Check your monthly EMI for Personal Loan & repayment schedule
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EMI Amount = *
Components Of The Personal Loan Monthly EMI Calculator
There are three key components that you should keep in mind while using the Personal Loan EMI calculator online. You can get accurate results by changing these values based on the loan terms offered to you for planning your loan accordingly. Here is a quick guide:
Loan Amount - This is the loan sanction you want or have been approved by the leader. During the planning phase, you should enter the amount you want to borrow. Do note that you can enter the values for the loan amount numerically or by using the slider feature on the calculator.
Interest Rate - Interest rate can be calculated easily using the interest rate calculator. Generally, it starts at an attractive rate of 10.29%* p.a. but can vary based on your financial profile. Enter the interest rate accurately, as it dictates your interest payable and the EMI amount.
Tenure - Loan tenure implies loan repayment duration and is a factor you should plan for very carefully. Choosing a short tenure reduces the interest payable but increases the monthly instalment amount as well. On the other hand, a long tenure reduces the EMI amount but also increases the interest on the loan. The ideal tenure has an acceptable EMI amount and total interest payable.
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What is a Personal Loan Calculator?
To borrow efficiently and optimally, you must plan your loan using an online loan calculator. This means knowing the amount you need, the tenure you’re comfortable with, and identifying the EMIs you can handle. Proper loan planning can be very helpful and is a must-do for all borrowers. When done right, it can save you money in the form of interest and keep you from making common, costly mistakes.
The EMI calculator is one of the best tools to aid this planning process. You can easily calculate the interest payable and know your online repayment schedule within seconds.
capitalneed provides an EMI calculator to assist you in making informed selections based on reliable data. It is a tool that allows you to calculate your EMI depending on a variety of scenarios. Multiple loan amounts and tenures can be chosen, and the appropriate EMI can be calculated in seconds. This is a free online tool residing on our website that makes borrowing a lot easier. It’s easy to use, accessible from our website, and incredibly user-friendly. Our digital solutions are meant to make borrowing more convenient, given how important it is to borrow wisely.
Steps to Calculate Personal Loan EMI With the Calculator
- Step 1: Visit the webpage - https://capitalneed/personal-loan-emi-calculator.php
- Step 2: Enter the loan amount you wish to borrow
- Step 3: Enter the interest rate offered to you
- Step 4: Input the loan duration in years under the section ‘Tenure’
- Step 5: Click on the ‘Calculate’ button
- Step 6: Check the auto-generated results under ‘EMI Amount’
What are the Benefits of Personal Loan EMI Calculator
A Here are a few benefits of an EMI calculator:
- Planning the loan tenure: While applying for a loan, the EMI calculator helps in planning the loan tenure. It helps decide the time period that is suitable for the borrower.
- Planning the loan repayment: Timely repayment is considered a healthy financial habit for a borrower. It helps create a good image of the borrower in the lender’s eyes. Also, it helps in maintaining a good credit score. An EMI calculator directly assists you in planning the repayment schedule.
- Easy to use: The EMI Calculator is easy to use, allowing you to understand factors such as loan tenure, loan repayment, monthly EMI, etc. Prior to applying for a Loan, it is advisable that you should use the EMI calculator.
Different Ways to Calculate Personal Loan EMIs
A Personal Loan EMI calculator is used for calculating EMIs. You can calculate your EMIs using the below-mentioned methods:
- Online calculator: The easiest and quickest approach to get accurate answers is to use the Personal Loan EMI calculator. All you have to do to calculate EMIs is to enter the loan amount, tenure, and interest rate. The result will be generated almost instantly.
Online EMI calculators can be a great way to determine your monthly EMIs without manually calculating the amount. We offer an easy-to-use online EMI calculator on our official website to help you plan your loan amount informatively. To use the calculator, all you have to do is:
- Enter your loan amount
- Enter the interest rate offered to you
- Enter your preferred loan tenure
The tool will give an automated response to estimate your monthly EMI amount. For example, if your loan amount is Rs. 10,00,000, and you wish to repay your loan over a tenure of 5 years, your monthly EMI amount will be Rs. 21,198.*
Please note that the calculated amount is just an estimation of your monthly EMI on the basis of the information entered by you. Your actual EMI amount may differ based on other terms and conditions.
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Microsoft Excel:
This method necessitates using the Microsoft Excel application and the ‘PMT’ formula. Select a cell on the sheet, select a formula, and precisely enter the loan data into the following variables.
○ 'NPER' stands for month-to-month loan tenure.
○ 'Rate' refers to the interest rate every month.
○ 'PV' stands for principal value or loan amount.
○ 'FV' and ‘Type’ should be set to 0 and 1, respectively. -
Manual calculation: Use the following formula to manually determine the EMI amount:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
○ The letter 'P' stands for the principal amount.
○ The letter 'N' stands for the tenure as number of years
○ The interest rate on a monthly basis is denoted by the letter 'R.'
How Much Will the EMI for a ₹10 Lakh Personal Loan?
If you apply for a ₹10 Lakh Loan at an interest rate of 10.29%% for a period of 5 years, your loan EMI amount will be approximately ₹21,242*. You can use the EMI calculator to determine which interest rate and loan tenure best suits your budget.
How to Reduce EMIs On a Personal Loan?
There are various factors that help in reducing EMIs on a loan such as opting for longer repayment tenure on the loan, getting a co-applicant with a higher income and credit score, etc. While you keep these factors in mind, you can choose a loan repayment calculator in India to calculate your remaining loan amount and tenure.
Here is a detailed description of factors that help in reducing EMIs:
- Increasing Your Credit Score
Your credit score is one of the most important factors that can influence the interest rate on your Personal Loan. Lenders prefer loan applicants with good credit scores and offer lower interest rates to such applicants. - Choose a longer tenure
Consider extending the length of your loan to reduce your EMIs. - Make an effort to get a reduced interest rate
If the individual has a good working relationship with their lender, they may be able to negotiate a lower interest rate on the loan. Banks/NBFCs may be willing to do so for existing customers to increase brand loyalty and attract new customers.
Before trying any of these tactics, be sure to use a EMI calculator and conduct a thorough cost-benefit analysis.
Should I Prepay My Personal Loan Early?
Prepayment is where the borrower repays the loan prior to the end of the pre-determined loan tenure. Generally, while taking a loan, the lender and borrower agree upon a pre-determined loan tenure. Loan tenure is the time that is given to the borrower to pay back the loan amount. In a few cases, lenders impose prepayment fees for early repayment. However, if there is no such clause in the loan agreement, you should repay the loan before ending the loan tenure. Also, this will help you in saving the existing EMI amount. To ensure that you pay the EMIs on time and know if you can repay the loan prior to the end of the loan tenure, you should use a Personal Loan prepayment calculator in India.
