Calculate Cosmos Bank Personal Loan EMI

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Total Interest-
Principal Amount-
Total EMI


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  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹500,000
  • 10.5%
  • ₹0
  • 5

Cosmos Bank Personal Loan EMI Calculator

The EMI calculator helps calculate the amount of the EMI installment that is to be paid every month. It is based on three variables - the amount of loan availed or the Principal amount, the rate of interest and duration for which the loan is availed.  

The formula used to calculate a personal loan EMI is [P x R x (1+R)^N] / [(1+R)^N-1]


P = Principal loan amount

R = Rate of interest

N = Loan tenure in months

For Cosmos Bank Personal Loan the values for each are

P = Maximum up to  5 lakh

R = 12.50% p.a.

N = can be a maximum of 48 months or 4 years.

Know in detail: Simple Interest Formula Calculation

How to Use Cosmos Bank Personal Loan EMI Calculator on MyMoneyMantra?

MyMoneyMantra is a one-of-its=kind online financial portal that is empowered with a personal loan calculator. The financial tool is extremely easy to use.

To use the Cosmos Bank Personal Loan EMI Calculator on MyMoneyMantra simply log on to the MyMoneyMantra website and use the EMI calculator in the following way:

Log on to the MyMoneyMantra website 
From the header bar click on the link 'Financial Tools' and select EMI calculator from the drop down menu. 
On the EMI calculator page, enter the required parameters like principal amount, rate of interest and tenure. 
On submitting the information, the monthly payable EMI amount will flash on the screen. 
To reach the ideal EMI, you may make amendments in the principal amount and loan tenure. 
Once completed, check your loan eligibility and apply for a Cosmos Bank personal loan directly through MyMoneyMantra.

Benefits of using MyMoneyMantra's EMI Calculator

The main advantage of using the Cosmos Bank Personal Loan EMI Calculator is that it makes the applicant aware of the amount of EMI he/she will be required to pay every month to repay the loan. The appropriate amount of EMI makes repayment easy with mounting financial stress.

The other benefits of using a personal loan EMI calculator are:

All time Access: MyMoneyMantra's EMI Calculator can be used anytime. The access of the calculator is available online and thus the borrower can log in at any time as per convenience. Furthermore, the use of the EMI calculator is absolutely free of cost.

Save Time: MyMoneyMantra's EMI Calculator allows you to compare deals of different banks without visiting different bank branches or meeting loan representatives of different banks. Thus, the procedure of choosing the lender and applying of a personal loan is very easy and hassle-free.

No complex calculations involved: By using MyMoneyMantra's EMI Calculator the computation of EMI is very easy and without any manual errors. The results calculated by the personal loan EMI calculator are reliable and accurate.

Crucial for financial planning: MyMoneyMantra's EMI Calculator is an effective financial tool. It shows the monthly outflow of funds that the borrower is required to repay a personal loan. It also allows its users to try different combinations of the loan parameters until the best and most comfortable EMI figure is reached. This saves the borrower from undue financial stress. Thus, the EMI calculator allows the borrower to weigh his/her income and outflow and take a fully informed decision.

Factors Affecting Cosmos Bank Personal Loan EMIs

The value of EMI corresponding to the amount of personal loan is dependent upon various factors. These are:

Principal Loan Amount: The principal amount is the amount of personal loan that the borrower wishes to avail. Higher the principal amount, higher will be the EMI. Cosmos Bank allows a personal loan up to 5 lakh.

Rate of Interest: The Personal Loan Interest Rates is the interest charged by Cosmos bank on issuing a personal loan. The rate of interest is the income for the bank, but it is an expense for the borrower. The EMI amount is directly related to the rate of interest. Higher rate of interest will lead to a higher EMI. The rate of interest charged by Cosmos Bank on its personal loan is 12.50% p.a.

Applicant's occupation: Applicants with permanent job with government institutions or reputed private companies are more likely to get a lower rate of interest, which can scale down the EMI amount.

Loan tenure: The time period over which the personal loan is to be repaid is the loan tenure. EMI value is inversely linked to the loan term. The longer the loan tenure, lower will be the EMI. Cosmos Bank sanctions personal loan for a maximum period of 4 years or 48 months.

Existing bank customers: Cosmos bank may negotiate its terms for its loyal customers. Existing customers of Cosmos Bank enjoy a lower rate of interest on personal loans.

Credit Score: Credit Score reflects your financial discipline. Applicants who have a clean banking record and a healthy credit score are most likely to avail a Cosmos Bank personal loan. The banking history shows details of the number and type of loans availed and the discipline in repaying the loans on the due date. All these factors are closely assessed to evaluate the borrower's commitment in repaying a loan. As personal loan comes without any collateral security, a high credit score becomes mandatory. Thus, higher the score, higher will be the eligibility and chances of getting the loan approval.  Applicants with high credit score have the advantage of availing higher loan limit along with concessions in the rate of interest and other charges.

