What is the difference between amortisation and depreciation?

Amortisation usually applies to intangible assets or loans and spreads costs over a fixed period. Depreciation, on the other hand, applies to physical assets such as machinery or vehicles, where value reduces gradually over time.

What factors affect my monthly amortisation payment?

Your monthly amortisation payment may depend on factors such as the loan amount, repayment tenure, applicable interest rate, and additional charges. A higher loan amount or interest rate may increase the EMI amount payable each month.

How can I use an amortisation calculator to plan my loan repayment?

You can use an amortisation calculator to compare different loan tenures, interest rates, and EMI amounts before applying. It helps you understand your repayment commitments in advance and plan your monthly budget more effectively.

Can I use an amortisation calculator for different types of loans?

Yes, amortisation calculators can generally be used for different types of loans, including personal loans, home loans, and business loans. However, the calculation may vary depending on the loan structure, tenure, and applicable interest rate.

Personal Loan Amortization Calculator

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What is Loan Amortization?

Amortization is the concept of dividing your loan amount into tiny bits and paying each one individually on a monthly basis. As most people in an emergency may require a huge sum of money, in a personal loan amortization, they are able to fulfill that pot by repaying a small amount every month.

Personal Loan Amortization

In the case of personal loan amortization, you will be granted to pay your personal loan’s interest and principal in different amounts each month which together constitute your EMI. Please note that your final EMI will also include other components such as insurance and service charges, which will not be covered by this calculator.

Here is a tool from SMFG India Credit to help you understand and visualize what a personal loan amortization could look like.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

Loan Amount

10,00030,00,000

Rate of interest

13%33%

Loan Tenure

Months

12 Months60 Months

Your Calculated EMI*

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Personal Loan Amortization Schedule

Month	Opening Principal Outstanding	Interest paid	Principal repaid	Resulting Principal Outstanding

Personal Loan EMI Repayment Schedule

Months
Opening Principal Outstanding	`0
Interest paid	`0
Principal repaid	`0
Resulting Principal Outstanding	`0

Disclaimer: Please note that these values are indicative. Final EMI amount, interest rate, loan amount, and other charges will depend on a number of factors including your eligibility and SMFG India Credit’s policy at the time of loan application. Please note that the above calculator’s results, are by no means a substitute for professional advice/credit sanction. T&Cs apply.

How to use a Personal Loan Amortization Calculator?

To get an idea on the kind of EMI commitments you will be liable for every month, follow the simple steps below to find your EMI plan:

Choose the loan amount you are seeking. With SMFG India Credit, you can apply for a loan for up to [custom:pl_max_loan_amount] lakhs.
Next, select the repayment period which can be up to 5 years or 60 months.
Finally, select the interest rate you wish to visualize.

Benefits of using a Personal Loan Amortization Calculator

The benefits of personal loan amortization calculator are:

It's intuitive, smart, and most importantly free to use. It can be used as many times as you require. And being online, it can be accessed from any device, from anywhere in the world as long as you have access to a working internet connection.
Manual calculations leave room for human error. But with the use of technology, this tool allows you to eliminate that error and generates an error-free experience no matter how many times you use it.
It’s realistic. This tool allows you to have an accurate understanding of what an EMI looks like realistically.
Helps you plan your monthly budget well in advance.

Summary

Simply put, the personal loan eligibility calculator tool is an intuitive, smart and a free of charge tool offered by SMFG India Credit that helps you understand better how your EMIs would like in the future. It helps you through one of the most important stages of the loan application process which involves planning your future financial liabilities.

FAQs

What is a personal loan amortisation calculator?

A personal loan amortisation calculator is an online tool that helps you estimate your monthly EMI, interest payable, and principal repayment schedule over the loan tenure. It also shows how your outstanding loan balance reduces with each repayment.

What is the loan amortisation formula?

The loan amortisation formula is used to calculate fixed monthly EMIs based on the loan amount, interest rate, and repayment tenure. It helps borrowers understand how much of each EMI goes towards interest and principal repayment.

What are the components needed for calculation?

To calculate loan amortisation, you generally need the loan amount, applicable interest rate, and repayment tenure. These details help determine the EMI amount and the breakup of interest and principal across the loan duration.

How does an amortisation calculator work?

An amortisation calculator uses details such as the loan amount, interest rate, and tenure to estimate your EMI repayment schedule. It shows the monthly split between principal and interest payments throughout the repayment period.