EMI per month = 300000 * 0.00874 * (1+0.00874) ^ 36/ -1 The rate of interest is usually represented on a yearly basis. If the principal component is represented by P, the interest rate by R, and the number of instalments by n, we can calculate the monthly EMI using the following formula: P x R x (1+R)^N/ Let us understand an example of the calculation of EMI for a personal loan worth ₹3,00,000 with IDFC FIRST Bank at an interest rate of 10.75% per annum and a loan tenure of three years. ![]() Every instalment of loan repayment consists of two segments – the principal and the interest amounts. You must use a personal loan EMI calculator to figure out a suitable EMI amount for yourself. A longer tenure reduces your EMI payments but increases your total interest payment while a shorter tenure increases your EMIs but reduces the total interest. The EMIs will also vary depending on the tenure of your loan. So, you must consider the EMI payments before applying for a loan based on your financial capacity. On taking a loan, the equated monthly instalments becomes a key factor in deciding the loan amount and tenure. Read moreĮquated Monthly Instalments or EMI is the amount that must be paid every month until the end of the loan tenure to pay off the borrowed amount. With quick calculations, precise results, and an easy-to-use interface, our personal loan EMI calculator is your best companion for planning your personal loan.Įnter basic details about your personal loan and know your exact EMI (Equated Monthly Instalment) using IDFC FIRST Bank’s personal loan EMI calculator. Get key insights regarding personal loans when it comes to EMIs, total interest payments, and the amortisation schedule. It is a free online tool that doesn’t require any prior expertise to ca lculate your EMIs. ![]() It can help borrowers make smaller, more manageable payments over time without derailing their financial goals. ![]() Our personal loan EMI calculator is an excellent tool for those looking to plan their loan repayments. If you are unsure about how you will repay them, use our personal loan EMI calculator to determine your monthly instalments and plan your finances accordingly. IDFC FIRST Bank Personal Loans offers competitive interest rates and flexible repayment terms, making them an attractive option for borrowers. Personal loans are a great way to finance large purchases or cover emergency costs.
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