Your personal loan EMI is calculated using the following formula: P*R*(1+R)^N] / [(1+R)^N-1]
Where,
P stands for principal or the loan amount that you are borrowing from the lender
N stands for the loan tenure in terms of years
R stands for the rate of interest
The EMI is composed of the principal and the interest. As you keep paying your EMIs, your interest amount gets lower and lower. Toward the end of your loan tenure, you will mostly be paying the principal and very small interest.

The personal loan EMI calculator tool works on the same EMI calculation formula that we have shown above. However, the entire process is digitised so you will not have to calculate anything by yourself. Simply put in the numbers as required, such as principal, interest rate & tenure, and the EMI calculator will present the right EMI for you, in an instant.

In a personal loan EMI calculator, your entire loan amount, the rate of interest, and the tenure are taken into consideration. A combination of all these factors helps to determine the amount of EMI payable by you, each month.

Paying back your personal loan EMI is rather easy. You can simply go to the bank’s website to complete your monthly payments. Similarly, you could also install an app to make sure you can pay back your EMIs more easily. You can use the Airtel Thanks App to pay back your Airtel personal loan EMI.

Missing out on your personal loan EMI is never a good idea. If you do miss out on its payment, then you will have to repay it nevertheless, along with an additional fine. This has an impact on your credit score. Therefore, it is advisable to always pay your personal loan EMIs on time.

The interest rate on your personal loan depends on a variety of factors – how much loan you take, the loan tenure, and the EMI you are going to pay each month. Depending on these factors, your rate of interest is decided by the banking institution.

There are multiple ways to reduce personal loan EMI.

• Go for a step-down EMI plan, where you pay higher EMIs in the initial months and the EMI keeps decreasing as the loan tenure comes to an end.


• Make a partial prepayment to reduce the principal and interest amount.


• Transfer the balance loan to a lender with lower interest rates.

The personal loan EMI for ₹1 Lakh depends on many factors.

• Loan tenure for payment


• Interest rates charged by the lender


• Any other charges or fees

The EMI for a personal loan of ₹5 Lakhs depends on the interest rates and loan tenure. Talk to your lender for these details. You can also use the personal loan EMI calculator online to know more.

You can always choose to repay your personal loan EMI in advance. However, do note that you will be charged an extra penalty for this process. To know the process of how to repay your personal loan in advance, it is best advised that you reach out to your lender.

Most banks do send you an invite for the personal loan EMI payment. This is an especially good practice because if you do forget to pay your personal loan EMI payment on time, it could negatively affect your credit score. Moreover, you may also have to pay a penalty for missing out on your payments.

The tenure for your personal loan actually depends on a couple of factors. The total amount that you are willing to borrow, the interest rate, and the EMIs that you want to pay. Make sure that you and your lender are on the same page about all these factors before you apply for the loan.

A personal loan does not require any down payments as such. In addition, there are no collaterals involved with it either. You will simply need to pay your EMIs, which will consist of the principal and the interest to pay back your loan.

You can get your personal loan approved in an instant. As soon as it gets disbursed, you will be able to use the funds. When it comes to repaying your EMI loan, you will have to start paying your EMIs from the next month itself.