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Calculate your Loan EMI & Total Interest Due
₹2,23,863
₹3,72,709
₹53,72,709
| Year |
Interest (B) |
Total
Payment (A + B) |
Balance | ||
|---|---|---|---|---|---|
| 2018 | ₹ 5,87,502 | ₹ 84,086 | ₹ 6,71,589 | ₹ 44,12,498 | |
| 2019 | ₹ 24,55,260 | ₹ 2,31,095 | ₹ 26,86,355 | ₹ 19,57,237 | |
| 2020 | ₹ 19,57,237 | ₹ 57,529 | ₹ 20,14,766 | ₹ 0 | |
An EMI loan imbibes loan that has easy eligibility criteria, unrestricted end-use to finance your immediate expenses, and special offers. Most interest rates start at 10.99% and allow you to avail yourself of a loan of up to 25 lakhs through a simple online process. This process requires minimal documentation and eligibility criteria that are easy to meet.
It can help you get a flexible tenure for up to 5-6 years and repay this loan EMI at your convenience. Rupeezo enables you to keep track of these loans, processes loans faster, and tailors loan offerings ideal to fund your financial goals.
EMI is the payment that a supplicant pays towards the end of every month to repay the loan. It includes the principal amount with interest. An EMI calculator is used to calculate monthly loan payments. The borrower enters details such as the tenure, interest rate, and principal amount that fetches the EMI instantly. The tenure loan amount is then divided equally over a period and easily calculated using an EMI calculator.
A personal loan helps an individual address various financial needs conveniently. Major expenses that come up without warning drain most of your savings. There are common scenarios when you can utilise an EMI calculator and take personal loans. Some of them are:
It is possible to manage your loans offline and online by consolidating your existing loans into clear dues. Availing a commodious and quick EMI personal loan online reduces your EMI burden considerably.
It is a pervasive problem where individuals struggle to arrange down payments for different properties they may want to purchase. With personal loans online, it is possible to book a property conveniently and get the required funds within the limits of approval at competitive rates.
Taking a personal loan online for a small business or a new franchise can be tricky. Fortunately, online loans require minimal documentation and are instantly approved to get you the funds faster to make you realize your entrepreneurial dream sooner.
From buying home essentials to transportation charges, moving cities also accompanies a slew of expenses. To ensure this process is eased out, you can avail of personal loans online and repay the amount in flexible EMIs with time.
Different EMI calculators bring out different schemes and purposes. Some of which includes:
It is useful to estimate the EMI amount payable every month to repay the personal loan.
Business calculators, calculate the monthly EMI before one applies for a loan. For a business loan EMI, filling in your details, repayment amount, and tenure is required. By the end of the month, an EMI is calculated as per the lender.
An IDV calculator is used for two and four-wheelers to check a vehicle’s value to be insured.
To help you better understand the functioning of these loans, this article explains other factors that contribute to efficiently getting and calculating an EMI personal loan.
An applicant's loan EMI calculator largely depends on the eligibility and factors that include age, a fixed monthly income, nature of employment, professional experience, CIBIL score, etc. For a quick loan from any capital, it is required that you fulfil all the easy-to-meet criteria. It is essential to look into all the personal details before applying for a personal loan. Basic personal information includes your CIBIL score, PAN card number, and KYC documents.
A personal loan EMI calculator online and offline has several advantages that contribute to the chances for an individual to apply for one. For instance, it is multipurpose. No matter the occasion, a personal loan offering can fit your criteria and meet your needs. Be it for travelling, higher studies, weddings, or any other purpose.
The overdraft facility makes it easier to withdraw additional funds up to a limit agreed upon through an EMI calculator online. Similarly, interest is charged substantially on the amount you use. Besides, there is no collateral or security for personal loans. You can pay a part of the loan at any time after 6 months of using the personal loan online, without any additional fee or penalty.
A personal loan EMI calculator helps calculate the EMI amount that a borrower has to repay every month to repay the loan. It considers the interest rate, loan amount, loan tenure, interest payable, and the balance loan amount. With the help of the EMI calculator, one can determine loan selection according to your affordability by comparing different Loan tenures, ROI, and loan amounts.
CIBIL score helps you access products like loans and credit cards. Other financial institutions and banks that lend take into account your score with other factors of income, job stability, age, among others.
Your payment history has one of the biggest influences on your credit score. Hence, loan EMIs and credit card bills are important aspects that must be taken care of. Any overdue and missed payments can reflect a bad score suggesting inconsistency with repaying credit.
While applying for a credit card or loan, lenders check your creditworthiness by checking your credit report. This is also known as a hard enquiry. It can result in multiple enquiries if multiple applications have been sent out.
Rupeezo's personal loan EMI calculator helps facilitate a hassle-free process for the loan applicants by integrating all the NBFCs and other leading banks, making the process smoother and providing you with the funds required.
What is the full form of EMI?
EMI stands for Equated Monthly Instalment.
Can I use the same EMI calculator for personal, business, and car loans?
It is suggested that the variable and floating rate EMI are calculated considering two different scenarios: pessimistic and optimistic. Loan tenure and amount are important to consider and calculate to decide the amount of loan to be borrowed.
What happens if I do not pay the EMIs?
Defaulting EMIs adversely affects an individual’s CIBIL score. This will also make it difficult for you to get another loan in the future. Consequently, NBFCs and banks charge a penalty rate from your EMI if it is unpaid after one month of the due date.
What factors reduce your Personal Loan EMI?
A balance transfer loan helps reduce your loan EMI as they are offered with low-interest rates. Other factors such as other charges and processing fees ensure that you safely transfer loans to another bank.
Which factors affect your personal loan EMIs?
The applicant’s credit score significantly influences the interest rate imposed and repayment tenure. Your personal banking details are required to cater to the loan application requirements. An additional facility to avail insurance to safeguard against your personal loan liabilities is mandatory and can affect the online personal loan application.
Is it good to pre-close a loan before the tenure ends?
It is good to pre-close a loan before the tenure ends if you have enough finances to repay the loan amount before the tenure terminates. It also reduces the debt burden. Hence, considering the bank’s penalties and charges for pre-closure can be a good choice for financial health.