calculator.

EMI Calculator For Personal Loan


Click here to check Personal Loan EMI Interest Rates

Parameters required to use the Personal loan EMI calculator are as follows.

  • Personal Loan Amount/ Principle 

The principle is the total amount of the loan a borrower take from the bank. So, this amount depends on the borrower requirement. Principle amount in the EMI Personal loan calculator should be entered in Rupees.

  • Personal loan Interest Rates 

The personal loan interest rates are not same for all banks. So, we have given the interest rates of personal loans of several banks in the below sections of this page. Scroll down this page and check the respective bank interest rate. Therefore, it will be easy to enter the personal loan EMI interest rate in the Personal loan EMI calculator. It is always calculated per a year in terms of Percentage.

  • Tenure of Personal Loan 

Personal loan tenure is nothing but the loan period. In this particular period, you have to repay the total loan amount to the bank. It is in terms of months or years.

Therefore, if you enter the above values, within a fraction of seconds the Personal loan repayment EMI is displayed.

What is EMI on Personal Loan?

EMI stands for equated monthly instalment. The EMI is defined as the instalment amount paid by the borrower to the lender. Usually, EMI personal loans are short term loans. EMI is calculated on the Personal loan principle amount and interest rates. You need to pay the instalment amount on a fixed date only. The Interest rate on a personal loan is different for various banks. So, we have given the Personal loan EMI interest rates. EMI is available for all types of loans like Car, education, personal, home loans. The advantage of the Personal loan is, the money you borrow can be utilised for several purposes such as purchasing electronic products, wedding, tours, etc.

 How To Calculate Personal Loan EMI?

You can find the personal loan EMI calculation along with the example below. With the help of the personal loan EMI formula, we have calculated the EMI for the personal loan. So, it is easy for you to understand Personal loan EMI calculation. Otherwise,

The formula to calculate personal loan EMI: 

E= P.r. (1+r)n/((1+r)n-1).

r stands for Rate of Interest.

n stands for tenure/ loan period or duration.

E stands for EMI.

P stands for Principle/loan amount.

Example:

Let the Personal loan Interest Rate11.59%.

Personal loan Amount: 50, 000.

Loan Tenure60 months.

 E= [P.r. (1+r)n/((1+r)n-1)].

      = (50, 000) (11.59%) (1+11.59%)60/(1+11.59%)60 -1.

      =Rs. 1102 per month.

Types Of Personal Loans on EMI

  • Secured personal loan.

To get a secured personal loan you have to show the assets as a security to the bank/ lender. Secured personal loans have low-interest rates. Time taken to sanction is less.

  • Unsecured loans.

Unsecured loans do not require assets. So, it is suitable if you have no asset to show the lender. For this, there will be huge penalties if you pay loan amount lately.

The above given 2 types are the major personal loan types. Other types of personal loans are given below.

  • Loans for unemployed.
  • Small business loans for women.
  • Medical loan.
  • Home Improvement loans.
  • Marriage loans.
  • Student loans.
  • Startup loans.

Personal Loan Interest Rates

There are 2 types of interest rates on personal loans. We can select the Personal loan interest rates depending on your facility.

  • Fixed Rate Personal Loans

The Fixed rate means the Personal loan fixed rates are not changed throughout the loan period. They are constant till the Personal loan repayment is completed. Fixed rate is easier to pay and avoids stress.

  • Variable rates Personal Loans

The interest rate for the Personal loans is not constant. They go on varies all the time throughout the Personal loan tenure period. For this kind of variable interest rate personal loans, the interest rates and the fee are low.

Personal Loan Benefits

  • Lower interest rates.
  • Flexible to choose loan tenure.
  • Loan approval in less time.
  • Fixed rate of interest.
  • Tax benefits.
  • No principle amount limitations.
  • Exception for collateral security.

Bankwise Personal Loan EMI Interest Rates

Name of the Bank Personal loan Interest Rates Approx EMI per month
Capital First  14% to 20%  Rs. 2,327 – Rs. 2,649
Citibank  11.49% – 16.50%  Rs. 2,199 – Rs. 2,458
Fullerton India  19.50% – 37.00%  Rs. 2,499 – Rs. 2,622
Standard Chartered  11.99% – 13.49%  Rs. 2,224 – Rs. 2,300
Tata Capital  11.99% – 17%  Rs. 2,250 – Rs. 2,594
Indusind Bank  12.99% – 20%  Rs. 2,275 – Rs. 2,649
Kotak Mahindra Bank  11.29% – 20.15%  Rs. 2,189 – Rs. 2,658
Bajaj Finserv  11.99% – 16%  Rs. 2,224 – Rs. 2,432
ICICI Bank  11.59% – 17.50%  Rs. 2,613 – Rs. 2,419
HDFC  11.49% – 13.50%  Rs. 2,250 – Rs. 2,301

EMI Personal Loan Eligibility

The eligilility for personal loan also varies from bank to bank. So, we have given the common eligibility to apply for Personal Loan.

  • Maximum age limit to get Personal loan: 21 years
  • Minimum age limit to get Personal loan: 20 years
  • Personal loan applicant may be a salaried employee/ self-employed or nonprofessionals.
  • Minimum monthly Income is Rs: 15, 000/-.
  • Credit score: 350-900.

Documents Required For Personal Loan

  • Income proof.
  • Bank statement.
  • Residence proof.
  • Photograph.
  • Age proof.
  • ID proof.
  • Employee Address proof.
  • IT returns for the last 2 Financial years.
  • Salary slip.

The above mentioned documents are compulsory to get a Personal loan. These documents for EMI personal loan are common for all banks.

Top Banks In India Providing Personal Loan

  • State Bank of India.
  • Axis Bank limited.
  • ICICI Bank.
  • Punjab National Bank.
  • UCO Bank.
  • HSBC Bank.
  • IDBI Bank.
  • Andhra Bank.
  • HDFC Bank.
  • Andhra Bank.

How To use Personal loan EMI calculator?

  • On the top of this page, you will find the Personal loan EMI calculator.
  • In that EMI calculator personal loan, you have to enter the Personal loan amount and interest rate in terms of percentage.
  • Enter the Personal loan tenure. It must be in years or in months.
  • Finally, click on “calculate”.
  • You will get the total personal loan EMI Payable within few seconds on the Personal loan EMI calculator.

Along with this, you can also find, Car Loan EMI Calculator and Home Loan EMI Calculator on our site.

Updated: March 7, 2017 — 9:40 am

Leave a Reply

Your email address will not be published. Required fields are marked *

www.emicalculators.co.in © 2017 Frontier Theme