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Personal loans offered by Cashkumar are of small amounts with short tenure (3-12 months) which can be used for a variety of personal needs and emergencies. These loans have to be repaid in the form of Equated Monthly Instalments (EMIs) also know an Equal Monthly Instalments. EMIs for these personal loans are usually fixed for the tenure of the loan with each instalment paid containing a certain Interest component and a Principal component. P2P loans from Cashkumar are offered at a flat and fixed interest rate so the principal and interest amounts are standard every month no matter the outstanding dues in a loan. Interest is calculated at a fixed yearly percentage of the entire loan amount divided by 12 to arrive at a monthly figure. These EMIs are to be paid on specific days as decided in the loan agreement through auto-debit or by transfer into Cashkumar’s account by the borrower. Any delays invite extra penalties which include a pro-rata interest along with bounce charges.

EMI Calculation

It is a good idea to calculate your monthly instalments payable when you are looking to avail a personal loan. Cashkumar provides you all the information required when sending a provisional and final offer. This information along with dates when EMIs are payable are also mentioned in the offer acceptance mail, term sheet and loan agreement.

Below is how the EMI is calculated with the formula:

(Principal Amount/N)+ (Principal Amount * Rate of Interest)/(12*100)

Rate of Interest denotes the yearly interest rate levied on the loan
N denotes the loan tenure in months

Say that you need a personal loan of 700,000 for yearly interest of 12.5% for 60 months tenure
Principal Amount = 70,000
Rate of Interest = 24%
N = 10

EMI = (70,000/10) * (70,000 * 24)/(12*100)
       =  8,400

Therefore the EMI is   8,400
Total Interest Payable is   14,000
(Principal + Interest) is   84,000

Cashkumar currently offers loans to only salaried applicants across 30 cities in India and applicants are offered a standard interest rate of 24% per annum no matter their profile. Approval for a loan depends on factors such as:

Company you work for – If you work in one of those top corporate companies, the chances of getting better interest rate are higher than the ones working with startups.

Your position in the company you work for – If you are one among the top management, you might get better offers due to the status attached.

Your Residence – You will get better interest rates if you are staying in your owned house vs rented house.

Your Credit History – If have a good credit score and history of repaying any earlier loans on time, increased chances of you getting a better rate.

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