Personal Loans make a great option to cover planned or unplanned expenses smoothly. The most significant benefit of a Personal Loan is that it can be used for any purpose. It can be your child’s education, your daughter’s marriage or any sudden medical expenses; all of them can be covered by the funds you get from a Personal Loan.

By understanding the intricacies of a Personal Loan, you can make the most of it. In this case, a Personal Loan EMI calculator can significantly help. A loan calculator is an online tool to obtain accurate data about how much you will have to pay for the chosen loan amount and repayment tenure. Read more to know how a loan EMI calculator assists in planning the correct repayment schedule.

How does a Personal Loan EMI calculator help in the repayment schedule?

You must have a proper plan to use a loan optimally and efficiently. It includes knowing the loan amount you need, the tenure you are comfortable with and the EMIs you can pay. To use a Personal Loan EMI calculator, you will need the following details:

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  • Principal loan amount
  • Applicable interest rate 
  • Repayment tenure

When you put these details in the calculator, you get the equated monthly instalments (EMI) you will pay. If you are not sure about the EMI amount, or you may not be able to pay the EMI on time, or you can pay more than that, you can always change the information as desired. Do this and continue till you get the correct amount of EMI with a satisfactory repayment period. The calculator is of great help when various lenders offer Personal Loans on different terms. Using this method, you can check which one will be the perfect match for you.

Additionally, the availability of the loan amortisation schedule offers access to your repayment details. Here, you can see how the repayment progresses through the tenure. This will also help you to plan your advance payments or pre-payments.

Other benefits of a Personal Loan EMI calculator

Apart from helping in the debt repayment schedule, a loan calculator has other advantages.

  • Saves time, and the result is accurate

The calculation regarding Personal Loan interest rates, loan tenure and loan amount can be crucial; thus, it takes longer to complete this process manually. But the calculation is done within seconds when you use an online loan calculator. When the solution is done manually, the chances of errors are high. But through the EMI calculator, you get an accurate result.

  • Easy to access

The Personal Loan calculator is easy to access as it is easily available on top lending institutions’ websites and loan apps. Thus, anyone can access it from anywhere at any time. You just need to put in the details of loan tenure, loan amount, and Personal Loan interest rates to get the right amount of EMI. Additionally, the user interface here is typically user-friendly, ensuring everyone can use it.

  • Free to use

These online calculators do not impose additional charges for you to avail of their services. Usually, you will find them available for free online. Moreover, they do not ask you to enter personal details to use them.

These bonus benefits of a loan EMI calculator make it even more appealing for a user.

How to use a Personal Loan EMI calculator?

You can access any EMI calculator online, and it is free of cost, and the procedure is concise and straightforward.

Step 1: Go to the EMI calculator on the website of a reputed lending institution.

Step 2: Now enter the loan amount you want to borrow.

Step 3: Enter the rate of interest that your lender is offering.

Step 4: Select the repayment term in the ‘tenure’ section.

Step 5: Finally, select the ‘calculate’ option.

Step 6: Now, you will get the EMI amount for the details you have put in.

What are the benefits of knowing your repayment schedule?

Now that you know how to use the online EMI calculator and its benefits, let’s understand how advanced planning can benefit you.

  • Plan a budget accordingly

When you know the tenure of your loan, you will be smart enough to plan a monthly budget accordingly. You can prepare the budget in such a way that you do not miss your EMIs and their due date, and you will know beforehand. So, you can manage the other expenses and cut unnecessary spending in a balanced way to live smoothly.

  • Manage your credit score

When you know the date and amount you need to repay, you can ensure not to default on the payment. This will help in creating a good financial profile. A loan default impacts the credit score severely. And a good credit profile and a high score is proven to be a boon for loan applicants. So, you will have the chance to avoid that issue. 

  • Keep a low credit utilisation ratio

When you know how long you will pay for a loan, you will be careful not to take another loan or use your credit card for making high-ticket purchases. Too many debts at once will burden your financial health, increasing your credit utilisation ratio. You must keep the ratio less than 30% for the sound health of your finances.


Before taking a loan, planning is always a smart move. This makes you a wise and responsible applicant. And in this process, a loan EMI calculator plays a vital role. Knowing your loan repayment tenure can tremendously help, as mentioned earlier. Besides this, consider other terms and conditions of your lender, and make an informed decision that will be fruitful for your financial future.