With the escalating cost of living in the 21st century, almost every individual has availed a loan at some point in their lifetime. At times of monetary crunch, you might need financial assistance to meet your requirements, which might seem impossible to meet otherwise. There are numerous scenarios like in case of medical emergencies or a wedding; you might require availing a personal loan to cover your upcoming expenses.

However, obtaining a personal loan is not enough; you have to make timely repayments as well. Any case of defaulting on your repayment would harm your CIBIL score and future scope of availing any advances. Thus, borrowers must perform a personal loan EMI calculation before they apply for the credit. It will help the borrower to estimate his/her monthly outgo and plan his/her finances beforehand.

You can use a personal loan calculator or a specific formula to calculate your EMIs. To calculate manually, the formula that you can use is –

EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1]


  • P = principal amount.
  • R = rate of interest.
  • N = the repayment tenor.

However, calculating the EMIs using a formula can be complicated and the result may not always be accurate.

Hence, it is suited best to use a personal loan EMI calculator to obtain accurate results minus the hassle. To use the calculator, you are required to share your loan amount, loan tenor and interest rate.

Consider these examples given below to understand how an EMI calculator works.

Example 1 –

  • Principal amount – Rs.15 lakh
  • Loan tenor – 48 months
  • Rate of interest – 13%

EMI = Rs.40,241.

Cost of loan = Rs.19,31,583.

In case the EMIs are difficult for your budget, you can toggle the loan tenor and amount to find the most suitable EMIs. Consider the examples below –

Example 2 –

Increasing the loan tenor to reduce the EMIs –

  • Principal amount = Rs.15 lakh.
  • Loan tenor = 60 months.
  • Rate of interest = 13%.

EMI – Rs.34,130.

Cost of loan – Rs.20,47,762.

Opting for a longer tenor though makes your EMIs affordable but increases the total cost of your loan. Thus, before you choose prolonged tenors, consider analysing your financial stability and repayment capability.

 Example 3

Decreasing the loan amount to reduce the EMIs –

  • Principal amount – Rs.10 lakh.
  • Loan tenor – 48 months.
  • Rate of interest – 13%.

EMI = Rs.26,827.

Cost of loan = Rs.12,87,729.

To estimate the personal loan EMI that best suit your budget, you can alter the loan amount, such as –

Example 4

  • Principal amount – Rs.7,91,120.
  • Loan tenor – 60 months.
  • Rate of interest – 13%.

EMI = Rs.18,000.

Cost of loan = Rs.10,80,036.

To calculate personal loan EMIs as per your budget, consider altering the loan amount and tenor, such as –

Example 5

  • Principal amount = Rs.7,82,780.
  • Loan tenor = 48 months.
  • Rate of interest = 13%.

EMI = Rs.21,000.

Cost of loan = Rs.10,08,002.

Your personal loan EMI significantly depends on the interest rate owing to which consider selecting lenders that offer minimal interest rates.

At affordable interest rates, you can avail a pre approved personal loan from NBFCs like Bajaj Finserv. They offer you several other lucrative benefits such as quick disbursal, a hefty sum of up to Rs.25 lakh, flexible tenor of up to 60 months, etc.

They also provide pre-approved personal offers that make the application process convenient and also save your time. These offers are available on a range of financial products including personal loans, home loans, business loans, etc. To take a look at your pre-approved offer, you are required to share minimal details like your name and phone number.

Calculating the EMIs before availing a personal loan in India can help you estimate the monthly cost of your advance. Depending on your EMIs, you can also create a budget to maintain a low debt-to-income ratio and avoid defaulting on your monthly instalments.


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