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EMI Calculator for Personal Loan
Get the EMI amount in seconds and plan your monthly instalments toward your loan with Fibe’s Personal Loan EMI Calculator online.
Get the EMI amount in seconds and plan your monthly instalments toward your loan with Fibe’s Personal Loan EMI Calculator online.
Calculating your EMI manually can be a tedious and time-consuming task, but not anymore. Our easy-to-use Personal Loan EMI Calculator makes the process super easy and provides you the estimated EMI amount instantly. This will help you in figuring out your payouts beforehand and manage your loan repayment better.
1. Visit our official website or download the Fibe App
2. Select ‘Personal Loan EMI Calculator’
3. Adjust the slider to choose the loan amount you wish to borrow
4. Then select the interest rate in % and the tenure in months
5. Your payable EMI amount will be displayed on the screen
You can use this calculator multiple times to calculate your EMI amount. You need to move the sliders and adjust it to the exact inputs.
The loan amount is the principal amount that you wish to borrow from a lender or a financial institution. Your EMI amount is directly proportionate to your loan amount. This means if your loan amount is high, then the EMI amount will also be high.
The interest rate is the rate at which the lender or financial institution charges interest on your personal loan. A higher interest rate will result in a higher EMI.
The tenure is the duration for which you wish to take the loan. A longer tenure will result in a lower EMI, but you will end up paying more interest over the loan's lifetime.
Most banks and financial institutions allow you to prepay your loan partially or completely. If you plan to make prepayments, it is important to factor in these payments while calculating your EMI. At Fibe, there are no prepayment charges. So you can close your loan anytime.
EMI calculators can help you plan your finances effectively. It gives you a clear understanding of how much EMI you will have to pay against your borrowing. You just need to decide on your loan amount and tenure and prepare your monthly budget accordingly.
With the help of an EMI calculator, you can compare the EMIs for different loan options offered by various lenders and financial institutions. This will help you in availing of the best loan option offered in the market.
An EMI Calculator provides accurate results based on the loan amount, interest rate and tenure. This helps you plan your finances more efficiently.
Calculating the EMI manually can be a time-consuming process. With the EMI calculator, you can get the estimated loan amount within seconds.
You can use Fibe’s Personal Loan EMI Calculator to determine the monthly instalment amount. Just provide the loan amount, interest rate and repayment tenure to get the EMI amount in seconds.
EMI or Equated Monthly Instalment is the monthly payout a customer needs to make against the loan. It is generally a sum of the principal amount and interest paid on a loan that is repaid over a tenure of the customer’s choosing.
Below are the factors that affect loan EMI amount:
EMI Calculators help in choosing the right loan option. It gives you an understanding of how much your monthly instalment will be and how to plan your finances better.
An EMI calculator is a financial tool that helps you to calculate your EMI amount before applying for a loan. It can be used for multiple types of loans such as personal loans, home loans, etc.
You can calculate the EMI amount by following a few simple steps mentioned below:
The EMI calculator works on different factors like loan amount, tenure and interest rate. Once you provide the details, it instantly shows you the EMI amount which needs to be paid monthly toward your loan.
You can find out the your loan interest rate using the below formula:
Rate = Annual Rate of Int./12/100
To calculate the EMI amount, you need loan amount, interest rate and tenure. In this case, the principal amount is ₹5 lakh (P), interest rate is 2% (r) per month and 5 years (n) is the tenure.
You can use a personal loan EMI calculator to get the exact EMI amount in seconds or use below formula:
EMI = (P * r * (1 + r)^n) / ((1 + r)^n – 1)
The EMI amount will be ₹11,236/month in the above illustration.
If your EMI payment is missed, the lender can charge you late fees, your credit score can be negatively affected and there can be additional charges and increase in your monthly interest rate.
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Subham Pawar
Shilpi Mukherjee
