Personal Loan EMI Calculator - Calculate Personal Loan EMI Online
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A Personal Loan EMI Calculator is essential for accurate financial planning. It helps borrowers anticipate their monthly repayment amount based on the amount they are looking to borrow, interest rates, and tenure.  Kotak Mahindra Bank's Personal Loan EMI Calculator provides precise calculations that help make better financial decisions.


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What is Personal Loan EMI?

A Personal Loan EMI (Equated Monthly Instalment) is basically the repaying of a loan by fixed monthly payments. These payments gradually reduce the outstanding balance throughout the agreed-upon repayment period. Initially, a significant portion of the payment goes toward covering the interest, and over time, the focus shifts to paying off more of the principal amount.

Using tools like a loan calculator, better known as a Personal Loan EMI Calculator, helps borrowers calculate interest rate and EMIs of their loan and plan their finances accordingly. Timely EMI payments ensure a structured and systematic approach to loan repayment, empowering borrowers to manage their finances effectively. Using the Personal Loan Calculator, this calculative approach allows borrowers to plan and fulfil their loan obligations steadily until the loan amount is repaid within the specified timeframe.

How is EMI on Personal Loan Calculated?

Are yCalculating the EMI for a Personal Loan involves using a formula that considers three essential factors: the loan amount, the interest rate, and the repayment duration. To streamline this process, individuals use a Personal Loan EMI Calculator. It helps in understanding the financial implications of a loan by allowing borrowers to calculate Personal Loan EMIs effortlessly. This calculator becomes particularly valuable for those with Pre-approved Personal Loan eligibility, offering insights into monthly repayment amounts and facilitating informed financial planning. It empowers borrowers to make informed decisions, ensuring a clear understanding of their financial commitments throughout the loan tenure.

The formula to calculate EMI for a Personal Loan is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
  • P represents the principal loan amount
  • R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.
  • N denotes the loan tenure measured in months.

The steps involved in using this formula are:

1. Convert the annual interest rate to a monthly rate by dividing it by 12 and then converting it to a decimal.

2. Convert the tenure of the loan from years to months.

3. Plug these values into the formula to calculate the EMI.

Feature & Benefits of Personal Loan Calculator Online

Key Features:

  • Online Personal Loan Calculators are user-friendly tools accessible through Kotak Mahindra Bank's website or mobile app. They require basic inputs like loan amount, tenure, and interest rate, simplifying complex calculations.
  • Loan interest calculators offer immediate calculations of EMIs (Equated Monthly Instalments) based on the provided data, helping borrowers plan their finances efficiently.
  • Allows adjustments in loan amount, tenure, and interest rates to explore various repayment scenarios, empowering borrowers to make informed decisions.
  • Available 24/7, users can perform calculations at their convenience, anytime and anywhere.
  • Provides precise calculations, reducing the margin for error in estimating monthly repayments.

Key Advantages:

  • Helps individuals plan their expenses better by estimating the monthly outflow towards loan repayment, aiding in budgeting.
  • Facilitates comparison between different loan amounts, interest rates, and tenures, allowing borrowers to choose the most suitable option.
  • Instantly computes EMIs without manual calculations, saving time and effort.
  • Empowers borrowers to make informed decisions by visualising the impact of different loan parameters on monthly obligations.
  • Personal Loan interest calculators allow users to assess their financial capabilities and obligations before applying for a loan, ensuring realistic expectations.
  • Provides clarity on the financial commitment involved, fostering transparency between the borrower and the lending institution.
  • Enables borrowers to adjust loan parameters to find an EMI structure that aligns with their financial comfort.

How to use Kotak Mahindra Bank’s Personal Loan Calculator?

  • Go to the Kotak Mahindra Bank website and check the main menu or sidebar for the Personal Loans section.
  • Within the Personal Loan section, you'll find a loan EMI calculator.
  • Enter loan details.
  • Specify the amount you wish to borrow for your Personal Loan EMI within the specified range
  • Enter the interest rate provided by Kotak Mahindra Bank in the Personal Loan Calculator.
  • Choose the repayment period for the loan.
  • Get an EMI amount instantly with the Personal Loan EMI Calculator.
  • Apply for a Personal Loan.

The Calculator is also available on the official Kotak Mahindra Bank App.

Personal Loan Amortisation Schedule

  • A Personal Loan amortisation schedule outlines monthly payments, showcasing how each instalment contributes to principal and interest.
  • It delineates the loan's repayment journey, detailing reducing balances over time. Crucial for financial planning, it aids in understanding EMI breakdowns, empowering borrowers to manage payments and foresee total loan costs.
  • Utilising Kotak Mahindra Bank's Personal Loan EMI Calculator simplifies this process, offering a clear picture of repayment structures.
  • By calculating Personal Loans, borrowers can make informed decisions aligning with their financial capabilities, ensuring smoother debt management.
  • This schedule serves as a roadmap, empowering individuals to navigate their loan repayment journey efficiently.

How to Reduce EMI Amount on a Personal Loan?

To reduce the EMI amount on a Personal Loan, consider these measures.

  • Consider exploring balance transfer possibilities to move to a lower interest rate initially. Making partial prepayments whenever feasible can significantly reduce the overall loan burden.
  • Opt for a step-down EMI plan where repayments decrease gradually, especially beneficial for those nearing retirement.
  • Utilise online Personal Loan Calculators to make informed decisions.
  • Proper debt management ensures a Personal Loan remains a helpful financial tool without becoming a source of stress. It can be maintained with the calculations achieved with the loan calculator.


Frequently Asked Questions

How to reduce personal loan EMI?

If you want to reduce the EMI of your loan, you can opt for a higher tenure. As you increase the loan term, your EMI reduces. Alternatively, you can reduce the loan amount to reduce the EMIs.

The lender fixes the personal loan interest rate. However, you can negotiate the rate if you have a higher income or a good credit score. So your EMI reduces if the lending institution agrees to lower the personal loan interest rate.

What is a personal loan amortization schedule?

A personal loan amortization schedule is a loan repayment table. The table shows the details of how the loan is repaid and the interest paid in each installment. 

What is the EMI for a 10 lakhs personal loan?

An EMI Calculator can help you find out the EMI amount you have to pay every month against the amount of loan you wish to borrow for the tenure of your choice.

To calculate the EMI for a personal loan of Rs. 10 lakhs, visit the personal loan EMI calculator page on Kotak Mahindra Bank’s website. Add the loan amount of Rs. 10 lakhs. After that choose a rate of interest, for example, you select 11 % per annum. Finally, add the repayment tenure that you want to choose, for example, 5 years. Keep in mind that shorter tenure will increase the EMI amount and a longer tenure will keep it low.

What is the EMI for 20 lakhs personal loan?

If you want to borrow a personal loan of Rs. 20 lakhs at an 11 % per annum rate of interest for a period of 5 years, you have to pay an EMI of Rs. 43,485 per month.


With the help of a personal loan EMI calculator you can even calculate the EMI yourself. This is an easy and instant process. Fill in the necessary details such as your desired personal loan amount, rate of interest and a repayment tenure. The personal loan EMI calculator will instantly calculate your monthly payable installment. What’s more, it will also provide you with a principal and interest break up along with the total amount that is payable.

What is the EMI for 5 lakhs personal loan?

For a personal loan of Rs. 5 lakhs with a repayment tenure of 5 years and an interest rate of 11 % per annum, you have to pay an EMI of Rs. 10,871. The total amount payable will be Rs. 652,273, of which Rs. 152,273 will be towards the interest.

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