Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

While taking an instant personal loan online, you should review your current financial commitments and income to arrive at a suitable loan amount and affordable EMIs. Our personal loan EMI calculator cracks your Equated Monthly Instalments (EMIs) in seconds to assist you in planning your finances better.

The personal loan EMI is calculated based on the loan amount, repayment tenure, and interest rate. While the loan amount and tenure depend on your financial needs and repayment capabilities, the personal loan interest rate is set on the basis of your eligibility. SMFG India Credit’s personal loan EMI calculator makes your loan planning easier.

* 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.

`
50,00025,00,000
%
11.99%36%
Months
12 Months60 Months

Your Calculated EMI*

 8,302
Created with Highcharts 8.2.2Principal Amt : 84%
Principal Amount
rupeeIcon2,50,000
Total Interest Payable
rupeeIcon48,886
Total Amount Payable
rupeeIcon2,98,886

Personal Loan EMI Repayment Schedule

MonthOpening Principal OutstandingInterest paidPrincipal repaidResulting Principal Outstanding
1`2,50,000`2,498`5,804`2,44,196
2`2,44,196`2,440`5,862`2,38,334
3`2,38,334`2,381`5,921`2,32,413
4`2,32,413`2,322`5,980`2,26,433
5`2,26,433`2,262`6,040`2,20,394
6`2,20,394`2,202`6,100`2,14,294
7`2,14,294`2,141`6,161`2,08,133
8`2,08,133`2,080`6,222`2,01,911
9`2,01,911`2,017`6,285`1,95,626
10`1,95,626`1,955`6,347`1,89,279
11`1,89,279`1,891`6,411`1,82,868
12`1,82,868`1,827`6,475`1,76,393
13`1,76,393`1,762`6,540`1,69,854
14`1,69,854`1,697`6,605`1,63,249
15`1,63,249`1,631`6,671`1,56,578
16`1,56,578`1,564`6,738`1,49,840
17`1,49,840`1,497`6,805`1,43,035
18`1,43,035`1,429`6,873`1,36,163
19`1,36,163`1,360`6,942`1,29,221
20`1,29,221`1,291`7,011`1,22,210
21`1,22,210`1,221`7,081`1,15,129
22`1,15,129`1,150`7,152`1,07,978
23`1,07,978`1,079`7,223`1,00,755
24`1,00,755`1,007`7,295`93,459
25`93,459`934`7,368`86,091
26`86,091`860`7,442`78,649
27`78,649`786`7,516`71,133
28`71,133`711`7,591`63,542
29`63,542`635`7,667`55,875
30`55,875`558`7,744`48,131
31`48,131`481`7,821`40,310
32`40,310`403`7,899`32,411
33`32,411`324`7,978`24,432
34`24,432`244`8,058`16,375
35`16,375`164`8,138`8,236
36`8,236`82`8,220`0
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Disclaimer The above calculator with graph & below table provide an approximate calculation of the EMI ( Equ... Read More


How to use Personal Loan EMI Calculator?

Our online personal loan EMI calculator comes with three tabs to arrive at your Equated Monthly Instalment or EMI in an instant. Follow these simple steps below to find yours:

  • Choose the loan amount you are seeking. You can select an amount up to Rs. 25 Lakhs.
  • Next, select the tenure. For a personal loan, you can choose a repayment tenure of up to 5 years or 60 months.
  • Finally, set the ‘Rate of Interest’

Here's an example to show you how the personal loan EMI calculator works. If you are looking for a loan of 1,00,000 for a repayment tenure of 3 years at an interest rate of 12 per cent per annum, complete the following actions on the calculator:

  • Move the 'Loan Amount' slider to 1,00,000
  • Next, select ‘3’ years as ‘Loan Tenure’
  • Finally, shift the slider to 12 in the ‘Rate of Interest’ box.

Please see our example of the EMIs on a Personal Loan of `1,00,000 for varying tenure with 12% interest rate at SMFG India Credit

 

Payment Type

EMI Payable by Tenure

2 Years

3 Years

4 Years

5 Years

EMIs

`4,707

`3,321

`2,633

`2,224

Amount Payable (Total)

`1,12,977

`1,19,572

`1,26,403

`1,33,477

Interest Payable (Total)

`12,977

`19,572

`26,403

`33,467

Advantages of using Personal Loan Calculator for EMI

Using a personal loan EMI calculator offers a variety of benefits, especially if you are planning to avail of funds in the near future.

  • Accurate Planning: The loan calculator can help you plan your loan accurately based on the terms the lender offers. It allows you to make adjustments to ensure maximum affordability or savings.
  • Budget-Friendly Borrowing: By calculating the potential EMIs, the calculator helps you borrow within your repayment capacity, preventing any strain on your monthly budget.
  • Maintain a Good Credit Score: Planning EMIs that fit your budget ensures you pay them on time, reducing the chances of defaulting. This behaviour demonstrates healthy credit management and can improve your credit score.
  • Ease of Use: Personal loan EMI calculators are user-friendly and guide borrowers through the process. You need to input the loan amount, interest rate, and tenure on the lender's website, and you will get quick results, ensuring clarity and comfort.
  • Time-Saving: Instant and accurate results online save time, eliminating the need to visit the lender, stand in queues, or wait for manual calculations.
  • Error-Free Results: The calculator ensures accuracy and eliminates the risk of manual miscalculations. This helps you get precise information on the interest payable.
  • Aligning EMI with Budget Changes: The calculator helps fit EMIs into the monthly budget by allowing necessary adjustments before applying for a personal loan.

