Personal Loan & EMI Calculator

Steps to consider before availing a personal loan

A personal loan EMI calculator is useful when you want to pay the exact amount over an estimated period. It gives you the exact value of the payable EMI amount for each month. All you need to do is this:

• Select a loan amount from INR 10,000 to 50 Lakh.
• Check out the attractive interest rates
• Note that the loan tenure is can vary between 3 & 72 months.

After selecting the loan amount, interest rate per annum, and loan tenure, use the calculator and estimate the monthly EMI costs for the desired period of time.You will receive an estimated cost/ month.

Advantages Of Using a Personal Loan Calculator

Here are few of the perks you can have at your end while using a EMI calculator,

Compare Loans:

You can fix on loan amount and tenure and compare interest rates and processing charges or any other charges of various lenders. This way, you'll get a holistic idea of the entire cost of the loan, then you can choose the apt loan with interest per your needs.

Saves You Enormous Time:

It takes less than a minute to calculate EMI using an EMI calculator. Also, using personal loan calculators is user-friendly and seamless; it provides 100% accurate results.

Choose Your Loan Tenure:

One can compare interest rates and have various options of lenders for a particular loan tenure and choose the best among all. Those who choose to complete the tenure sooner can go for short tenure; otherwise, long tenure. Therefore, check EMI's and then choose the apt per your requirements.

Tip:

The mathematical Formula Used For Personal Loan EMI calculation

[P x R x (1+R)^N]/[(1+R)^N-1]

where E: Equated monthly installment,

P: Principal or loan amount

R: Interest rates per month (Annual interest rates are
divided by 12 to gain monthly interest rate)

N: Number of monthly tenures monthly or installments

Lets further dive deep into understanding Personal loan EMI Calculators:

Features Of Personal Loan EMI Calculator

Now, borrowers can assess their credit status with better clarity; given below are few best features that help you making a better decision.

Graphic Representation

The principal & interest amount that is payable in each EMI. You can acknowledge this information within the report for better understanding.

Repayment Table

It represents the details of loan repayment. It helps you understand how much of your earnings go to repayments and utilize the rest for expenditure following your lifestyle.

Different Elements Present in Repayment Table:

Principal Paid:

A portion of monthly payments is towards the loan principal. According to loan maturity, the amount too will keep increasing.

Interest Paid:

A portion of your payments is toward interests. Here, the portion will keep reducing every year as the loan matures.

Total Payment:

Sum of the principal and interest paid.

Outstanding Loan Balance:

the net balance of tenure corresponds to the principal amount. The repayment table represents the data for each year and month; thus, you can look into details for each month and each year.

Some Of The Factors That Affect Personal Loan EMI?

Loan Amount:

If you choose a high loan amount, you're liable to pay higher EMIs. Loan lenders decide the maximum loan amount for each individual based on repayment capacity, the existing borrower, or the borrower's relationship with the Bank and other components.

Rate Of Interests:

The higher the interest rates, the higher EMIs. The interest rates depend on lenders based onn a individual’s income, credit history, repayment capacity, etc.

Loan Tenure:

The tenure is directly proportional to EMI. Longer tenures have distributed lower EMIs. However, do note the consequences that follow in the longer loan repayment tenures.

Check Your Repayment Schedule:

Now it’s easy for you to check all the sections of the personal loan repayment schedule, and you will know the payables as per the monthly interest and the amount of principal outstanding.

To know more about personal loans, read our FAQs on Personal Loan.

The Bottom Line:

Personal loans are easy to avail and quick to disburse based on the credit and KYC details you provide. Manually, computing personal loan EMIs could be inefficient and prone to difficulty. Also, it could provide incorrect value; hence, personal loan calculators come in handy and carry a better value throughout your loan journey. It will give you accurate value; by this, individuals can check if the personal loan they are willing to take is suitable for them or not.