Calculate and check your EMIs instantly on Bajaj Markets
Calculating the instalments using the Personal Loan EMI calculator on Bajaj Markets allows you to efficiently manage your finances. It enables you to assess the possible monthly payments, helping you understand whether the loan fits your budget. Meanwhile, checking the EMIs and amortisation schedule regularly after taking the loan helps you manage your loan better and strategically plan for prepayments and balance transfers.
These calculations can be done quite easily with our personal loan EMI calculator. It helps you make tedious calculations within seconds using simple details like the loan amount, interest rate, and tenure. You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets. Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation.
You need to enter inputs in 3 fields in the personal loan EMI calculator to quickly calculate the instalment amount. These are:
Principal amount - It is the amount you borrow from the loan provider, which can range from ₹500 to ₹50 Lakhs
Interest rate - It is the borrowing charges the lender levies and must be entered on a per-annum basis
Tenure - The period over which you repay the loan, usually ranging up to 96 months
Once you enter this information, you will immediately get the EMI amount. Additionally, you also get total interest charges and aggregate repayment costs. You can also download the complete amortisation schedule to check the breakdown of the EMI and how the loan is gradually repaid as the tenure progresses.
The personal loan EMI is calculated with the help of the simple formula:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Here,
EMI = Equated Monthly Instalment
P = Principal Loan Amount
R = Interest Rate
Let’s understand with an example.
Assume that you took a loan of ₹1,00,000 at an interest rate is 9.99% p.a. The tenure of the loan is set at 12 months. In this case:
P = ₹1,00,000
R = 9.99% p.a.
N = 12 months
Since the interest rate is on a per annum basis, let’s first convert it to a per-month basis. Also, let’s convert it from a percentage to a numeric value. For this, the following formula is used:
Monthly Interest Rate = [(Annual Interest Rate / 12) / 100]
Monthly Interest Rate = [(9.99 / 12) / 100] = 0.008325
Next, let’s substitute the values into the formula.
EMI = {P x R x (1 + R)^N / [(1 + R)^N - 1]}
EMI = {100000 x 0.008325 x (1 + 0.008325)^12 / [(1 + 0.008325)^12 - 1]}
Now, let’s simplify and solve this
EMI = {100000 x 0.008325 x 1.104604 / [1.104604 - 1]}
EMI = {832.5 x 1.104604 / 0.104604}
On solving, we get,
EMI = ₹8791.10
Manually calculating the personal loan EMI can be tedious and time-consuming. Additionally, it is prone to errors, which may impact your financial planning. Thus, using a personal loan EMI calculator may be much more efficient.
The personal loan EMI calculator helps you assess and manage your probable instalments, eliminating the scope for any EMI burden. So, it is essential to use the calculator efficiently and make the most of it. Here are some tips you should consider:
Ensure that the loan amount, interest rate, and tenure you enter are as per your requirement to avoid any errors in the calculation
Try various combinations of loan terms and compare the EMIs for different options. This allows you to find and choose a loan that best matches your needs and preferences.
Aside from the EMI calculations, consider the processing fee, prepayment charges, etc. when assessing the loan’s total cost
When planning to get a loan, use the calculator to check the impact of tenure on the EMIs and total loan costs
When planning to get a personal loan, check whether the EMIs fit within your monthly budget with the help of this tool
Download and analyse the amortisation schedule to check the breakdown of each EMI of your loan. This can be helpful when planning prepayments and foreclosure as demonstrated earlier.
Accommodate the changes in your financial situation by refinancing or restructuring your loan. Regularly re-calculate the EMIs of your personal loan to determine the ideal time to opt for such strategic moves.
Term |
Definition |
Principal Amount |
The amount borrowed from the lender on which the interest is calculated |
Interest Rate |
The fee charged on a loan for borrowing the money. Usually expressed on a percentage of the principal amount. |
Tenure |
The time over which a loan agreement is effective. It starts from the date the loan is disbursed and ends when the loan is repaid. |
Equated Monthly Instalment (EMI) |
A fixed payment made to the lender at a specified date each calendar month. It gradually repays the loan amount and interest charges of the loan. |
Amortisation Schedule |
A table that provides a detailed breakdown of interest and principal repayment components of each EMI |
Prepayment |
Refers to when a borrower pays off a part of the principal amount before it is due |
Foreclosure |
Refers to when the borrower pays the entire outstanding amount and closes the loan before the end of the set tenure |
Total Repayment Cost |
The overall amount a borrower will pay over the life of the loan. This is inclusive of the principal amount, interest charges, and any other fees. It is the full cost of the loan. |
Floating Interest Rate |
A type of loan interest rate that fluctuates over time based on a benchmark or index rate. These change periodically, affecting the borrower’s EMI and total interest payable. |
Moratorium Period |
A period during the loan tenure where the borrower need not pay any EMIs. Interest may continue to accrue during this period. It is often given in case the borrower is facing monetary difficulties. |
The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the personal loan.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
The equated monthly instalment (EMI) for a personal loan is the amount you are required to pay each month to service the loan. This consists of the principal and interest components. To understand the breakdown of each EMI and how it gradually repays your loan, check the amortisation schedule of your loan.
Yes. The tenure you choose has a direct impact on the EMI amount. Usually, a longer tenure leads to lower EMIs and vice versa. Let’s understand this better with the help of a small example. Assume you got a personal loan of ₹5 Lakhs at an interest rate of 9.99% p.a. Let’s see how the EMI amount will differ based on the difference in tenure.
Tenure |
EMI Amount |
12 months |
₹43,955.62 |
24 months |
₹23,070.16 |
36 months |
₹16,131.25 |
48 months |
₹12,678.89 |
60 months |
₹10,621.06 |
72 months |
₹9,260.40 |
84 months |
₹8,298.01 |
96 months |
₹7,584.44 |
*Note: The mentioned values are for illustrative purposes only. The actual values may differ depending on the lender’s policies.
However, do note that the interest charges increase as the tenure extends. Thus, it is important to consider the total loan repayment cost before making a decision.
Consider improving your CIBIL score to improve your loan eligibility before applying. If you have already taken the loan and wish to reduce the EMI burden, try loan refinancing or balance transfer to get a lower interest rate and a reduced loan instalment.
Yes. Depending on the lender’s policies, you may be able to revise the EMI amount and the repayment schedule to fit your needs better.
Depending on the lender’s policies and your requirements, the loan EMI may be revised after you make a prepayment. If not, then, the loan tenure may be reduced, enabling you to close the loan sooner.
No. The EMI calculator only considers the loan amount, interest rate, and tenure. You need to compute the processing fee, prepayment charges, and other charges separately to assess the total repayment cost.