01 May, 2025 | 11:00 IST
Personal loans are among the most widely used financial products. One of the major reasons for this is because they are unsecured. As a borrower, you must evaluate various repayment options before choosing a specific personal loan.
The Equated Monthly Instalments (EMIs) help in choosing the most suitable loan option. This also helps to plan your payments and to calculate your overall interest outgo for the pre-defined repayment period. By getting an idea about the exact EMI in advance, you can plan your repayments better and avoid any defaults in the future.
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A personal loan EMI depends on three things — loan amount, interest rate and tenure.
While manual calculations can be complex, online EMI calculators simplify the process. The tool provides instant and accurate results. It also allows borrowers to adjust amount, tenure and interest rates to find a repayment plan that suits them best.
If you are looking for a Rs 5-lakh personal loan EMI, Moneycontrol's personal loan EMI calculator can be a useful tool. Apart from the EMI calculator, Moneycontrol also offers access to multiple personal loan offers through partnership with eight lenders. You can apply for personal loans up to Rs 50 lakhs in a completely digital process. The interest rates start at as low as 10.5% per annum. The application process is entirely digital, which makes it convenient for borrowers to apply for a loan with a few taps.
Calculating a personal loan EMI follows a standard formula used by all online calculators. A personal loan EMI calculator applies this formula to provide accurate monthly payment estimates instantly.
The formula to calculate EMI is: [P x R x (1+R)^N] / [(1+R)^(N-1)]
Where:
P = Principal amount (Loan amount)
R = Monthly interest rate (Annual interest rate divided by 12)
N = Loan tenure (in months)
For example, if you need a personal loan of Rs 5 lakh for five years at an annual interest rate of 12%, the EMI would be around Rs 11,122.
EMI for different loan tenures
Here are the estimated EMIs for a Rs 5 lakh personal loan at a 12% annual interest rate across different tenures:
1-year tenure: Rs 44,424
2-year tenure: Rs 23,537
3-year tenure: Rs 16,607
4-year tenure: Rs 13,167
5-year tenure: Rs 11,122
If you are interested in applying for a personal loan, digital platforms like Moneycontrol could be your go to place. Moneycontrol offers personal loans up to Rs 50 lakhs in partnership with eight lenders. The interest rates start at as low as 10.5% per annum. The entirely paperless application process could help in quick approval and disbursement. You can even compare the EMIs for different loan amounts across varied tenures to choose the most suitable personal loan offer.
Overall, you need to understand your EMI obligations before deciding to take a personal loan. A Personal Loan EMI Calculator provides a hassle-free way to determine the best loan structure based on individual affordability.
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