EMI Calculator for Personal Loans
A personal loan EMI (Equated Monthly Installment) calculator helps you determine the fixed amount you'll need to pay each month to repay your loan over a specified period. This calculator takes into account the principal loan amount, the annual interest rate, and the loan tenure (in years) to compute your monthly EMI.
Your EMI Details:
Monthly EMI: ₹—
Total Interest Payable: ₹—
Total Payment: ₹—
Understanding Your Personal Loan EMI
The Equated Monthly Installment (EMI) is a fixed sum paid by a borrower to a lender at a specified date each calendar month. EMIs are used to repay both the principal amount of a loan and the interest charged on it over a set period. Lenders use EMI calculations to simplify the repayment process into manageable monthly payments.
How is EMI Calculated?
The formula used to calculate EMI is:
EMI = P * r * (1 + r)^n / ((1 + r)^n - 1)
Where:
P is the principal loan amount.r is the monthly interest rate (annual interest rate divided by 12, then divided by 100).n is the loan tenure in months (loan tenure in years multiplied by 12).
Example Calculation:
Let's say you want to take a personal loan of ₹5,00,000 at an annual interest rate of 12% for a tenure of 5 years.
- Principal (P) = ₹5,00,000
- Annual Interest Rate = 12%
- Monthly Interest Rate (r) = (12 / 100) / 12 = 0.01
- Loan Tenure = 5 years
- Loan Tenure in Months (n) = 5 * 12 = 60
Using the formula, the EMI would be approximately ₹10,606.56.
The total interest payable over the loan tenure would be (Monthly EMI * Total Months) – Principal Loan Amount, which in this example is (₹10,606.56 * 60) – ₹5,00,000 = ₹1,36,393.60.
The total amount repaid will be ₹5,00,000 + ₹1,36,393.60 = ₹6,36,393.60.
Using this calculator can help you budget effectively and understand your borrowing costs for personal loans.
function calculateEMI() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var tenureYears = parseFloat(document.getElementById("loanTenure").value);
if (isNaN(principal) || isNaN(annualRate) || isNaN(tenureYears) || principal <= 0 || annualRate <= 0 || tenureYears <= 0) {
document.getElementById("monthlyEMI").innerText = "Invalid input";
document.getElementById("totalInterest").innerText = "Invalid input";
document.getElementById("totalPayment").innerText = "Invalid input";
return;
}
var monthlyRate = (annualRate / 100) / 12;
var tenureMonths = tenureYears * 12;
var emi = principal * monthlyRate * Math.pow(1 + monthlyRate, tenureMonths) / (Math.pow(1 + monthlyRate, tenureMonths) – 1);
var totalInterest = (emi * tenureMonths) – principal;
var totalPayment = principal + totalInterest;
document.getElementById("monthlyEMI").innerText = emi.toFixed(2);
document.getElementById("totalInterest").innerText = totalInterest.toFixed(2);
document.getElementById("totalPayment").innerText = totalPayment.toFixed(2);
}
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