Personal Loan EMI Calculator

Enter the loan amount, interest rate, and tenure into the personal loan EMI calculator.
The calculator computes the EMI using the formula:
EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ]
where,
P is the principal amount
R is the monthly interest rate
N is the number of instalments.
It instantly provides the monthly payment amount, helping you plan your finances effectively.

1. Quick and Accurate Calculations

Calculates EMIs instantly, eliminating manual errors.

2. Financial Planning

Helps budget monthly expenses, ensuring affordability.

3. Informed Decision-Making

Compares different loan options to find the best fit.

4. Time-Saving

Avoids complex manual calculations, saving time.

5. Loan Eligibility Assessment

Helps determine the maximum loan amount you can afford.

6. Understanding Loan Structure

Provides a clear breakdown of principal and interest components.

7. Flexibility

Allows experimenting with loan amount, tenure, and interest rate to find the optimal solution.

Here are some effective ways to reduce your personal loan EMI:

1. Part-Prepayment

Make additional payments to reduce the principal amount.

2. Balance Transfer

Transfer the loan to a lender with a lower interest rate.

3. Top-Up Loan

Consolidate debts, extend tenure, and lower EMIs.

4. Increase EMI Amount

Reduce the loan tenure and total interest paid.

5. Negotiate

Seek a lower interest rate by negotiating with the lender.

A personal loan amortisation schedule is a detailed breakdown of each EMI into principal and interest components over the loan tenure. Initially, a larger portion of the EMI is allocated to interest, gradually shifting towards the principal. This schedule clarifies the outstanding loan balance at any point during the tenure, aiding in financial planning. Understanding this schedule helps borrowers anticipate changes in their monthly payments and make informed decisions about prepayments or refinancing options.

1. Access the L&T Finance personal loan EMI calculator online.
2. Input the desired loan amount, tenure, and interest rate.
3. The calculator instantly computes the EMI, helping you visualise monthly obligations.
4. Adjust parameters to explore different repayment scenarios and choose the most suitable plan.
Use the personal loan calculator to make informed decisions about your borrowing needs.