personal loan emi calculator

Personal Loan EMI Calculator

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Quick Access | Easy To Use | Free Tool | Instant & Accurate Results

In order to borrow efficiently and optimally, you must plan your loan. 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 not only save you money in the form of interest, but can also keep you from making common, and costly mistakes.

One of the best tools to aid this planning process is the EMI calculator for personal loan. In India, almost all lenders will have such a provision available, and Poonawalla Fincorp offers this digital provision as well. With it, you can easily calculate the interest payable and know your personal loan online repayment schedule within seconds.

Step 1: Visit the webpage

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 under the section ‘Tenure’

Step 5: Check the auto-generated results under ‘EMI Amount’

Total Payable
Interest Payable

Components of the Personal Loan Monthly EMI Calculator

There are 3 key components of the online EMI calculator. You can get accurate results by changing these values based on the loan terms offered to you, and plan your loan accordingly. Here is a quick guide.

Loan Amount: This is the loan sanction you want or have been approved for. 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: This is the rate offered to you by us. Generally, it starts at 10.99% but can vary based on your financial profile. Enter this rate accurately as it dictates your interest payable and the EMI amount.
Tenure: This is 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 is one that has an acceptable EMI amount and total interest payable.

Why should I calculate my EMIs?
You must calculate the personal loan EMI amount to know if you can afford the loan. Unnecessarily stressing your finances may cause you to miss payments and incur fines.

How can I plan prepayment with the EMI calculator?
Once you enter the details into the calculator, click on the ‘Check Repayment Schedule’ button. This will give you access to the amortisation schedule, which is a detailed table with a clear breakup of your payments. With this information, you can easily identify the best months to prepay your loan.

How can the EMI calculator help me reduce EMI amount?
You can use the EMI calculator to adjust the personal loan tenure until you find an acceptable EMI amount. All you have to do is either increase the tenure value or decrease the loan amount you wish to borrow.

How can I access the personal loan online repayment schedule offline?
To access this schedule offline, simply enter the accurate values into the calculator and click on ‘Download Repayment Schedule’. A PDF file will get automatically downloaded with all the information accessible offline.

What is the tenure available for a Personal Loan?
The time allowed to pay back your Personal Loan can range from 12 to 60 months. Keep in mind that the time taken to repay the loan will directly affect the EMI payable. If you want lower EMIs, you must take the loan for a more extended period. However, a longer repayment tenure means you will pay more interest.

What happens in case I fail to pay my EMI?
It is essential to pay your EMIs on time. Typically, banks will charge a penalty fee of 2% on your EMI if you fail to make timely payments. Also, any missed payments will negatively affect your credit score and may hinder your chances of getting a loan. Use a Personal Loan EMI calculator and calculate your EMI beforehand to avoid such scenarios.

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Ever wonder how your friend is so relaxed even after taking debt or loans on his shoulders? Or how did your neighbour manage to send his kid abroad for higher studies? Well, the answer is Personal Loan!

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What all can a Personal Loan be used for?

All of us have multiple needs, however a lot of times the current finances may not be enough to address these needs. Thanks to Personal Loans, addressing these needs is possible now. The ease of availing with affordable interest rates makes them stand out as a good financial option. There are multiple needs for which a personal loan can be a good option.

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