Personal Loan EMI Calculator

Our personal loan EMI calculator is an excellent tool for those looking to plan their loan repayments. It can help borrowers make smaller, more manageable payments over time without derailing their financial goals.

It is a free online tool that doesn’t require any prior expertise to calculate your EMIs. Get key insights regarding personal loans when it comes to EMIs, total interest payments, and the amortisation schedule. With quick calculations, precise results, and an easy-to-use interface, our personal loan EMI calculator is your best companion for planning your personal loan.

Enter basic details about your personal loan and know your exact EMI (Equated Monthly Instalment) using Metra Trust’s personal loan EMI calculator.

How can a personal loan EMI calculator help you?

1. Budget planning: It helps you understand how much you can afford to borrow by estimating monthly repayments based on the loan amount, interest rate, and tenure.
2. Interest comparison: By inputting different interest rates, you can compare how varying rates affect your overall repayment, aiding in selecting the best loan offer.
3. Total cost estimation: It calculates the total cost of the loan including interest, helping you to make an informed financial decision.
4. Repayment schedule: Provides a detailed breakdown of each payment including principal and interest components, allowing better financial management.
5. Financial planning: Helps you plan future finances by showing the impact of the loan on your monthly budget, ensuring you maintain a healthy financial balance.
    

Formula to determine personal loan EMIs

To determine the EMIs for a personal loan, you can use the following formula:

​EMI = [P×r×(1+r)^n ]/((1+r)^n-1)

Where:

‘P’ is the principal loan amount.
‘r’ is the monthly interest rate (annual interest rate divided by 12 and expressed as a decimal).
‘n’ is the loan tenure in months.

Example:

Let’s say you are taking a personal loan of ₹5,00,000 with an annual interest rate of 10.99% for a tenure of 5 years (60 months).

1. Principal (P): ₹5,00,000
2. Annual interest rate: 10.99%
3. Monthly interest rate (r): 10.99/ (12×100) = 0.009158
4. Loan tenure (n): 5 years = 60 months

Using the formula: EMI = [5,00,000 × 0.009158 × (1 + 0.009158) ^ 60] / (1 + 0.009158) ^ 60 - 1

Therefore, the EMI for a loan amount of ₹5,00,000 at an annual interest rate of 11% for 5 years would approximately be ₹10,829 per month. Manually calculating your loan EMI can be a tedious task and could even lead to mathematical errors. So, it is always recommended to use a personal loan calculator.

How to use the Metra Trust personal loan EMI calculator? Using the Metra Trust personal loan EMI calculator is quite simple. Follow these steps:

1. Enter the loan amount: Input the loan amount you wish to borrow in the designated field or adjust the slider alongside.
2. Set the interest rate: Enter the applicable interest rate for the personal loan.
3. Select a specific loan tenure: Choose the loan tenure (in months) in the field provided or simply adjust the slider to a specific tenure.
4. Get the EMI value: The EMI calculator will display your monthly EMI amount in real time.
5. Review the amortisation schedule: Along with your EMI value, the Metra Trust personal loan EMI calculator also provides the amortisation schedule. Examine the detailed breakdown of the EMI, including principal and interest components for better financial planning.

You can change the values of your loan i.e. amount, interest rate, and loan tenure to compare and plan your personal loan as per your requirements.