The Personal Loan amount calculator is a user-friendly tool that is easy to use. You must input your desired loan amount, interest rate, processing fee, and tenure into the form. Once you click "Calculate," the calculator will show you the estimated monthly payment required.
Additionally, the amortization chart will provide detailed information about your payment plan. Planning your finances becomes much more manageable when you calculate your monthly installments ahead of time. The amount you need to pay depends on several factors, such as loan amount, interest rate, and tenure.
How is EMI calculated?
[P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
The above formula illustrates how to calculate your Equated Monthly Installment (EMI) for a Personal Loan. The procedure uses three variables, P, R, and N, where P is the principal amount borrowed, R is the rate of interest calculated monthly despite being declared per annum, and N is the tenure of the loan in months. Using the EMI calculator, you can compare the best Personal Loan interest rates in India. For instance, Rs 8 lakh for 36 months at an interest rate of 11.99% p.a., the EMI will be around Rs 26,568.
Calculating EMIs can be a time-consuming task when done manually. However, the Personal Loan amount calculator can simplify this process. Using the calculator, you can quickly understand the monthly repayment amount without any hassle and get the best Personal Loan interest rates in India.
Read Also: SME Loan Application Checklist: What Documents You Need to Prepare
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