Debt to Income Ratio: This Debt to Income ratio is paramount while ascertaining the eligibility of the personal loan. The required ratio varies between 30% and 50% depending on the lender. The ratio is calculated keeping in mind the existing commitments and EMIs of ongoing loans. The existing commitments include the mandatory expenses like the rent, utility bills, etc. The lender calculates the ratio to gauge if the proposed EMI can be comfortably repaid after taking into account the existing commitments.

Tips To Decide The Right Amount Of EMI

EMI is a fixed value of money that the borrower will have to pay every month for the entire loan term in order to repay an availed personal loan. As the period of repayment is long, it is important that the EMI amount is carefully calculated.

The EMI value should not be too small as smaller values of EMI come with longer tenures. This makes personal loan expensive. On the other hand, a very high value of EMI is difficult to be paid continuously for over a year. This warrants unwanted financial stress. To ease the situation, the loan duration should be increased. Listed below are a few tips that help ascertain the right amount of EMI.

Check the principal amount: The principal amount of the personal loan has a direct impact on the EMI. Also, it's the principal value that attracts the interest charge. Thus, a lower principal amount will attract a lower interest. It is important to choose the personal loan wisely and make sufficient provision for using personal savings. Use EMI calculator to reach the ideal EMI amount beforehand.

Check your financial obligations: Personal loan should not be applied in haste. It is a high value liability and directly impacts the financial standing. Therefore, it is important to clearly assess and evaluate the need of personal loan and your current financial obligations before applying for the same. Your monthly budget should account for the additional EMI outflow without any undue stress.

Check Eligibility: Cosmos Bank approves personal loan only up to the amount the applicant is eligible for. Cosmos Bank personal loan eligibility of the applicant depends upon their repayment capacity, income, age, job profile, qualification, number of dependents, current financial standing, total assets and liabilities, applicant's saving history, job stability, work experience, etc.  The applicant can use the personal loan eligibility checker to know the maximum amount of loan allowed. Cosmos Bank, however, allows applicant to team up with other co-applicants to enhance the personal loan eligibility limit.

Change In EMI Amount

An EMI amount changes on two conditions:

  • Change in EMI amount upon change in rate of interest
  • Change in EMI amount on prepayment

Unlike home loans, personal loan comes with a fixed rate of interest. The rate of interest remains same over the entire course of the loan. Thus personal loan do not face a situation where in a change in EMI amount occurs due to change in rate of interest. Cosmos Bank Personal Loan is available at a fixed rate of interest of 12.50% p.a.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Cosmo Bank Personal Loan EMI Calculator FAQs

Can a Cosmos Bank personal loan be prepaid?


Yes, Cosmos Bank allows its customers to prepay personal loan as and when they have surplus funds.

What is the maximum loan tenure for Cosmos Bank personal loans?


Cosmos Bank personal loan has a flexible repayment term. It depends upon the EMI that the individual will be able to pay each month. The maximum term is up to 4 years.

Who is eligible for a Cosmos Bank Personal Loan?

  • Salaried individuals, self-employed professional and non-professionals are eligible for the loan.
  • Salaried individuals must be employed with State/Central Government Organizations, PSUs, Companies of repute, MNCs, Reputed educational institutions.
  • In case of salaried individuals, applicant must have a minimum of 2 years of overall work experience with at least 1-year work experience in the current organization.
  • In case of self-employed, applicant must be engaged in the same/current line of business for at 2 years.
  • A credit score of over 700 is required.

Is recalculation of EMI for an ongoing Cosmos Bank personal loan possible?


Cosmos Bank allows its customers to make upward or downward changes in the EMI installment. However, the same is possible only after a part-prepayment of principal amount is done. The charges for recalculation are applicable as per the policy of the bank.

What types of personal loans available from Cosmos Bank?


Cosmos Bank approves personal under two headings. They can be availed as an overdraft facility or a term loan. For the overdraft facility, the interest is charged only for the amount of money utilized on Daily Reducing Balance. However, for a term loan, a fixed rate of interest of 12.50% p.a. is charged. The repayment is done through EMIs paid over the entire course of the loan.

What income documents are to be submitted by a salaried applicant to avail a Cosmos Bank Personal Loan?


To apply for a Cosmos Bank Personal Loan a salaried individual must attach the following income documents:

  • Salary slips for the last 3 months.
  • Latest Form 16 and IT Returns.
  • Bank Account statement for the last 6 months showing salary credit.

For what purpose can be Cosmos Bank Personal Loan be used? Is end-use verification mandatory?


Cosmos Bank Personal Loan is a multi-purpose loan. It can be used to meet any financial need. The borrower is not required to submit an end-use certificate.

What type of collateral security or personal guarantee is required for a Cosmos Bank Personal Loan?


Cosmos Bank issues personal loan without a collateral security or personal guarantee. The applicant must simply meet the eligibility criteria to avail a Cosmos Bank Personal Loan.