Personal Loan Calculator : Calculate Your Monthly Payment

Using an online EMI calculator will help you determine how much money you’ll have to pay back each month on a personal loan (Equated Monthly Installment). Simply put, it’s a breeze to use. Simply input the loan amount, interest rate, and loan term to get started. You may get the answer to your question in a matter of seconds with the online calculator! The Personal Loan EMI Calculator from Axis Bank simplifies the process of budgeting for a loan. 

What is an EMI? 

Equated The amount due to the bank or other financial institution on a monthly basis until the loan is paid off in full is known as the monthly installment, or EMI for short. There is also a portion of the main amount that must be returned in this sum. The total amount of principal and interest is divided by the loan’s term, which is the number of months it must be repaid. Monthly payments are required for this sum. During the first few months, the interest portion of the EMI would be the largest, and it would progressively decrease with each subsequent payment. Based on the interest rate, a certain percentage of the loan is assigned to paying down the principal balance. However, even though your EMI payment will not be affected by inflation, the amount of principal and interest that you pay each month will. You’ll pay more toward the principal and less toward interest with each subsequent payment. 

The EMI Calculator’s features 

You may see on a chart how much interest and how much principle you’ll be paying back over the course of the loan. A pie chart will be used to display this information. 

Table of Repayments: The payback table shows you how much you owe and how much you have left to pay off. Having an idea of how much money you’ll have to spend each month can help you organise your other expenses more effectively. 

When Should You Use an EMI Calculator for Your Personal Loan? 

Some of the advantages of utilising an EMI calculator for personal loans include the following: 

• When it comes to loans, do the math. Enter a fixed loan amount and term, and then adjust the interest rate and processing charge based on the bank’s rates. Using this information, you’ll be able to make an informed decision about which personal loan product to use. 
• It’s quicker: When using a calculator, calculating EMI can be done in less than a minute. Additionally, EMI calculators are simple to use and 100% accurate. 
• Select the length of time you want to take out a loan: Compare the EMIs of several loan terms to see which one is best for your financial situation. For those willing to pay a higher EMI in order to finish their loan sooner, consider a shorter loan term. If you like, you may always choose a longer contract. 
• Make sure you know when you owe money: Your repayment plan is also broken down in BankBazaar’s EMI calculator. Having an understanding of how much interest and how much principal you owe would be helpful. 

Check the EMI data: Making use of an EMI calculator verifies the repayment plan provided by the bank. You may also figure out how much you’ll have to pay in advance processing fees using a calculator (usually deducted from the sanctioned amount).