An individual in India can avail of a personal loan for a number of causes. It can be a medical emergency, education or wedding, purchase modern consumer durable items to experience a dream trip.
However, banks and NBFC in India provides instant personal loans online, which you can repay with easy EMIs within a stipulated tenure. You can also pay back the amount by paying a designed yet fixed interest rate. Plus, these financial institutions allow borrowers to calculate their EMIs through a personal loan interest calculator. And you don’t need to secure any collateral for personal loans since these are a type of unsecured loans.
Personal Loan EMI: Overview
Personal loan a type of fund credit that banks and NBFCs provides. It can give you instant access to cash in terms to fund your necessities. Based on the principal loaned amount, financial institutions will charge you an interest percentage with a fixed period of tenure. During this period, you have to pay off the loan amount with a certain interest percentage.
However, you can pay back the loan amount with easy instalments, known as EMIs or Equated Monthly Instalments. You have to pay the EMIs monthly basis, which consists of both interest and principal loan amount.
How your Personal Loan EMI gets calculated?
You can now easily calculate your personal loan EMI rates with a free online tool. It is available as a personal loan interest calculator. However, the basic formula of calculating loan EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal loaned amount
R = Rate of Interest
N = Tenure (in months)
In India, most of the banks sanction personal loans with a minimum of a 5years tenure period. So, you can approach the bank for a personal loan worth ₹50,000 to ₹10,00,000, which you require to pay off within specified tenure.
Besides, you can include different interest rates and tenures in the EMI calculator for personal loans and get 100% accurate results about the monthly due amount. This efficient tool is entirely free and available online. This calculator additionally enables you to make instant and quick calculations. Plus, it eliminates all possible errors generated due to manual calculations.
Advantages of using EMI calculator online
- You will not need to state any specific purposes to obtain personal loans
- You can get instant fund disbursal
- No secured collateral needed
- Less paperwork
- Instant access to cash
- Use the capital for any purpose
- Unrestricted access on EMI calculator on the lender’s website
- You can pay back the amount of personal loan in affordable instalments
The process to use an EMI calculator:
You can now use your own EMI calculator without any hassles by following 3 simple steps mentioned below:
- Enrol the principal amount: Select or enter the maximum or minimum amount and enrol the figure in the calculator.
- Select the tenure: Now, select and choose the tenure between the minimum and maximum duration to repay the loan.
- Register the interest rate: Afterward, choose the interest rate figure you can manage for the loan. Every bank or NBFC offers a minimum interest rate against personal loans that you need to choose.
Personal Loan EMI for India’s Top Banks
| Bank | Lowest EMI Per Lakh | Tenure Period |
| SBI | Rs.1,640 | 7 years |
| HDFC | Rs.2,149 | 5 years |
| Axis Bank | Rs.2,224 | 5 years |
| Citi Bank | Rs.2,124 | 5 years |
| Standard Chartered Bank | Rs.2,199 | 5 years |
| Indian Overseas Bank | Rs.2,164 | 5 years |
| Union Bank of India | Rs.2,071 | 5 years |
| Kotak Mahindra | Rs.2,162 | 5 years |
| Karnataka Bank | Rs.2,224 |
5 years |
Summing-Up:
In the present time, banks and Non-bank financial institutions are offering certain convenience to the customers. Providing free access to the personal loan interest calculator is among those facilities. However, to calculate the lowest EMI, you need to consider the lowest personal loan amount. Only then the concerned bank will provide you most economical rates and maximum tenures.
Visit the official page for more details.
