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Elements Affecting Your Personal Loan EMIs

In general, your monthly installments are affected by 3 major factors.

Loan amount or sanction: These terms refer to the same thing. It directly affects the EMI amount, thus choosing to borrow more money would result in higher EMI payments.

Interest rate: For the duration, this is the interest rate applied to the principal amount. A higher rate would entail a greater EMI, therefore you must work to obtain the lowest mortgage loan rates possible.

Tenure: The payback period is 5 years. In contrast to the sanction or interest rate, lengthening the tenure lowers the EMI payment. This is so that your monthly payments are lower because you have more time to pay back your debts. You will, however, have to pay interest for a longer time. Similar to this, choosing a shorter tenure raises your EMI payment while lowering your interest-only obligation.

Loan Amount is



No. of Month is



Rate of Interest (ROI) is



Monthly EMI

Total Interest

Payable Amount

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There are three methods for calculating a Personal Loan’s EMI, each with a different level of complexity and work required.

The simplest, quickest, and most straightforward approach to figure monthly installments is to utilize a Personal loan interest rate calculator, often known as a Personal loan EMI calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.

Microsoft Excel: This approach is straightforward, although there is an opportunity for error. In this section, enter the 'PMT' formula into the Excel software. Once selected, correctly enter loan data into the following fields.

‘Rate’: It refers to the monthly rate of interest

‘NPER’: It denotes loan tenure in months

‘PV’: It refers to the loan amount or principal value

After feeding these details, make sure to leave the values for ‘FV’ and ‘Type’ as 0 and 1, correspondingly.

Manual method: This is considered the hardest way to calculate Personal loan EMI as it involves a manual calculation based on the following formula.

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

Please note:

‘P’ refers to the principal amount

‘N’ means tenure in months

‘R’ refers to the monthly interest rate applicable 

Personal Loan EMI Calculator

The best method to ensure that your repayment journey is comfortable is to plan your secured loan as well as possible. You can estimate the amount you may qualify for using a Personal Loan calculator before you apply for the loan. Using the Personal Loan EMI calculator, you can compute your monthly installments by adding three factors: interest rate, loan amount, and loan tenure.


How To Reduce EMIs On A HDFC Personal Loan?

There are a few ways to reduce the professional loan EMI amount.

  • Opt for a smaller sanction
  • Choose a longer tenure
  • Negotiate for a lower interest rate
  • Prepay the professional loan at least once during the tenure.

Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.


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