Personal Loan EMI Calculator - Decide Your Budget Smartly
Get to know your monthly EMIs to understand mandatory expenditures. With the user-friendly personal loan EMI calculator, get the values in seconds to make informed choices and avoid regrets.
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Personal Loan EMI Calculator
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What is Personal Loan EMI Calculator?
The personal loan EMI calculator is an online tool that allows instant calculation of possible EMIs based on principal amount, rate of interest and loan tenure. These amounts need to be paid every month until the overall loan amount, including interest and lump sum, is paid off.
How to Calculate Personal Loan EMI?
- Step 1: Enter the loan amount in INR
- Step 2: Select the rate of interest. It will be specific to the bank or financial institution.
- Step 3: Fill in the tenure in months.
Benefits of Personal Loan EMI Calculator
On the Go Decision-Making:
You can use online EMI calculators to perform calculations anytime and anywhere on the go. Thus, deciding and planning your upcoming years is at your fingertips.
Offers Accurate Insights:
Whether it is the multiple parameters or high amount calculation, the personal loan EMI calculator can do it without error. Ease your tedious calculations with quick results.
Flexibility to Calculate:
You can easily change the values to any number and perform as many calculations as you want, all for free of cost.
Allows to Decide on the Monthly Budget:
With information about the fixed monthly expenditures, you can decide on a strategy to segregate the expenses into different categories.
Offers Time to Lower Interest Rate:
You can also assess if you need the loan right away or can wait to improve the CIBIL score. A lower score will lower the interest rate and accordingly perform calculations on the personal loan EMI calculator.
Factors Affecting Personal Loan EMI
Multiple factors influence the personal loan EMI. These include:
- Principal amount: The lump sum you want to obtain as a loan has a direct impact on EMI. The high amount increases the EMI, while the lower amount decreases the same.
- Interest rate: The high loan rate means a requirement to pay more money and subsequently generates more EMIs. Lower loan rates, on the other hand, decrease the expenditure and hence EMI is also lowered
- Tenure: The loan period influences EMI, too. The longer duration decreases the EMI but increases the overall interest charges. The short duration of the loan requires payment of large EMIs, which is also accompanied by lower interest based expenses.
- Additional loan charges: Taking a loan requires paying multiple other charges as well, such as processing fees, prepayment charges, foreclosure options, or others. These are incorporated into EMIs, thus increasing the same.
- Credit score: Credit score has the power to lower the interest rate, which subsequently decreases the EMI.
Frequently Asked Questions About Personal Loan EMI Calculator
What is the formula for calculating EMI?
The EMI can be calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1],. Here, P refers to the principal amount, R is the monthly interest rate, and N is the loan tenure in months.
Why should you plan for the loan?
Loan planning is important to help set affordable EMIs that do not impact the monthly expenditures. Further, the planned moves offer time to improve the CIBIL score, which can help lower the interest rate and, hence, the overall expenditure of taking a loan.
What is the rule to set EMI?
The personal loan EMI should not be more than 10% of the monthly income. It allows space for other EMIs, such as car and home loan ones. Further, it also eliminates the burden by allowing one to maintain a proper lifestyle with minimal or no compromises.
Can I use the Personal Loan EMI calculator for other types of loans?
Yes, our personal loan EMI calculator can be used for home loans, car loans, and other types of loans, but you must adjust the interest rate and tenure accordingly.
