Personal Loan EMI Calculator

Plan your finances effortlessly with a personal loan EMI calculator. This tool helps you estimate your monthly payments by inputting details like the loan amount, tenure, and interest rate. The EMI calculator makes it easy to budget, letting you adjust figures to find a suitable repayment plan. Use our personal loan calculator to make informed financial decisions and manage your loan repayments.

Calculate your EMI on Personal Loan

Estimate your EMIs in a few simple steps

Preferred loan amount

₹

₹50,000

₹15,00,000

Interest rate (per annum)

11%

27%

Loan tenure (months)

12 months

60 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

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View Amortisation Schedule

An amortization schedule provides details like loan tenure, EMI / EPI amount, and principal & interest proportion of each instalment. However, it is an estimate and actual values may vary upon loan disbursement.

Personal Loan Amortisation Schedule

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How Does a Personal Loan EMI Calculator Work?

Enter the loan amount, interest rate, and tenure into the personal loan EMI calculator.
The calculator computes the EMI using the formula:
EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ]
where,
P is the principal amount
R is the monthly interest rate
N is the number of instalments.
It instantly provides the monthly payment amount, helping you plan your finances effectively.

Benefits of using Personal Loan Calculator for EMI

1. Quick and Accurate Calculations

Calculates EMIs instantly, eliminating manual errors.

2. Financial Planning

Helps budget monthly expenses, ensuring affordability.

3. Informed Decision-Making

Compares different loan options to find the best fit.

4. Time-Saving

Avoids complex manual calculations, saving time.

5. Loan Eligibility Assessment

Helps determine the maximum loan amount you can afford.

6. Understanding Loan Structure

Provides a clear breakdown of principal and interest components.

7. Flexibility

Allows experimenting with loan amount, tenure, and interest rate to find the optimal solution.

How to reduce EMI Amount on a Personal Loan?

Here are some effective ways to reduce your personal loan EMI:

1. Part-Prepayment

Make additional payments to reduce the principal amount.

2. Balance Transfer

Transfer the loan to a lender with a lower interest rate.

3. Top-Up Loan

Consolidate debts, extend tenure, and lower EMIs.

4. Increase EMI Amount

Reduce the loan tenure and total interest paid.

5. Negotiate

Seek a lower interest rate by negotiating with the lender.

Understanding the Personal Loan Amortisation Schedule

A personal loan amortisation schedule is a detailed breakdown of each EMI into principal and interest components over the loan tenure. Initially, a larger portion of the EMI is allocated to interest, gradually shifting towards the principal. This schedule clarifies the outstanding loan balance at any point during the tenure, aiding in financial planning. Understanding this schedule helps borrowers anticipate changes in their monthly payments and make informed decisions about prepayments or refinancing options.

How to use L&T Finance Personal Loan EMI Calculator

1. Access the L&T Finance personal loan EMI calculator online.
2. Input the desired loan amount, tenure, and interest rate.
3. The calculator instantly computes the EMI, helping you visualise monthly obligations.
4. Adjust parameters to explore different repayment scenarios and choose the most suitable plan.
Use the personal loan calculator to make informed decisions about your borrowing needs.

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FAQs & Support

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How do you get the lowest Interest Rate on a Personal Loan?

To secure the lowest Personal Loan interest rate in India, maintain a high credit score, compare lender offers, and choose shorter loan tenures.

What is the current interest rate for a Personal Loan?

At L&T Finance, current Personal Loan interest rates start from 11%* per annum, depending on your creditworthiness and lender.

What are the documents required for a Personal Loan?

To meet the Personal Loan requirements, applicants must provide a Personal Loan documents list with valid ID proof (Aadhaar, Passport, Voter ID), address proof, PAN card, and recent bank statements. Salary slips are essential for salaried individuals, while self-employed applicants need proof of income. These documents required to get Personal Loan vary slightly based on employment type.

Are there any tax benefits associated with Personal Loans?

Generally, there are no tax benefits associated with Personal Loan repayments. However, you may be eligible for certain tax deductions if the loan is used for home renovation or business purposes.

What is a Personal Loan EMI?

A Personal Loan EMI is the monthly instalment you pay to repay your loan. It includes both principal and interest components, facilitating systematic repayment.

What are the benefits of using a Personal Loan eligibility calculator?

A personal eligibility calculator provides instant results, simplifies the check loan amount eligibility process, and aids in better financial planning without affecting your credit score.

How is the Personal Loan EMI to be paid?

EMIs are deducted automatically from your Bank account through an ACH mandate, ensuring timely payments without manual intervention.

When does the floating interest rate change?

Floating interest rates change periodically, often influenced by changes in the repo rate or other economic factors, impacting the monthly repayment amount.

What is the maximum Personal Loan that I can get?

The maximum amount for a Personal Loan you can get with L&T Finance is up to ₹30 lakhs.

Is Aadhaar mandatory for Personal Loans?

While Aadhaar is a commonly accepted form of ID in the Personal Loan documents list, it's not the only option. Applicants can use a passport, Voter ID, or driving license as alternatives for their Personal Loan requirements.

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