Plan your finances by calculating your monthly installments instantly.
Monthly EMI:$0.00
Total Interest Payable:$0.00
Total Amount (Principal + Int):$0.00
What is a Personal Loan EMI?
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Personal loan EMIs consist of both the principal amount and the interest charged by the bank or financial institution. In the initial months, a larger portion of the EMI goes toward interest; as the loan progresses, more of the payment goes toward the principal.
Formula Used:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where: P = Principal Loan Amount, R = Monthly Interest Rate, N = Number of Monthly Installments.
How to Use the Personal Loan Calculator
To get an accurate estimate of your monthly outgoings, simply enter the following details:
Loan Amount: The total sum you wish to borrow.
Interest Rate: The annual percentage rate (APR) offered by the lender.
Tenure: The duration over which you plan to repay the loan (in months).
Example Calculation
If you take a personal loan of $10,000 at an annual interest rate of 12% for a tenure of 24 months:
Using a personal loan EMI calculator helps you understand your debt-to-income ratio. It ensures that you do not borrow more than you can comfortably repay, helping you maintain a healthy credit score and avoid late payment penalties.
function calculatePersonalLoanEMI() {
var p = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var n = parseInt(document.getElementById("loanTenure").value);
var resultsDiv = document.getElementById("emiResults");
if (isNaN(p) || isNaN(annualRate) || isNaN(n) || p <= 0 || annualRate < 0 || n <= 0) {
alert("Please enter valid positive numbers for all fields.");
resultsDiv.style.display = "none";
return;
}
// Monthly interest rate
var r = annualRate / (12 * 100);
// EMI Calculation formula
// EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
var emi = 0;
if (r === 0) {
emi = p / n;
} else {
emi = p * r * Math.pow(1 + r, n) / (Math.pow(1 + r, n) – 1);
}
var totalPayment = emi * n;
var totalInterest = totalPayment – p;
// Displaying values
document.getElementById("monthlyEMI").innerText = "$" + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalInterest").innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalPayment").innerText = "$" + totalPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
resultsDiv.style.display = "block";
}