Understanding EMI Calculation for a ₹60,000 Instant Loan
When you take a personal loan, you repay it in Equated Monthly Instalments (EMIs). Knowing your EMI beforehand helps you plan your finances better. This guide explains how EMIs work and helps you calculate the EMI for a ₹60,000 instant loan.
What is an EMI?
An EMI is a fixed monthly payment you make to repay a loan. It includes both the principal and interest components. The interest portion is higher in the initial months and reduces over time, while the principal component increases.
Factors Affecting Your EMI
• Loan Amount
The higher the loan amount, the higher the EMI
• Interest Rate
A higher interest rate increases the EMI
• Loan Tenure
A longer tenure reduces the EMI but increases total interest paid
• Processing Fees and Charges
Some lenders add additional charges, affecting the overall cos
How to Calculate EMI for a Personal Loan
To calculate the EMI for a personal loan, you can:
• Use an Online EMI Calculator
Enter the loan amount, interest rate, and tenure to get an instant result
• Use the EMI Formula
If you prefer manual calculations, use the formula mentioned above
• Check with Lenders
Some lenders provide estimated EMIs on their websites
EMI Calculation for a ₹60,000 Instant Loan
Let us consider an example for calculating EMI for a personal loan. Suppose you take a ₹60000 personal loan for 36 months at an 11% per annum interest rate.
Using an EMI calculator, your monthly payment would be ₹1,964.
The formula used for EMI calculation is:
Where:
- P = Loan amount (₹60,000)
- R = Monthly interest rate (11% annually = 11/12/100)
- N = Number of months (36 months)
Monthly Breakdown of EMI
|
Month |
EMI |
Principal |
Interest |
Balance |
|
2025 |
||||
|
Feb |
₹ 1,964.32 |
₹ 1,414.32 |
₹ 550.00 |
₹ 58,585.68 |
|
Mar |
₹ 1,964.32 |
₹ 1,427.29 |
₹ 537.04 |
₹ 57,158.39 |
|
Apr |
₹ 1,964.32 |
₹ 1,440.37 |
₹ 523.95 |
₹ 55,718.02 |
|
May |
₹ 1,964.32 |
₹ 1,453.57 |
₹ 510.75 |
₹ 54,264.44 |
|
Jun |
₹ 1,964.32 |
₹ 1,466.90 |
₹ 497.42 |
₹ 52,797.54 |
|
Jul |
₹ 1,964.32 |
₹ 1,480.35 |
₹ 483.98 |
₹ 51,317.20 |
|
Aug |
₹ 1,964.32 |
₹ 1,493.92 |
₹ 470.41 |
₹ 49,823.28 |
|
Sep |
₹ 1,964.32 |
₹ 1,507.61 |
₹ 456.71 |
₹ 48,315.67 |
|
Oct |
₹ 1,964.32 |
₹ 1,521.43 |
₹ 442.89 |
₹ 46,794.24 |
|
Nov |
₹ 1,964.32 |
₹ 1,535.38 |
₹ 428.95 |
₹ 45,258.87 |
|
Dec |
₹ 1,964.32 |
₹ 1,549.45 |
₹ 414.87 |
₹ 43,709.42 |
|
2026 |
||||
|
Jan |
₹ 1,964.32 |
₹ 1,563.65 |
₹ 400.67 |
₹ 42,145.77 |
|
Feb |
₹ 1,964.32 |
₹ 1,577.99 |
₹ 386.34 |
₹ 40,567.78 |
|
Mar |
₹ 1,964.32 |
₹ 1,592.45 |
₹ 371.87 |
₹ 38,975.33 |
|
Apr |
₹ 1,964.32 |
₹ 1,607.05 |
₹ 357.27 |
₹ 37,368.28 |
|
May |
₹ 1,964.32 |
₹ 1,621.78 |
₹ 342.54 |
₹ 35,746.50 |
|
Jun |
₹ 1,964.32 |
₹ 1,636.65 |
₹ 327.68 |
₹ 34,109.85 |
|
Jul |
₹ 1,964.32 |
₹ 1,651.65 |
₹ 312.67 |
₹ 32,458.20 |
|
Aug |
₹ 1,964.32 |
₹ 1,666.79 |
₹ 297.53 |
₹ 30,791.41 |
|
Sep |
₹ 1,964.32 |
₹ 1,682.07 |
₹ 282.25 |
₹ 29,109.34 |
|
Oct |
₹ 1,964.32 |
₹ 1,697.49 |
₹ 266.84 |
₹ 27,411.86 |
|
Nov |
₹ 1,964.32 |
₹ 1,713.05 |
₹ 251.28 |
₹ 25,698.81 |
|
Dec |
₹ 1,964.32 |
₹ 1,728.75 |
₹ 235.57 |
₹ 23,970.06 |
|
2027 |
||||
|
Jan |
₹ 1,964.32 |
₹ 1,744.60 |
₹ 219.73 |
₹ 22,225.46 |
|
Feb |
₹ 1,964.32 |
₹ 1,760.59 |
₹ 203.73 |
₹ 20,464.87 |
|
Mar |
₹ 1,964.32 |
₹ 1,776.73 |
₹ 187.59 |
₹ 18,688.14 |
|
Apr |
₹ 1,964.32 |
₹ 1,793.02 |
₹ 171.31 |
₹ 16,895.13 |
|
May |
₹ 1,964.32 |
₹ 1,809.45 |
₹ 154.87 |
₹ 15,085.68 |
|
Jun |
₹ 1,964.32 |
₹ 1,826.04 |
₹ 138.29 |
₹ 13,259.64 |
|
Jul |
₹ 1,964.32 |
₹ 1,842.78 |
₹ 121.55 |
₹ 11,416.86 |
|
Aug |
₹ 1,964.32 |
₹ 1,859.67 |
₹ 104.65 |
₹ 9,557.19 |
|
Sep |
₹ 1,964.32 |
₹ 1,876.72 |
₹ 87.61 |
₹ 7,680.48 |
|
Oct |
₹ 1,964.32 |
₹ 1,893.92 |
₹ 70.40 |
₹ 5,786.56 |
|
Nov |
₹ 1,964.32 |
₹ 1,911.28 |
₹ 53.04 |
₹ 3,875.28 |
|
Dec |
₹ 1,964.32 |
₹ 1,928.80 |
₹ 35.52 |
₹ 1,946.48 |
|
2028 |
||||
|
Jan |
₹ 1,964.32 |
₹ 1,946.48 |
₹ 17.84 |
₹ 0.00 |
Note: The values provided in the above table are for representation purpose only.
The repayment schedule shows how each EMI reduces the outstanding balance while covering the interest cost.
Calculating EMIs for a personal loan before applying helps in better financial planning. Use an EMI calculator to get a clear estimate of your monthly obligations. Choose the right lender and tenure to manage your repayments efficiently.
By understanding your EMI, you can make an informed decision about your ₹60,000 instant loan and ensure smooth repayment.
