Check Your EMI Amount Online | Personal loan EMI Calculator


Nowadays, many people opt to take personal loans online in our country. Concerning this, the personal loan EMI calculator online is a very useful tool. It is a worthwhile online calculator that instantly calculates your monthly instalments and is accessible 24/7. It assists you in planning before opting for any online personal loan and ultimately ascertains the prospects of your loan repayment.

To use a personal loan EMI calculator online, you have to enter the crucial details of your online personal loan amount. Within a few seconds, the EMI calculator will present the EMI amount payable by you.

What is EMI: A Brief Introduction & Calculation

EMI is the abbreviation for Easy or Equated Monthly Installment. EMI is the monthly payable sum to be deposited to the bank or any other financial institution concerning the loan availed by you. An individual has to pay EMIs for an online personal loan until it is fully paid.

EMI includes both the interest on the loan & the principal amount to be repaid. An individual has to pay this sum every month for a stipulated time. The aspect of interest of the EMI would be greater during the initial months, and it will gradually reduce with each amount paid.

The Formula for EMI Calculation 

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


P = the principal amount borrowed as a loan.

R = the monthly rate of interest charged on the loan amount (in per annum)

N = the tenure of repayment of the loan (no. of months)

Workings of a Personal Loan EMI Calculator Online

A borrower can effortlessly use a loan EMI calculator online to calculate the amount of EMI that he is required to pay to the lender. It is a convenient tool that calculates the amount of EMI depending on the details fed by you. The details you need to enter in a personal EMI calculator are as follows:

  • Principal Amount of Loan: It is the sum borrowed by an individual and ascertained by the borrower as per his need for funds.
  • Interest Rate: There are two types of personal loan interest rates – fixed and floating rates. In fixed interest rate loans, the interest rate remains the same throughout the loan tenure, without observing any fluctuation. Hence, all the EMIs payable will be the same till the loan is fully paid. On the other hand, the floating interest rate can vary over time. Hence, the EMIs of floating interest rate loans vary with time, depending on the variations in the base rate.
  • Loan Tenure: The Loan Tenure is a stipulated time pre-decided by the borrower for the repayment of the online loan. Many banks offer a flexible tenure of the loan. Hence, the borrower has the autonomy to select the loan tenure. It typically extends from one to five years.

Once you feed these details into the interface of the loan EMI calculator online, then it works on two mathematical formulae – the Simple Interest formula to calculate the interest and the complex EMI calculation formula.

When providing the inputs, you can use the sliders to customise the values in the online EMI calculator. If you want to feed more precise values for your loan, you can simply type the values in the relevant text boxes that appear.

Advantages of Using a Personal Loan EMI Calculator Online

Whenever it is about taking an online personal loan, an EMI calculator for a personal loan assists you in selecting the best loan for you. Some advantages offered by a personal loan EMI calculator online are:

  • EMI calculator calculates your online loan EMI fastly and reliably.
  • It lets you perform complex calculations effortlessly within seconds. Hence, it saves the time and energy of an individual.
  • It assists you in evaluating your loan repayment capacity. Hence it aids in soundly planning your finances.
  • These online calculators display your EMI breakup details as pie charts, bar graphs, etc.
  • Most online personal loan EMI calculators offer a list of the best personal loan offers to assist you in making a well-informed decision.


With the features of instant results and colourful representation of breakup analysis as charts & graphs, a personal loan EMI calculator online is a handy tool. It is accessible anytime and instinctual to understand. You can effortlessly calculate your EMI for an online personal loan, home loan, car loan, education loan, or any other loan using this online EMI calculator.

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