Personal Loan EMI Calculator

EMI, or Equated Monthly Instalment, is the amount a borrower must pay every month until the completion of the loan tenure.

So, if the bank sanctions a Personal Loan for 60 months, you have to pay back the loan with interest in the form of a fixed Personal Loan EMI amount every month for the next 60 months.

Following is the Personal Loan EMI calculator formula used in a manual or an online calculator of EMI for a Personal Loan.

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

Where,

• P is the principal amount
• N stands for the number of months
• R is the rate of interest on a Personal Loan

• A Personal Loan amortization schedule is a table that shows the EMI chart for Personal Loan repayment against a sanctioned loan amount
• The schedule provides a summary of EMIs payable during the entire loan tenure
• It also provides a breakup of the principal and interest components of each EMI
• Lastly, it shows you the closing balance of your loan every month provided you pay the EMIs on time

Along with the EMI calculator online for a Personal Loan, the loan amortization schedule can help you understand the breakup of your EMI that you pay every month to help you plan your repayment better.

• Your Personal Loan account will be linked to your account at the time of loan disbursement
• Next, you'll be notified of the monthly loan repayment date
• The Personal Loan EMI payment is typically automatically debited from your bank account on the pre-defined date each month
• However, you need to ensure that adequate funds are available in your bank account on the EMI payment date
• The EMI payment of a month will be skipped if your bank account doesn't have adequate funds, and the EMI tenure will be increased. However, it is not advised to skip your EMIs as it would adversely affect your credit score

• AU Small Finance Bank Personal Loan is an all-purpose loan that can be availed without requiring a guarantor or collateral. Here's why you should select AU Small Finance Bank for your loan requirements.
• Most competitive Personal Loan interest rates in India
• Flexible tenure options ranging between 12 to 60 months
• Choose a loan amount ranging between INR 25,000 to INR 7,50,000
• Minimal documentation and fast approval process
• Effortlessly manage your Personal Loan through the AU 0101 App/NetBanking
• Existing customers can get Pre-Approved Personal Loan offers and preferential interest rates

Use this Personal Loan EMI Calculator online by AU Small Finance Bank and make loan repayments without any financial stress.