PL Loan EMI Calculator
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PL Loan EMI Calculator
Calculate your Equated Monthly Installment (EMI) for a Personal Loan (PL) easily.
Loan Amount (₹)
Annual Interest Rate (%)
10.0%
Loan Tenure (Months)
24 months
Calculate EMI
Understanding the Personal Loan EMI Calculator
A Personal Loan EMI (Equated Monthly Installment) calculator is a valuable tool for anyone planning to take out a personal loan. It helps you estimate your fixed monthly payment, allowing for better financial planning and budgeting. This calculator simplifies the complex mathematical formula used to determine EMI, providing instant results based on three key inputs: Loan Amount, Annual Interest Rate, and Loan Tenure.
What is EMI?
EMI is the fixed amount you pay to the lender every month on a specific date, for the entire duration of your loan. It includes a portion of the principal amount borrowed and the interest charged by the lender. The EMI amount remains constant throughout the loan tenure, making it predictable for borrowers.
How is EMI Calculated?
The formula for calculating EMI is as follows:
EMI = P × r × (1 + r)^n / ((1 + r)^n – 1)
Where:
P = Principal Loan Amount (the total amount you borrow)r = Monthly Interest Rate (Annual Interest Rate / 12 / 100)n = Loan Tenure in Months (Loan Tenure in Years × 12)
Our calculator uses this standard formula to provide an accurate EMI estimate. For example, if you borrow ₹1,00,000 at an annual interest rate of 10% for 2 years (24 months), the calculation would be:
P = 100000
Annual Interest Rate = 10%
Monthly Interest Rate (r) = 10 / 12 / 100 = 0.0083333
Loan Tenure (n) = 24 months
EMI = 100000 × 0.0083333 × (1 + 0.0083333)^24 / ((1 + 0.0083333)^24 – 1)
EMI ≈ ₹4,791.53
Why Use a PL Loan EMI Calculator?
Financial Planning: Understand how much you can afford to borrow based on your monthly budget.Comparison: Easily compare loan offers from different lenders by calculating EMIs with varying interest rates and tenures.Budgeting: Ensure the EMI fits comfortably within your monthly expenses.Informed Decisions: Make better choices about loan amounts and repayment periods.Convenience: Get instant results without manual calculations.
Using this calculator, you can explore different scenarios to find the personal loan that best suits your financial needs and repayment capacity.
function updateSliderValue(id, valueId, unit = ") {
var slider = document.getElementById(id);
var valueDisplay = document.getElementById(valueId);
var value = parseFloat(slider.value);
valueDisplay.textContent = value + unit;
}
function calculateEMI() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTenureMonths = parseInt(document.getElementById("loanTenureMonths").value);
var resultValueElement = document.getElementById("result-value");
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTenureMonths) || loanAmount <= 0 || annualInterestRate <= 0 || loanTenureMonths <= 0) {
resultValueElement.textContent = "Invalid Input";
return;
}
var monthlyInterestRate = annualInterestRate / 12 / 100;
var tenureInMonths = loanTenureMonths;
var emi;
if (monthlyInterestRate === 0) {
emi = loanAmount / tenureInMonths;
} else {
var numerator = loanAmount * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, tenureInMonths);
var denominator = Math.pow(1 + monthlyInterestRate, tenureInMonths) – 1;
emi = numerator / denominator;
}
resultValueElement.textContent = "₹" + emi.toFixed(2);
}
// Initialize slider values on load
updateSliderValue('annualInterestRate', 'annualInterestRateValue', '%');
updateSliderValue('loanTenureMonths', 'loanTenureMonthsValue', ' months');
// Add event listeners to update slider values in real-time
document.getElementById('annualInterestRate').addEventListener('input', function() {
updateSliderValue('annualInterestRate', 'annualInterestRateValue', '%');
});
document.getElementById('loanTenureMonths').addEventListener('input', function() {
updateSliderValue('loanTenureMonths', 'loanTenureMonthsValue', ' months');
});
// Calculate initial EMI on page load for default values
calculateEMI();