Are you looking for funds instantly so as to travel to your favourite foreign location? Do you want to pay your credit card bills, but don’t have enough cash? Want to gift your best friend a lavish wedding gift, but no savings? Don’t worry because with Personal Loan everything is possible as it can meet your various personal needs. Yes, you can avail this loan to fulfill many purposes and get the money instantly. When it comes to availing this loan, there are many lenders in the marketplace that offer you personal loan interest rates ranging between 11.49%-25% p.a. with Rs.50,000 being minimum and Rs.30 Lakh being the maximum loan amount. You can get this loan for a tenure of 6 months-6 years.
Now, that you have grabbed a lot of information about personal loan, it is also important for you to know about the EMIs of the same. Have you ever paid attention to your loan EMIs, are they pocket-friendly? Did you involve yourself into the actual calculation of your loan EMIs? Well, if you find these calculations a bit difficult, time-taking and confusing to understand, this article is for you. Read it further to easily understand how Personal Loan EMI Calculator functions.
This smart and effective tool allows you to know your EMIs in a hassle-free manner. The calculator takes into consideration the loan amount, tenure and interest rate and gives you the results in few seconds. You just need to feed these details in the device, and wait for the magic to happen.
However, one thing that needs to be mentioned here is the fact that usually most of the lenders use an EMI calculation formula to calculate the EMI of an applicant and that formula is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P= Loan Amount
R= Interest Rate
N=Number of Monthly Installments
But, due to the complexity of the formula not many find it easy to use, thus to solve this problem a Personal Loan EMI Calculator is here. With the help of this tool, you can compare different lenders on the basis of EMI and can pick a one that really suits your pocket. However, to have more clarity on the same, let’s take a look at an example below.
Suppose, Shivay Rajput, an Image Consultant is looking for a personal loan of Rs.5 Lakh to travel to an exotic location of Australia. Thus, after comparing different lenders he chose a one, offering him the same loan amount at an interest rate of 11.50% for 5 years. Now, what would be the EMIs that he will pay each month so as to repay his loan. Don’t worry as this device helps you out by taking off the burden from your shoulders. If you calculate the EMIs of the same loan amount for different tenures i.e. 1-5 years, the EMIs payable from his pocket would be:
1 Year: Rs.44,308
2 Years: Rs.23,420
4 Years: Rs.13,045
5 Years: Rs.10,996
As you can clearly see, what would be the amount of EMIs coming out for Shivay, if he avails the same loan amount for different tenures. Within few minutes you get the results as Personal Loan EMI Calculator makes calculations easy for you. So, whenever you go for a loan next time and don’t know how to calculate the EMIs of the same, nothing to worry as this magical tool is always available at your service.