# Personal Loan EMI Calculator

### Loan Amount

Enter value between 25K and 10 Cr
25K 10 Crore

### Tenure (Years)

Enter value between 1 and 30
1 30

### Interest Rate (% P.A)

Enter value between 1 and 20
%
1 20
Monthly EMI
17,761
Principal Amount
16,00,000
Interest Amount
₹ 9,57,568
Total Payment
₹25,57,568

₹ 23,567

## What Is the Formula to Calculate Personal Loan EMI?

Given below is the personal loan EMI calculator formula -

EMI = [P x R x (1+R) ^N] / [(1+R) ^ N-1]

The 3 components that make up equated monthly instalments of a personal loan are mentioned in the above personal loan calculation formula as P, R and N.

These denote –

P = Principal amount

R = Interest rate

N = Loan tenure

The following table will enable you to understand the above formula better. In this example, consider that the amount borrowed or principal is ₹10,00,000. The rate of interest charged annually is 10.5%. In this formula, the interest rate is calculated on a monthly basis. This implies R = Rate of Annual interest/12/100. Therefore, as the interest rate is 10.5% per annum here, then R = 10.5/12/100=0.00875.

The computed EMI will be ₹13,493. Thus, you need to pay ₹13,493 for 120 months for repaying the complete loan amount. The total amount payable will be ₹13,493 * 120 = ₹16,19,220. This includes ₹6,19,220 as interest toward the acquired loan.

 Parameter Value Principal ₹10,00,000 Annual interest rate 10.5% Loan tenure 10 years or 120 months EMI ₹13,493