Calculate the EMI on your Professional Loan and Plan in Advance
EMI stands for Equated Monthly Instalment. An EMI is the fixed monthly amount you need to pay on a specific date till the entire loan amount is repaid. The principal part of the loan, as well as the interest, are included in the EMI. You can utilize the EMI calculator to plan your loan amount if you are considering a Professional Loan for Chartered Accountants, Doctors, or other professionals.
What is a Professional Loan EMI Calculator?
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To help you make informed decisions, you can use our Professional Loan EMI calculator. An EMI calculator is a web tool that helps you calculate how much your EMI would be paying in various scenarios. Multiple tenures and loan amounts can be selected, and the corresponding EMI amount can be calculated within seconds. It is simple free-to-use digital tool, easily accessible on our website and extremely user-friendly.
How to use Professional Loan EMI Calculator
Step 1: Visit the calculator webpage
Step 2: Enter the loan amount you require
Step 3: Fill in the interest rate offered to you by Poonawalla Fincorp
Step 4: Enter the loan duration under section ‘Tenure’
Step 5: View the results under the section ‘EMI Amount’
Different Ways to Calculate Professional Loan EMIs
3 main components impact the results of the Professional Loan EMI calculator:
This is the loan amount or the principal amount you wish to borrow or the amount that has been approved by us. It directly impacts your monthly EMI amount, which is why you should only borrow as much as you need.
- Interest Rate:
This is the rate of interest charged on the sanction or principal amount for the given tenure. It is important to secure the lowest rate possible as loans with equal sanction and tenure sanctioned at a higher interest rate will have a higher monthly installment.
Simply put, this is the repayment window. For example, a Professional Loan to CAs ranges up to 60 months. Opting for a shorter timeline increases the EMI amount considerably. Alternatively, a longer tenure results in lower monthly outgo.
Different Ways to Calculate Professional Loan EMIs
- Online calculator:
Using the Professional Loan EMI calculator is the easiest and quickest way to get accurate results. To calculate the EMI, all you must do is enter the values for the loan amount, tenure, and interest rate. Once you’ve done this, the result is auto generated within seconds and can be viewed on the same page.
- Microsoft Excel:
This method requires you to use the Microsoft Excel program and the ‘PMT’ formula. Choose a cell on the sheet, pick the formula, and enter the loan data into the following variables accurately.
- ‘NPER’: This stands for loan tenure in months
- ‘Rate’: This is the rate of interest on a monthly basis
- ‘PV’: This denotes the loan amount or principal value
- Manual calculation: : To calculate the Professional Loan EMI amount manually, use the following formula:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
‘P’ denotes the principal amount
‘N’ denotes the tenure in months
‘R’ denotes the interest rate applicable on a monthly basis
How To Reduce EMIs on a Professional Loan?
There are a few ways to reduce the Professional Loan EMI amount:
- Boost Your credit Score
One of the most crucial elements that can affect the interest rate on your Professional Loan is your credit score. A loan applicant with a strong credit score is always favored by lenders, and they are also approved for Professional Loans at lower interest rates.
- Choose a longer tenure
If you want to lower your EMIs, consider taking a longer tenure on your Professional Loan.
- Negotiate for a lower interest rate
If the person has an excellent relationship with their lender, they may be able to negotiate a lower interest rate on the loan with the lender. Lenders may be willing to do so for their current clients to boost brand loyalty and attract new ones.
- Prepay the Professional Loan
The amount paid by the consumer in addition to the regular EMI is referred to as a pre-payment. A pre-payment helps in reducing the total outstanding loan amount and thereby the EMI or the loan tenure.
Before trying any of these options, be sure to use a Professional Loan calculator and conduct a thorough analysis.
Frequently Asked Questions
Why should I use the Professional Loan EMI calculator in India?
If you are looking for a Professional Loan, you may need to plan the EMIs. The main reason to use this digital tool is that it simplifies loan planning. With this tool, you can calculate the EMI outgo accurately and take decisions that will best suit your capacity to pay.
How is the Professional Loan EMI calculated?
The interest payable on your Professional 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 Professional Loan calculator on our website.
How can I access the Professional Loan online repayment schedule?
The online repayment schedule is also known as the amortization schedule. To access this table, you must first calculate your Professional Loan EMI amount and then click on ‘Check Repayment Schedule’. This will open an interactive window, allowing you to check the complete repayment schedule.
Do I have to pay to use the Professional Loan monthly EMI calculator?
No. The online Professional Loan calculator is completely free and can be used multiple times.
Can I access the repayment schedule offline?
Yes. To access this schedule offline, simply compute the results for the desired loan particulars, and click on ‘Download Repayment Schedule’. This will automatically download a ‘PDF’ file containing the repayment information.