HomePersonal LoanPersonal Loan Calculator - Calculate EMI Using Excel - Download

Personal Loan Calculator – Calculate EMI Using Excel – Download

Personal Loan Calculator – EMIs are a vital part of repaying loans, setting the monthly payment amount. EMIs are important whether you’re making a big purchase or need quick funds. Understanding how to calculate EMIs for Personal Loans is crucial for financial planning.

This article will guide you on calculating your EMI in Microsoft Excel, allowing you to use an EMI calculator for Personal Loan purposes and make well-informed financial choices. Before diving into calculations, let’s grasp the concept of EMI. Your personal loan EMI consists of both principal and interest components, spread across the loan tenure. By calculating your EMI, you’ll know exactly how much you need to allocate each month towards repaying your loan, helping you plan your finances efficiently.

personal loan calculator

Personal Loan Calculator – Calculate EMI Using Excel

Personal loan calculators play a pivotal role in the financial planning process, offering users valuable insights into their loan obligations. By inputting variables such as loan amount, interest rate, and repayment term, individuals can estimate monthly payments, total interest paid, and the overall cost of the loan. This information empowers borrowers to make informed decisions about loan affordability, repayment strategies, and budget allocation.

You can use Microsoft Excel to calculate your personal loan EMI. Microsoft Excel is a versatile spreadsheet program widely used for various tasks, including data analysis, budgeting, and financial planning. Its user-friendly interface, powerful calculation capabilities, and customizable features make it an ideal tool for creating personal loan calculators.

Building a basic loan calculator in Excel is relatively straightforward, even for beginners. Start by setting up a simple spreadsheet with labeled cells for loan amount, interest rate, loan term, monthly payment, and total interest. Then, use Excel’s built-in functions to perform loan calculations based on the input values.

Formula for EMI calculations in MS Excel.

Calculating EMI is easy with the following formula using MS Excel:

EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1].


P is the original loan amount

R is the annual interest rate and

N is the number of monthly installments or loan tenure.

Excel simplifies the process further. In a chosen cell, input:


 The Excel formula relies on multiple factors, and here is an in-depth analysis of each one.


The RATE function in MS Excel is used to calculate the interest rate for a loan, which in turn helps determine the Equated Monthly Installment (EMI).


NPER represents the overall number of monthly payments or the duration of the loan. It plays a crucial role in the EMI calculation process, affecting the length of time for repayment.


PV, which stands for Present Value, is the initial loan amount and plays a key role in calculating monthly instalments accurately within the EMI formula.


Future Value (FV) is a parameter in Excel formulas that is usually zero. It represents the final cash balance after the last payment, adding flexibility to calculations.


The TYPE parameter specifies the payment deadline, with 0 for end-of-period payments and 1 for beginning-of-month payments, ensuring accurate EMI calculations according to your payment preferences.

Calculating EMIs with the formula

In order to determine EMIs and interest for Personal Loans with Excel, enter the loan amount, annual interest rate, and loan tenure in individual cells. Then, use the formula =PMT(B2/12, B3, B1) in the EMI cell where B2 represents the interest rate, B3 is the tenure, and B1 is the loan amount.

Take, for example, a Personal Loan amounting to Rs 10 lakh with an interest rate of 14% per year and a 36-month repayment period. Input these figures into the specified sections and execute the calculation.

Excel will rapidly compute the EMI for this particular loan, streamlining intricate calculations and offering an overview of your monthly repayment obligation.

Keep in mind that this equation takes into account the annual interest rate, loan duration, and borrowed amount to provide precise installment amounts. Take advantage of Excel’s ease and meet your Personal Loan payments promptly.

Personal Loan EMI Calculator – Download Excel

To help you here is excel based Personal Loan EMI calculator. You just need to input the interest rate, loan amount, and installment tenor. Once you input this information this calculator automatically calculates EMI as well as creates a repayment schedule in Excel for the given period.

As of now, late payment and other additional features are not included. However, it can be easily added. 

You can download this calculator from here.

Factors that affect the EMI amount

The amount you pay in EMI for a loan is unique to you and is influenced by different factors related to your financial situation. Key factors that affect your monthly payments include:

Principal amount: Your Equated Monthly Installment is directly impacted by the amount borrowed. Higher loan amounts result in increased monthly payments.

Repayment period: EMIs are evenly spread out during the entire tenure of repayment. Choosing a longer tenure results in reduced monthly payments.

Rate of interest: The interest rate is connected with the overall debt amount. Increased interest leads to higher monthly payments.

Downpayment: Making a large down payment decreases the loan amount, resulting in lower EMIs.

Why should you calculate your EMIs in advance?

Calculating your EMIs in advance has many advantages:

Reduced Financial Stress

Picture this: you’re halfway through the month, and suddenly, an unexpected expense crops up. If you’ve already calculated your EMIs, you’ll have a clear idea of your financial commitments, alleviating the stress of unforeseen expenditures.

Better Budget Management

When you know exactly how much you need to set aside each month for your EMIs, you can create a more realistic and effective budget. This helps you allocate funds for other essential expenses and savings without scrambling to cover loan payments.

Avoidance of Defaulting

By calculating your EMIs upfront, you’re less likely to default on your loans. You’ll have a clear understanding of whether the installment amounts align with your monthly income, preventing any missed or delayed payments that could negatively impact your credit score.

Opportunity for Early Repayment

Calculating your EMIs in advance allows you to assess whether you can afford to make additional payments towards your loan. This can help you pay off your debts faster, saving you money on interest payments in the long run.

Empowerment Through Financial Planning

Lastly, calculating your EMIs in advance empowers you to take control of your finances. It enables you to make informed decisions about loan commitments, ensuring that you’re not overextending yourself financially.


How accurate are Excel calculations for loan EMIs?

  • Excel calculations are highly accurate, provided correct inputs are provided. It’s essential to input accurate loan details to obtain precise results.

Can Excel calculate EMIs for different types of loans?

  • Yes, Excel’s financial functions can compute EMIs for various loan types, including personal loans, home loans, and car loans.

Is it possible to change EMI frequency in Excel?

  • Yes, Excel offers flexibility in adjusting EMI frequencies according to your preference. You can modify the formulas accordingly.

What if I miss an EMI payment?

  • Missing an EMI payment can attract penalties and negatively impact your credit score. It’s crucial to prioritize timely repayments to avoid financial repercussions.

Can I prepay my personal loan?

  • Yes, most lenders allow prepayment of personal loans. However, it’s essential to check the terms and conditions regarding prepayment penalties, if any.

How can I lower my personal loan EMI?

  • You can lower your EMI by either opting for a longer loan tenure or negotiating a lower interest rate with the lender.


MS Excel is useful for accurate EMI calculations using the correct formula. Calculating your personal loan EMI using Excel empowers you with financial clarity and control. By following the steps outlined in this guide, you can effortlessly manage your loan obligations and plan your finances wisely. Take charge of your financial future today!

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money.