Find your monthly interest and installment on the Personal Loan EMI calculator before sanctioning of personal loan to get a clear idea, how much you have to pay till the loan ends…
A personal loan is one kind of loan that is given to individuals who are in business or specified to be employed by an organization, and any individual who is seeking to get a Personal Loan can apply directly online, as many banks and financial institutes do provide an easy way to apply for the loan.
In these contests individuals must be aware of the details along with how much loan amount is being given to them, and having a Personal Loan EMI calculator will ensure that you get the exact details of your loan and as well calculate the EMI that is to be paid, as banks do provide personal loan and margin rate of interest which might be similar but vary in small percentage value.
99employee.com advised to check the rate of interest twice and then proceed to avail the Personal Loan to always be on the benefit side.
What is Personal Loan EMI
The equated Monthly Investment is an amount that is to be paid by an individual in respect to their Personal Loan that has been taken by them from the respective bank or financial institute, and these amounts need to be deposited in your account which will be deducted through ECS monthly on a particular date until the EMI tenure has been completed.
Personal Loan EMI Calculator Benefits
The Personal Loan EMI Calculator does give you some basic information that will let you compare with the details provided by the bank.
- Quickly calculate the EMI amount
- No chance of error due to accurate calculation
- Let you understand exact repayment tenure
How to Calculate EMI of Personal Loan
Personal Loan EMI calculation is little different from other loans which are provided by banks or financial institutes. Using the Personal Loan EMI calculator you will be able to view the exact EMI that is applicable to your Loan principal amount. Individual can you different Personal Loan EMI calculator available online
Use these formulas shown below to calculate the EMI for your loan by providing the details. You should entire your details as asked in the formulae to calculate the exact amount.
E = P * r * (1+r) ^n / ((1+r) ^n-1)
Here he is Equated Monthly Investment, P is a Typical loan amount, R is a rate of interest calculated monthly and N is the tenure in months.
What is Personal Loan Amortization Schedule
A Personal Loan Amortization schedule is a table that does show you detailed payment history, and the schedule will be for the entire loan tenure which gives you a difference in principal amount and loan interest that is being paid by an individual monthly, and this does make you aware of how much amount is being paid for principal and as well how much interest is being at the starting of the loan tenure.
Does Personal Loan EMI change every year?
The banks and financial institutes might vary their EMI rate of interest for Personal Loan but once an individual has taken a loan, and the rate of interest will be fixed and the same will be applied until they pay back their amount through their entire tenure.
What is the basic rate of interest for Personal Loan EMI?
The marginal rate of interest for Personal Loan is around 13% and this varies as per the banks., where many banks which are national do ask for proper documentation and do give less rate of interest, and on another side, private banks or financial institutes give you a high rate of interest but approve your loan with less documentation.
What must be focused in Personal Loan EMI?
The main item to be focused on in Personal Loan EMI is the tenure which is must be choked, and if the tenure is increased you might get less EMI value but in return, you should pay in excess, and it is necessary to check the tenure along with the fixed rate of interest to have an understandable loan application.