Equated Monthly Installment or EMI is that amount a borrower has to pay to its personal loan provider to repay his/her personal loan on a fixed tenure. Personal loan emi calculator is a very beneficial tool which will help you to calculate your EMI. The most amazing thing about EMI Calculator is you can count your EMI even if haven’t taken any loan or planning for a personal loan.
How you can count EMI without EMI Calculator?
Often people think that EMI formula is complicated but is very easy you can easily count your EMI before you take any kind of loan. Here it is the formula to calculate EMI.
E is EMI
P stands for Principal of the Loan amount
R stands for rates of interest calculated on a monthly basis.
N stands for loan tenure
How to use EMI Calculator?
It is very easy to use the EMI Calculator so don’t get so stressed looking on this formula. You can count your EMI by using colorful charts. EMI Calculator is easy to use. You can use the EMI Calculator whenever you want and wherever you want by using EMI Calculator you can calculate your home loan, car loan, personal loan, educational loan. You have to enter these following pieces of information in the EMI Calculator:
- The principal of the Loan amount.
- Loan tenure
- Interest rate of your loan
- EMI in advance (Car loan)
You can use the slider to adjust the values in the EMI Calculator form. You can write there too if you want to.
What is Personal Loan?
Personal Loan an unsecured loan taken by individuals to full feel his/her personal needs(vacation, education, medical, repair, purchase ) from a bank or financial company. The repayment time of this loan is 2 to 6 years. From the age group of 21 to 60 years people, People who is working from last 2 years and have a great CIBIL score (minimum 650) can get that loan. As it is an unsecured loan we mentioned before, consumers who don’t qualify mentioned verifications can’t get a personal loan. They offered secured loan by the bank. The interest rate is from 10% to 36%.
|Particulars||Interest Rate & Other Charges Applicable|
|Loan Amount||50,000 to 30 Lakhs|
|Interest Charges||10.65%-24% P.A|
|Loan Tenure||1 to 5 Years|
|Preferred Credit Score||650|
|Account Statement Charge||RS.200 To Rs.250+ GST|
|EMI Bounce Charge||RS.400 To Rs.450+ GST|
|Duplicate Prepayment statement charges||RS.200 +GST|
|Loan Cancellation Charges||Up to 3000|
|Repayment mode swap charges||RS 500+GST|
|Foreclosure or Prepayment Statement Charges||RS 100+GST|
|NOC or NDC||For NOC 500+GST, For NDC 200+GST|
|Stamping Charges||At Actuals|