Personal loans can be an important financing option when unexpected expenses arise or major purchases must be made. That's why we've developed this easy-to-use personal loan EMI calculator - to help you estimate your potential monthly payments and see if a personal loan is right for your needs.

Rather than getting overwhelmed with figuring out loan terms independently, our calculator does the math for you. Just input a few key details like your desired loan amount, interest rate, and repayment tenure, and it will automatically calculate your estimated EMI (equated monthly installment).

In the section below, we'll simplify using our personal loan EMI calculator to increase transparency.

Our PNB bank personal loan EMI calculator is a beneficial tool to help you plan your finances better when taking a personal loan.

The EMI amount is calculated using the formula:

E = P x r x (1+r)^n/((1+r)^n-1)

Where:

E = EMI amount

P = Loan Principal Amount

r = Monthly interest rate calculated by dividing the annual interest rate by 12

n = Loan tenure in months

This formula calculates the constant monthly payment amount you must pay over the full loan tenure to repay the loan entirely.

For example, if you take a personal loan of Rs. 5 lakhs from PNB Bank at a 10% annual interest rate for a five-year tenure:

P = Rs. 5 lakhs

r = 10%/12 = 0.83%

n = 5 years x 12 months = 60 months

Plugging this into the formula:

E = 500,000 x 0.0083 x (1+ 0.0083)^60/((1+0.0083)^60-1)

The EMI comes out to Rs. 10,098

So if you take a Rs 5 lakh personal loan from PNB Bank at 10% interest and 5-year tenure, your monthly EMI will be Rs. 10,098 for the next five years to repay the loan entirely.

Here are the steps to calculate EMI for a personal loan:

Gather the key loan details:

P - Loan Amount (Principal)

R - Annual Interest Rate

N - Loan Tenure in months

Here are the steps that we follow:

Calculate the monthly interest rate:

Monthly Interest Rate (R) = Annual Interest Rate / 12

Plug the values in the EMI formula:

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

Here is an example:

P = 10,00,000

R = 10%/12 = 0.83% per month

N = 80 months

Plugging this into the loan EMI formula:

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

EMI = [10,00,000 x 0.83% x (1+0.83%)^80] / [(1+0.83%)^80 - 1]

EMI = Rs. 17,267

First, gather the key details of the loan you plan to take. This includes the loan amount, interest rate, and tenure. Keep these handy.

Next, open your web browser and head to the ACKO PNB Personal Loan EMI calculator website. Our tool makes calculating your Equated Monthly Instalments (EMIs) a breeze.

Now comes the fun part. Start plugging in those loan details you gathered earlier. Enter the loan amount, select the tenure, and choose between floating or fixed interest rates. This way, our  ACKO PNB personal loan EMI calculator will give those numbers.

Once you input the data, scroll down to see the complete EMI breakdown. Check out the total interest payable, how much principal you’ll shell out per EMI, and, most importantly, your monthly payments.

At last, take a minute to review the results and see if the EMIs fit your budget. If not, make a few changes to the loan amount and tenure variables. Once you’re satisfied, go ahead and apply for that personal loan.

With precise EMI details and tailored choices, you can easily pick a personal loan as per your needs.

Securing a personal loan can be helpful for significant expenses, but the obligation to repay over time is a commitment. If the unexpected occurs during repayment, it could strain finances. In that case, the best solution is to use term life insurance. It’s a safety net for your family, providing funds to cover debts if you pass away prematurely. 

Though challenging to consider, term insurance is affordable when young and healthy. Getting basic coverage brings peace of mind, knowing that death before debt repayment won't lead to financial hardship for loved ones.

As you plan your finances, looking beyond just EMIs is wise. That's where we come in at ACKO, your partner in making financial choices clear and simple. Our tech-driven solutions in auto, health, and life insurance ensure your family's safety. Dive into our resources to get you a personalised financial strategy. Discover how we can support your journey.