How is Personal Loan Interest Calculated?

Now that you know how to calculate the EMI, you must be wondering how personal loan interest rate is calculated. The interest rate offered by the lender depends on multiple factors. These include:

  • Your credit history
  • Your monthly income
  • The loan amount
  • Your fixed monthly obligations including any outstanding loans.

As a rule, the lower the credit risk that the lender perceives, the lower is the interest rate they can offer. Therefore, to get a good interest rate ensure that you service all your outstanding loans on time, and have enough income over your fixed obligations to service the loan you are applying for.

How to Reduce your EMI for a Personal Loan?

You can reduce your personal loan EMI either by choosing a longer repayment tenure or negotiating a lower rate of interest with the lender.

By using the personal loan calculator, you can calculate the loan EMI for different tenure and select the one that suits best according to your repayment capability. Also, a good CIBIL score will help you to enjoy lower interest rates.

What are the Factors That Can Affect Personal Loan EMI?

The personal loan EMI is affected by factors like the loan amount, rate of interest and loan tenure. Please note that your personal loan EMI may also contain other charges such as insurance and service fees, which will not be indicated by the EMI calculator. The final EMI amount will be communicated to you after your loan gets approved through your loan agreement and schedule. However, the EMI calculator gives a near accurate estimate of the monthly EMI you will need to pay by taking into account the most important factors which are interest rate, tenure and loan amount.

Using the personal loan calculator, you can calculate the personal loan EMI of different tenure and check how a change in different factors impacts the EMI.

EMI calculator for personal loan helps borrowers to select the right loan tenure based on repayment capacity.

What is the Personal Loan Amortization Schedule?

A personal loan amortization schedule is a detailed table of periodic loan EMI payments of the chosen loan tenure. The table includes the total breakdown of principal and interest amount in EMI payments of every year of the chosen loan tenure.

It is calculated using the personal loan calculator and the table is generated automatically and helps borrowers to keep track of what they owe at any given point.

How is the Personal Loan EMI to be Paid?

Your personal loan EMIs are fixed and are debited directly from your bank account on a fixed date of every month until the completion of loan tenure, the details of which are intimated at the time of approval.

Using the EMI calculator for personal loan, you can determine the EMI amount and select the right loan tenure for yourself. The personal loan EMI calculator can also be used to check how different factors impact loan EMI.

Page also available inहिन्दी - Hindi

* 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.

FAQs

What does EMI stand for, and what does it mean?

EMI stands for Equated Monthly Installment. It represents a fixed payment made by the borrower to the lender every month on a pre-specified date. The amount includes both principal amount and interest. This allows the borrower to make systematic repayments to repay the loan in full over a specific period.

What are the factors that affect Personal Loan EMIs?

EMI payments are mainly affected by the loan amount, rate of interest, and loan tenure. You can use our personal loan EMI calculator to get an estimate of the monthly EMI you will need to pay.

How is the personal loan interest rate calculated?

The interest rate is calculated based on multiple factors:

  • Credit history and score
  • Age
  • Employment type (salaried or self-employed)
  • Minimum monthly income
  • The loan amount
  • Fixed monthly obligations including any outstanding loans

Please note that the final interest rate can depend on several other factors including SMFG India Credit’s policy at the time of loan application. You can get more information on the factors affecting personal loan interest rates here.

Does the EMI amount remain fixed throughout the loan tenure?

Whether the EMI amount remains fixed throughout the loan tenure depends on whether the interest rate is fixed or floating. EMI remains constant with the fixed interest rate as it does not change throughout the loan tenure. For the latter, EMI changes as floating interest rates are not constant and have to be calculated after each monthly payment.

Please note that SMFG India Credit offers personal loans with only fixed interest rates.

What are the benefits of using a Personal Loan EMI Calculator?

A personal loan EMI calculator assists in financial planning if you wish to apply for funds in the near future. It can provide an estimate of the monthly payments based on different loan amounts, tenures, and interest rates. Taking into account your existing monthly obligations, you can then choose the loan amount and terms that best suit your needs without overly straining your budget.

Other benefits include:

  • It is easy to use and eliminates the possibility of manual errors.
  • If your monthly budget changes, you can use the calculator to plan the necessary adjustments to fit the EMI in your monthly planning.
  • Planning in advance reduces the chances of loan defaults, allowing you to build a stronger repayment and credit history.

What is the formula used for personal loan EMI calculation?

The formula used to calculate EMI involves 3 parts: the loan amount, the interest rate, and the loan tenure. The basic formula is:

EMI = P * r * (1+r)^n/ ((1+r)^n-1)

Where,

  • EMI is the Equated Monthly Installment,
  • P is the principal amount,
  • r is the monthly interest rate,
  • n is the total number of monthly payments.

What is the formula for EMI in Excel?

Excel provides an easy way to calculate EMI on your loan by using the following formula: PMT (rate, nper, pv, [fv], [type]).

Where,

  • PMT stands for payment,
  • rate is the interest rate for the loan,
  • nper is the total number of payments for the loan,
  • pv is outstanding loan amount
  • fv [optional] is the future value or the desired cash balance after the last payment is made,
  • type [optional] is when payments are due, where 0 = the end of the period and 1 = the beginning of the period. The default value is 0.

How Does A Personal Loan EMI Calculator Work?

A Personal loan EMI calculator takes 3 inputs: the loan amount, interest rate, and loan tenure. It then applies the EMI formula to calculate the appropriate installment amount. The reducing balance method is used here, showing a gradual reduction in the repayments over the loan’s tenure.

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