professional loan emi calculator

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Professional Loan: EMI Calculator

Accurate Results | Free Calculator | Easy-to-use


%
Total Payable
Interest Payable

To help you take informed decisions based on accurate results, we offer the professional loan EMI calculator. This is a free-to-use digital tool that makes borrowing wisely a lot easier. It is simple to use, easily accessible on our website, and is extremely user friendly. Considering how crucial it is to borrow smartly, our digital tools are designed to facilitate convenience.

Step 1: Visit the calculator webpage
Step 2: Input 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’

There are 3 main components that impact professional loan EMIs.

  • Sanction: This is the loan amount or principal you wish to borrow or the amount that has been approved for by us. It directly impacts the EMI amount, which is why you should only borrow as much 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 larger monthly instalment.
  • Tenure: Simply put, this is the repayment window. For a professional loan, it ranges up to 60 months. Opting for a shorter timeline increases the EMI amount considerably but also reduces interest outgo. Alternatively, a longer tenure results in lower monthly outgo, but increases interest outgo as you’ll be paying interest for a longer period of time.
  • Online calculator: Using the professional loan EMI calculator is the easiest and quickest way to get accurate results. To calculate professional loan EMI, all you have to 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
    Enter the values for ‘FV’ and ‘Type’ as 0 and 1, respectively.
  • 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)]
    Here,
    ‘P’ denotes the principal amount
    ‘N’ denotes the tenure in months
    ‘R’ denotes the interest rate applicable on a monthly basis

There are a few ways to reduce the professional loan EMI amount.

  • 1. Opt for a smaller sanction
  • 2. Choose a longer tenure
  • 3. Negotiate for a lower interest rate
  • 4. Prepay the professional loan at least once during the tenure.

Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.

Why should I use the EMI calculator for a professional loan in India?
The main reason to use this digital tool is that it simplifies loan planning. With it, you can know the cost of borrowing accurately, and take decisions that will best suit your capabilities.

How is the professional loan interest 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 I can access the professional loan online repayment schedule?
The online repayment schedule is also known as the amortisation 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 whenever you need it.

Can I access the repayment schedule offline?
Yes. To access this schedule offline, simply compute the results for the desired loan particulars, and then click on ‘Download Repayment Schedule’. This will automatically download a ‘.PDF’ file containing the repayment information.

Interest Rate

APR ranging from 9.99% to 16.5% | One-time Processing Fee up to 2% plus taxes.

Repayment

Flexible repayment tenure from 1 year to 5 years with zero pre-payment charges.

Example

Loan Amount Rs.10 lakh, Interest Rate: 10%, Tenure: 5 years, equates to EMI of Rs. 21,247 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
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