Most Effective Ways to Calculate your Personal Loan EMI with Loan Calculator

Loan Calculator

A Personal Loan EMI calculator is an effective tool to calculate equated monthly instalments (EMIs) for a loan. You can use the EMI calculator to analyse whether you can repay your loans on time by inserting different loan amounts, interest rates and tenures based on your requirements and financial capacity. The calculator has several built-in features that make the EMI calculation easier.  

You must be wondering what goes into calculating the loan EMI. Well, the EMI calculation is based on a formula.

EMI = P * R * (1 + R) ^ N / [(1 + R) ^ (N – 1)]

P: Principal amount

N: Loan tenure

R: interest rate

How to Use the EMI calculator?

Once you find the Free Personal Loan EMI calculator online at Clix Capital’s website, it will ask you to enter the required fields into the calculator and assess the following. 

  • Loan amount: Enter the amount of loan that you wish to apply for. 
  • Tenure: Analyse how much time it would take for you to repay the given loan and enter a suitable repayment period.
  • Interest Rate: Enter the interest rate as offered by your lending institution.  

The EMI calculator computes the results automatically and displays them quickly. The final results include monthly EMI instalment amount, monthly interest, total interest for the loan, principal paid in the EMI, and entire loan payable. 

You can modify the input values and recalculate the EMI to identify what terms are best suited for you. You can type in the values into the calculator yourself. The calculator computes the new values as soon as the values are revised. 

In addition, if you wish to estimate how much loan you are eligible for, you can use a Personal Loan eligibility calculator. By entering the specified fields into the calculator (such as age, location, net monthly income, and monthly EMI), you can estimate the maximum amount of loan you can take. 

Benefits of Using an EMI Calculator for your Personal Loan

There are significant advantages to using an EMI calculator while taking a Personal Loan. Some of the main benefits are as follows:

  • Easy to Understand

The calculator is user-friendly, so you will not have any difficulties understanding or using it. You need to enter a specific set of inputs, and the results get computed automatically within seconds. 

  • Choosing the right interest rate

Before signing up for a loan, you may screen a few loan options to check the interest rates being offered. Using the EMI calculator, you can plug in different interest rates and understand which loan offer suits you the best. 

  • A clear understanding of your loan

An EMI calculator provides different EMI plans related to the loan. This offers choices and an understanding of the loan that you may be taking. 

  • Accuracy of Results

While planning for a loan, you may be involved in a lot of analysis and performing multiple re-calculations. Manually calculating the EMIs of a loan can be time-consuming and may lead to errors or inaccuracy in results. Any error can prove very costly while taking a loan as you may end up signing the wrong terms. Using an EMI calculator simplifies this process as it computes all the results for you in no time with 100% accuracy. 

  • Pre-payment analysis

Suppose you wish to prepay your loan. An EMI calculator gives you an accurate estimate by adjusting the amount you want to prepay. You can easily calculate how much interest you can save by reducing the outstanding principal amount. 

  • Free of cost

There are no costs associated with using the EMI calculator. You can use it for free at your convenience on the website of Clix Capital. 

Determining a suitable EMI

Although the loan calculator guides you through different combinations of EMIs relating to varying terms, you must be able to understand how much amount of an EMI is suitable for you to repay the amount comfortably. You can take the following factors into consideration to determine a suitable EMI.

  • Monthly Income

Your EMI depends largely on how much you earn in a month and your monthly expenses. Analysing the cash inflow and outflow helps you determine what portion of your income you can pay as EMI. Suppose you choose a high monthly EMI as you wish to close the loan early but your income is not enough to pay it. This will result in default payments, which would spoil your credit score. So, you must understand your budgets and plan with realistic expectations. 

  • Principal Amount

It is essential to evaluate and analyse how much loan amount you need. Suppose you take out a loan of a substantial amount. Later you realise you never needed so much money in the first place and are unnecessarily paying interest on such a large sum. Alternatively, if you take a loan of a smaller amount than you need, you may realise you need more money later. In such cases, you may take another loan, impacting your credit score. So, decide the loan amount after a thorough evaluation of your needs.

  • Analysis of Future Prospects

While deciding on future repayment, it is essential to understand what your future cash flows would look like. Maybe you have a promotion due in a couple of months, which will significantly boost your income. In such cases, you could afford to take a higher EMI and close the loan sooner. However, if your estimates suggest a considerable expense arising anytime soon, you must follow a more conservative approach while deciding on the monthly EMI amount. 


A Personal Loan EMI calculator provides immense support to estimate EMI payments, giving the applicant clarity on the loan terms they should be opting for. The applicants get an error-free estimate of future EMIs within no time and at no additional cost. An EMI calculator also ensures that the loan applicant can conduct proper due diligence and accurate analysis of the repayment schedule before taking the loan. Check out the Free Personal Loan EMI Calculator at Clix Capital’s website to assess your loan terms now. 

Author Bio:

Prince Namdev has over ten years of experience in the areas of credit, personal loans, business loans, SMEs,s and financing. He has a wide range of exposure in fintech, SaaS, banking, insurance, and financing. He has successfully delivered multiple projects on go-to- financial strategy, analysis, business expansion, and others. He loves to help others to get better financial stability and standards.

I am enthusiastic blogger & SEO expert. I am digitally savvy and love to learn new things about the world of digital technology. I loves challenges come in my way. I also prefer to share useful information such as SEO, Google Algorithm Update, SMM, PPC, WordPress, Web Hosting, Affiliate Marketing etc.

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