Personal Loan EMI Calculator
Use personal loan EMI calculator to estimate EMIs for loan amounts up to Rs. 55 lakh. You can choose flexible tenure from 12 months to 96 months with interest rates starting at 10% p.a.
Personal loan calculator
The Rohini Financial Services Personal Loan EMI Calculator is a simple online tool that helps you estimate your monthly loan repayments. Just enter your loan amount, interest rate, and repayment period, and the calculator will quickly show you your monthly instalment.
With Rohini Financial Services, you can get a personal loan of up to Rs. 55 lakh and choose a repayment period from 12 months to 96 months. The calculator lets you change the loan details to find an EMI that suits your budget.
It also provides a complete breakdown of your repayments, including the interest, principal, and total cost. This way, you can plan your loan better and make informed choices.
How to use the Rohini Financial Services online personal loan EMI calculator?
Calculating your personal loan EMI is simple. Just follow these easy steps:
1. Enter your loan details
Fill in the loan amount you want to borrow, the interest rate, and your repayment period.
2. View your EMI instantly
The calculator will show your monthly EMI, total interest, and repayment amount.
3. Adjust and compare
Change the loan amount, tenure, or interest rate to explore different repayment options and to choose the best repayment options that suits your budget.
Apply for a Rohini Financial Services Personal Loan in just a few clicks.
How can a personal loan EMI calculator help you?
A personal loan EMI calculator makes financial planning easier by offering insights into your repayment structure. Here’s how a personal loan calculator can help you:
- Estimating repayments: Calculate monthly instalments based on your loan amount, tenure, and interest rate.
- Budgeting: Determine what you can afford adjusting variables to find suitable EMI amounts.
- Comparison: Compare EMIs for different loan amounts, interest rates, and tenures to find the best option.
- Prepayment evaluation: Evaluate properly that how by making extra payments or closing the loan early affect the total interest paid.
- Financial decision-making: Make better decisions by understanding long-term financial commitments and their impact.
Formula to determine personal loan EMIs
The formula to calculate personal loan EMIs is:
EMI = P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- EMI = Equated Monthly Instalment
- P = Principal loan amount
- R = Monthly interest rate
- N = Loan tenure in months
This formula helps you calculate the fixed monthly payment required to repay a over a certain period, considering the interest rate. Personal loan EMI calculators use it to estimate repayments correctly.
Personal loan amortisation schedule
An amortisation schedule shows you how each EMI on your personal loan is split between principal and interest. It helps you track repayment progress, plan your finances, and understand the impact of additional payments on debt.
Here is a simple example of the amortisation schedule for a personal loan of Rs. 1 lakh taken for 12 months at an interest rate of 11% per annum:
Month | Opening principal outstanding | Interest paid | Principal repaid | Resulting principal outstanding |
1 | 1,00,000.00 | 916.67 | 7,921.50 | 92,078.50 |
2 | 92,078.50 | 844.05 | 7,994.11 | 84,084.39 |
3 | 84,084.39 | 770.77 | 8,067.39 | 76,016.99 |
4 | 76,016.99 | 696.82 | 8,141.34 | 67,875.65 |
5 | 67,875.65 | 622.19 | 8,215.97 | 59,659.68 |
6 | 59,659.68 | 546.88 | 8,291.29 | 51,368.39 |
7 | 51,368.39 | 470.88 | 8,367.29 | 43,001.11 |
8 | 43,001.11 | 394.18 | 8,443.99 | 34,557.12 |
9 | 34,557.12 | 316.77 | 8,521.39 | 26,035.72 |
10 | 26,035.72 | 238.66 | 8,599.51 | 17,436.22 |
11 | 17,436.22 | 159.83 | 8,678.33 | 8,757.89 |
12 | 8,757.89 | 80.28 | 8,757.89 | 0 |
Using a personal loan EMI calculator with an amortisation schedule helps you understand how your EMI spilt into principal and interest. This will give you a clear picture for planning your finances better and stay in control of your repayments.
Benefits of using personal loan calculator for EMI
- Accurate repayment planning: Provides clear calculations of monthly payments based on the given data to help you plan your repayment properly.
- Time-saving: Quickly generates EMI amounts without manual calculations.
- Financial Planning: It helps in planning budgets and expenses beforehand by forecasting future loan repayments.
- Flexibility: Adjust variables like loan amount and tenure to find the repayment plan that suits your budget.
- Informed decision-making: Give better picture to borrowers to make wise choices about borrowing.
Additionally, you can calculate personal loan eligibility with our tool to see how much you can get based on your financial profile.