Plan Your Repayments with a Personal Loan Amortization Calculator
Having a clear understanding of the repayment structure of a Personal Loan helps you make the decision to choose a credit facility to meet your expenses. Know the details of your loan repayment schedule with a Personal Loan amortization calculator from Poonawalla Fincorp.
Use this financial tool to plan your loan repayment effectively, thus allowing for better financial planning and decision-making. Try it now!
What is a Personal Loan Amortisation Calculator
A Personal Loan amortisation calculator is a financial tool designed to help you understand how your loan payments are structured throughout your loan tenure. Enter details like the principal amount, interest rate and loan tenure to get a detailed amortisation schedule with a complete breakdown of your Personal Loan’s repayment.
What is Loan Amortisation
Loan Amortization is the process of gradually repaying a debt obligation through regular instalments over the repayment period. In an amortised loan, each payment consists of both principal and interest, with the proportion changing over the life of the loan.
Understanding loan Amortization is crucial as it impacts your long-term financial planning and helps them make informed decisions about loan terms and repayment strategies.
Personal Loan Amortisation Schedule
The amortisation schedule for a Personal Loan provides a clear visual representation of how your loan balance reduces over time. It also shows how the proportion of principal to interest changes with each payment. Enter your loan amount, tenure and interest rates in the EMI calculator and get your amortisation schedule:
| Tenure | Approximate EMI at 10% interest rate | |
|---|---|---|
| 2 years | ₹46,145/month | |
| 3 years | ₹32,267/month | |
| 4 years | ₹25,363/month | |
|
₹21,247/month |
How Does a Personal Loan Amortization Calculator Work
The Amortization calculator uses a series of financial formulas to generate the loan repayment schedule. Follow the simplified step-by-step explanation of its calculation process:
1. Multiply the loan principal amount by your interest rate.
2. Divide that by 12 to get your interest fee for the current month.
3. Subtract the interest fee from the total monthly payment.
4. The remaining amount is how much will go toward the principal for that month.
Benefits of Using a Personal Loan Amortization Calculator
Check the benefits of using a Personal Loan Amortization calculator:
● Financial Planning: Provides a clear picture of future payments to help you budget effectively and plan your long-term financial goals.
● Understanding Loan Structure: Gives insights into how payments are applied to principal and interest over time, increasing financial literacy.
● Informed Decision Making: Gives an understanding of the cost of borrowing the loan over the entire term to help you make an informed decision about using debt to meet your financial needs.
● Saves Time: Eliminates the need for complex manual calculations, saving your time and reducing the risk of errors.
● Transparency: Provides clarity on the actual cost of borrowing, including the total interest payable over the repayment tenure.
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Frequently Asked Questions
Yes, you can use the Personal Loan amortization calculator to compare different loan amounts. Just enter the loan amount, interest rate and tenure to know the EMI and repayment schedule.
A Personal Loan amortization calculator gives you an accurate estimation of the EMI, the repayment schedule and the breakup of the principal and interest component in every EMI. However, it does not account for factors like the prepayment penalty or variable interest rate.
Yes, the amortization calculator provides a full repayment schedule. You can look at this schedule to see your remaining balance at any point during the loan term.
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