A personal loan calculator is a free online tool that helps you calculate your monthly EMI before applying for a loan. It gives you an idea of how much you will pay every month, how much interest you will pay in total, and helps you plan your budget. With just a few simple details like loan amount, interest rate, and loan tenure, you can get accurate results in seconds. Using this tool makes loan planning easier and smarter.
1. What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator helps you find out the EMI (Equated Monthly Installment) you need to pay every month to repay your loan. It shows:
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Monthly EMI amount
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Total interest payable
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Total amount (principal + interest) to be repaid
It’s useful for comparing different loan offers and choosing the one that fits your budget.
2. Why Should You Use a Loan Calculator?
Using a loan calculator helps you:
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Understand monthly payment before applying
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Avoid over-borrowing
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Compare offers from different banks
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Plan your personal budget properly
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Know how long it will take to repay the loan
It saves time and reduces the risk of missing payments.
3. How Does a Personal Loan Calculator Work?
A loan EMI calculator uses a simple formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
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P = Loan amount (principal)
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R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
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N = Loan tenure in months
Don’t worry—you don’t need to do the math! The calculator does it automatically for you.
4. Steps to Use a Personal Loan Calculator
Follow these easy steps to use any online personal loan calculator:
✅ Step 1: Enter the Loan Amount
Type in how much loan you want to take (for example ₹1,00,000).
✅ Step 2: Enter the Interest Rate
Fill in the annual interest rate offered by your bank or NBFC (example: 12%).
✅ Step 3: Enter the Loan Tenure
Choose the number of months or years you want to repay the loan (example: 24 months).
✅ Step 4: Click “Calculate”
Once you click the button, the calculator will instantly show your EMI, total interest, and total repayment amount.
5. Where Can You Find Personal Loan Calculators?
Many banks, NBFCs, and financial websites offer free EMI calculators, such as:
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SBI Personal Loan Calculator
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HDFC Bank EMI Calculator
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ICICI Loan Calculator
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Bajaj Finserv Personal Loan EMI Tool
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Websites like BankBazaar, Paisabazaar, and LoanTap
Just search “Personal Loan Calculator” on Google, and choose any reliable site.
✅ Final Tips
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Try different combinations of amount, rate, and tenure
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Choose a monthly EMI that fits your income
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Use calculators before applying for any loan
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Look for zero hidden charges from lenders