Use our Personal Loan EMI Calculator to estimate your Personal Loan EMI and also analyse interest and outstanding principal repayment.
Personal Loans are ‘All Purpose Loans’ i.e. these loan amounts can be used without any restrictions. These loans are sanctioned in a comparatively lesser time and are thus suitable to cater to immediate monetary requirements. Personal loans can be either Secured or Unsecured Personal Loans.
Secured Personal Loans: A secured personal loan requires an asset to be surrendered as a security for the loan. This loan is easier to avail if the borrower have had any predicament in past financial record. The advantage of this loan is that it generally comes with a lower interest rate (as compared to Unsecured Loans) as banks have a lower risk in these loans.
Unsecured Personal Loans: In case of an unsecured personal loan borrower need not surrender any asset as security. It might be more appealing as the borrower is free from risk of any asset being forfeited by the bank/ financial institution if loan is not repaid on time. However, the interest rate is higher in this type of loan.
Personal Loan can be availed for a wedding, vacation, to renovate a house or any other purpose without any restrictions. Availing any loan involves repayment in regular installments in a pre agreed time duration. These are known Personal Loan EMIs. Personal loan EMI includes a part of the principal amount and the interest on the loan amount.
The borrower must make sure to have a detailed study and analyze the amounts that needs to be borrowed and EMI they need to pay for the loan amount. Thus, they can analyze the total amount payment they need to do against the loan amount.
Equated Monthly installment or EMI can be calculated using a basic formula:
The borrower must always pre assess the actual cost they need to incur by the end of installment period and must then choose wisely among the available schemes. The assessment of EMI is a time taking process if it is to be carried out manually. ‘Banking on Tips’ devised an EMI Calculator as a simple tool to calculate the EMI that is to be paid every month till towards the loan amount is paid off.
The entire task (of assessing EMIs and deciding the loan amount to be borrowed) requires a number of permutations and combinations with the principal to be borrowed, and duration in which loan is to be repaid. To easy this process ‘Banking on Tips’ designed an EMI calculator for the evaluation of monthly EMI. This borrower requires to provide the following inputs: the amount they want to borrow, the duration of the loan, the interest rates and the processing fee and calculator will do the rest.Inputs Required:
The following factors affect the Personal Loan EMI
No. The personal loan EMI calculator is absolutely free of cost to guide our readers. There are no hidden terms and conditions to use this calculator and can be freely used any number of times.
The basic documents required to avail Personal Loan include:
750 or more with a more positive credit history