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
3
Years:Rs.16,488
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.
This is an incredibly informative and well-written article! Personal Loans EMI Calculators are a fantastic tool for simplifying loan repayment and helping individuals make informed decisions. Thank you for sharing an article like this.
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