Check Your Monthly EMI For Personal Loan & Repayment Schedule
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 planning 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 an attractive 9.99% 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 has an acceptable EMI amount and total interest payable.
What Is A Personal Loan Calculator?
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.
We provide a Personal Loan EMI calculator to assist you in making informed selections based on reliable data. A Personal Loan calculator 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
- 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: Check the auto-generated results under ‘EMI Amount’
Different Ways To Calculate Personal Loan EMIs
- 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 Personal Loan EMI is to enter the loan amount, tenure, and interest rate. The result will be generated in a matter of seconds.
- Microsoft Excel:
This method necessitates the use of 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 for a Personal Loan:
EMI = [P x R x (1+R) N] / [(1+R) (N-1)]
○ The letter 'P' stands for the main 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 To Reduce EMIs On A Personal Loan?
There are a few ways to reduce the Personal Loan EMI amount.
- 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 they offer lower interest rates to such applicants.
- Choose a longer tenure
Consider extending the length of your Personal 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/NBFC's 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 Personal Loan calculator and conduct a thorough cost-benefit analysis.
Frequently Asked Questions
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 amortization 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 the EMI amount?
You can use the EMI calculator to adjust the Personal Loan tenure until you find an acceptable EMI amount. You must 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, lenders will charge some penalty fee 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.
How is the Personal Loan interest calculated?
The interest payable on your Personal Loan is calculated based on the sanction, interest rate, and tenure of the loan. The best way to know the interest payable is to use the Personal Loan calculator on our website.
Do I have to pay to use the Personal Loan monthly EMI calculator?
No. The online Personal Loan calculator is completely free and can be used multiple times whenever you need it.