# Personal Loan EMI Calculator, Online Monthly EMI Calculator July 2017

(Updated on 04.07.17) Personal Loan EMI Calculator July 2017  – Use this simple tool to find out how much EMI you will have to pay for your Personal Loan.

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Once you opt for personal loan, you are supposed to compare rate of interest available on personal loan offered by banks. A substantial number of banks and financial institutions offer personal loans at competitive interest rates to fulfill extensive needs. As personal loan offered by banks carry interest rate, so you need to know about EMI (Equated Monthly Installment) which you have to pay every month. With the help of personal loan EMI calculator, a consumer becomes aware about coming outflow from his pocket.

The basic purpose of personal loan EMI calculator is to make easier your budget planning.  The entire calculation is based on amount requested for personal loan, pre-fixed interest rate and number of months for repayment. All these inputs generate a result that is known as ‘EMI’. Even though, a consumer is not expected to take the generated result as quote of a bank or finance company. This type of tool available on web is meaningful to an extent to provide a guideline to consumer. Actual amount of EMI may slightly differ at the time of actual quote of bank.

The EMIs contain both the principle amount e.g., the actual amount credited or received by you as personal loan but at the same time you need to pay the interest amount also. Thus your EMIs have also inclusion of pre-fixed interest on principle amount as well. Further, you have to pay back your entire amount within stipulated period.

Steps: EMI Calculation

In order to derive an indicative EMI, one needs to adopt few simple procedures in EMI calculator available at www.loansninsurances.com. He needs to feed certain values in EMI calculator to get information related with EMI. These inputs are:

1. Amount of intended personal loan
2. Tenure/number of months for repayment
3. Interest rate on personal loan

The formula for EMI (in arrears) is:

Where E is EMI, P is Principal Loan Amount, r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.25% per annum, then r = 10.25/12/100=0.00854)

By feeding these values, you can derive an indicative amount of your EMI. For an example, a loan amount of Rs. 2,75,000 @ interest rate of 16.50% per annum for the period of 36 months would indicate an EMI of Rs. 9736.21 per month.

YEARLY CALCULATED VALUES FOR PERSONAL LOAN AMOUNT OF RS. 2,75,000 @INTERESET RATE OF 16.5% FOR 3 YEARS

 Year/Month Principal Amount(INR) Interest Amount(INR) Total Payment(INR) Outstanding Amount(INR) How much % loan paid 2014 5,955 3,781 9,736 2,69,045 2.17% December 5,955 3,781 9,736 2,69,045 2.17% 2015 78,179 38,655 1,16,834 1,90,866 30.59% January 6,037 3,699 9,736 2,63,008 4.36% February 6,120 3,616 9,736 2,56,888 6.59% March 6,204 3,532 9,736 2,50,684 8.84% April 6,289 3,447 9,736 2,44,395 11.13% May 6,376 3,360 9,736 2,38,019 13.45% June 6,463 3,273 9,736 2,31,556 15.80% July 6,552 3,184 9,736 2,25,004 18.18% August 6,642 3,094 9,736 2,18,361 20.60% September 6,734 3,002 9,736 2,11,627 23.04% October 6,826 2,910 9,736 2,04,801 25.53% November 6,920 2,816 9,736 1,97,881 28.04% December 7,015 2,721 9,736 1,90,866 30.59% 2016 92,101 24,734 1,16,834 98,765 64.09% January 7,112 2,624 9,736 1,83,754 33.18% February 7,210 2,527 9,736 1,76,544 35.80% March 7,309 2,427 9,736 1,69,235 38.46% April 7,409 2,327 9,736 1,61,826 41.15% May 7,511 2,225 9,736 1,54,315 43.89% June 7,614 2,122 9,736 1,46,701 46.65% July 7,719 2,017 9,736 1,38,982 49.46% August 7,825 1,911 9,736 1,31,156 52.31% September 7,933 1,803 9,736 1,23,224 55.19% October 8,042 1,694 9,736 1,15,182 58.12% November 8,152 1,584 9,736 1,07,029 61.08% December 8,265 1,472 9,736 98,765 64.09% 2017 98,765 8,333 1,07,098 0 100% January 8,378 1,358 9,736 90,387 67.13% February 8,493 1,243 9,736 81,893 70.22% March 8,610 1,126 9,736 73,283 73.35% April 8,729 1,008 9,736 64,554 76.53% May 8,849 888 9,736 55,706 79.74% June 8,970 766 9,736 46,736 83.01% July 9,094 643 9,736 37,642 86.31% August 9,219 518 9,736 28,423 89.66% September 9,345 391 9,736 19,078 93.06% October 9,474 262 9,736 9,604 96.51% November 9,604 132 9,736 0 100.00%

A discerning consumer is supposed to know about the amount of his EMIs before getting personal loan to make a comfortable situation in financial terms. In order to provide consumer the exact amount of his EMI, a tool has been designed and available on Internet to provide instant information about calculation of EMIs for personal loan.

A consumer finds a number of choice while selecting an EMI calculator on Internet. It is up to a customer to select a tool as per his own choice.

An aspirant for personal loan is supposed to keep his mind on rate of interest first before calculating for EMIs, as the interest rate plays an important role in calculation of EMIs. It is expected from a consumer to make plan for his budget before asking for a personal loan because often burden of EMIs causes monetary pressure. A good source of income certainly makes you comfortable in paying EMIs at time. At the time, failure to pay EMIs will not result only in penalizing but also make credit rating worse. With bad credit rating, one is not able to get a loan in future.

Apart from other considerations, one should prefer to use calculator that are being provided by the same financial institution. It also advised that one should cross check EMI with EMI calculator of others available on Internet.