Personal Loan Calculator

Use the personal loan calculator to calculate the monthly repayments and total amount of money which you will need to repay throughout the term of the loan. Simply enter the amount of money you would like to borrow, the interest rate of the loan you wish to calculate and the term of the personal loan to calculate personal loan repayment amounts.

Personal Loan Calculator
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months
Personal Loan Calculation
What?Personal Loan Repayment Term
1 Year
12 months
2 Years
24 months
3 Years
36 months
4 Years
48 months
5 Year
60 months
10 Years
120 months
[ 1 Votes ]

How Can A Personal Loan Calculator Help You Plan Big Expenditures?

Personal Loan Calculator. This image shows the personal loan formula for the personal loan Calculator and associated free online calculators on iCalculator

Some of the best things in life can be bought even if you lack the capacity to pay for them right now. It can be a dream car, a house of our choice or even a degree from a renowned university. At times when your pockets don't permit you to spend on high value items you can still have them by securing a personal loan. Loans come as a relief to people on occasions when their bank balance does not comply with their spending capabilities.

Irrespective of the use to which we put the personal loan, these easy loans are available from both the banks as well as other financial institutions. To add to our joy, some of them can even be customized. Personal loans are often referred to as unsecured loans as well, as there is no collateral associated with it. Various rates of interest are also attached to them. Now, the key question is, how much can we afford? This decision can be taken based on some of the prerequisites should be considered from the very beginning, how much can I afford to pay each month and how much debt (or additional debt) do I really want. A personal loan calculator helps us in making this decision. It helps us choose various schemes available in the market and decide which one is best for us in certain conditions and, most importantly, if it fits within our monthly budget.

Can you afford a personal loan?

When it comes to personal loans, the question of the EMI and the interest rates comes first. It further helps one define if you can afford to pay back every month while not causing any monetary inconvenience to you or your family. There are already many other routine expenditures on your list so you should always make up our mind first on how much money would you need and like to borrow.

Personal Loan Eligibility

The next step would be to check your eligibility. The biggest determining factor is your monthly net take-home salary. Once you are done with these considerations, you can go online and search for an online personal loan calculator. This tool will help you in estimating the amount of equated monthly instalments you will have to pay. This will also be the amount you will have to forego from your monthly salary. The other important factor is the interest rate, which will vary with the tenure that you choose.

What is the calculator about?

The personal loan calculator helps you to calculate the equated monthly instalments or the EMI that you will have to pay to the lender every month. The process of monthly payments continues until the loan is fully paid. The EMI is based on the personal loan amount, the interest rate and the tenure. You can compare the monthly payments for different lenders by on a given personal loan amount. Based on specified duration and the interest rate, the calculator will help you estimate the final amount and the EMIs.

Using the Calculator is SIMPLE

To arrive at the EMI, we have to input the loan amount, the tenure and the interest rate. The interest rate may vary as different lenders offer loans at different rates. There is a slider, which we can use to put in different amounts and the time to arrive at the EMI which we have to pay.

The results will show three things:

  • The break-up: This is the interest amount in the EMI for each month. The rest is the principal.
  • The EMI: This is the amount to be paid each month, till the loan gets settled fully.
  • The amortisation schedule: This shows the break-up of the interest paid and the principal repaid from the EMI each month, till the tenure comes to an end. The outstanding balance is also shown in this amortisation schedule.

How to find the best loan deals

To find out about the best loan options, it is always best to shop around and compare all of them. We should consider the following features:

  • Time: The longer the loan, the smaller are the payments.
  • Eligibility: Knowing your eligibility will always help as you can save time and avoid applying for the loans.
  • Interest: All lenders offer an interest rate based on the credit history.
  • Amount: The amount that is allowed should be enough to cover your needs.
  • Fees: Some of the lenders may charge fees if you pay the loan back, earlier.

As you have now understood the working of a personal loan calculator, put it to best use for your needs. If you found our personal loan calculator useful, please share on your favourite social media platform and / or rate the calculator. That helps us to continue to provide new free online calculators for your and others use and collectively, keep internet resources free for all.

Personal Loan Summary

Use the personal loan calculator to work out how much your month Personal loan repayments will be. The Personal loan calculator will also provide an illustration of how much you could expect to repay each month based on different repayment periods. If you are thinking of taking out a Personal loan it is important that you:

The Personal loan calculator will provide your a monthly interest repayment over 1 year, 2 years, 3 years, 4 years, 5 years, 10 years and compare them to a monthly repayment period of your choosing (so you can create your own Personal loan illustration).

Considerations before taking out a Personal Loan

  • Affordability: Be sure you can really afford to make the Personal loan repayments. Only you really know if you can afford it or not and taking out loans which you will struggle to repay will only cause you financial hardship and pain in the future.
  • Shop around: It always pays to shop around and see what deals are available. Most banks and building societies run promotions at various points of the year. Never assume that one lender is better than the other, look for the good deals as they could save you a lot of money. Banks are normaly the best option.
  • Check the Interest Rate: The most common mistake that lenders make is not fully reading and understanding the interest rates applied to their Personal loan. Make sure that the catchy low interest rate is the one you are getting. Most lenders advertise at low interest rates to get you in the door but you are likely to find that achieving the low rates means borrowing more than you budgeted for or taking out the loan over a longer term, this will mean you repay much more money! Don't be tempted!
  • Borrow Little, Repay Quickly: The best Personal loan is one repaid quickly. A quick repayment means less interest paid and less stress about your debt.
  • Pay Day Loans: Pay day loans are brilliant if you want to destroy your financial credibility, get yourself into spiraling debt and have years of stress and anxiety over your finances. DO NOT use Pay Day lenders, there are much better options. They do not care about you or your finances and will destroy your life simply to make money. At iCalculator, we seriously hope that the government takes measures to outlaw these morally and ethically corrupt businesses.
  • Don't Lend at All! It's difficult to avoid taking loans in modern society. Modern life is about consumerism and spending. Our grandparents survived and had healthy life's by getting by and enjoying the rare treats. There is a lot to be said for living a simpler life without financial stress. If you can, save. Make that reward or treat worthwhile my making your money work for YOU and not for someone else.