When you plan to avail a personal loan, you must take into consideration some of the major factors such as your income, your present commitments to help you know better, how much loan amount you will be able to service while applying for a personal loan.
You can estimate your Personal Loan EMI by using Personal Loan EMI Calculator available online. Personal Loan EMI calculator helps to easily know the EMIs you are eligible to pay for your ongoing personal loan. You can also arrive at how much loan amount you can get by filling the simple form just by submitting your organisation name, salary and current EMIs though Personal Loan Eligibility Calculator to get instant loan approval.
How to calculate Personal Loan EMI manually:
The formula to calculate EMI on your personal loan is:
EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1] Where, P= Principal loan amount, R= Rate of interest, n= Number of monthly instalments. For example,
Assuming, P= Rs 9 lakh R= 10.75% percent per annum= 10.75/12= 0.89 per month, N= 84 months
EMI=((900000*0.89 /100*(1+0.89 /100)^84/((1+0.89/100)^84-1))) = Rs. 15,292
So, by using the above formulae one may easily calculate the EMI on a personal loan.
How to calculate Personal Loan EMI using Excel:
In MS Excel, EMI is calculated by the function PMT. This function in Excel makes use of three variables defined above with slight variation. These are RATE, NPER & PV. The formula in Excel would be PMT(rate, nper, PV). Rate is the monthly rate of interest, NPER is the number of periods, and PV is the present value of the loan amount. Putting these factors in Excel will help you to calculate your exact personal loan EMI.
Personal Loan EMI Calculator Online:
You may also accurately calculate your EMIs toward your personal loan by using an Online calculator. The process to calculate personal loan EMI is pretty simple. The online personal loan EMI calculator would help you calculate the amount you need to pay every month in order to fully repay the borrowed loan amount within the pre-decided term duration. With this online calculator, you can input the amount of loan you are looking for and then analyse the options available based on the monthly EMI amount that would be comfortable for you to pay.
The very first step while applying for a personal loan is to ascertain the amount of personal loan one wants to avail and is eligible for. The personal loan eligibility calculator acts as a guide for a loan seeker to make them understand an approximate amount that they may avail of by taking a personal loan and they also get to know about their affordability, whether they will be able to service their loan EMIs or not by knowing the exact EMI by using this calculator. It is always wiser to use online personal loan eligibility calculator to assess your loan eligibility and to calculate EMIs in advance to know your financial position to pay back your loan within due time.