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Mar 25, 2020

Personal Loan EMI Calculator - Calculate your Monthly EMI Online

LoanMoney online Personal Loan EMI Calculator makes it easy for you to figure out the monthly instalments on your loan. To calculate your EMI with LoanMoney Personal Loan EMI Calculator, just enter the loan amount, rate of interest and loan tenure, and your EMI is instantly displayed. You can enter loan amounts from 50,000 to 20,00,000, repayment tenure from 12 to 60 months and rate of interest (ROI Stands for Rate of Interest) starting from 10.50% to 18%.

If you want to change the EMI adjust any of the three sliders on the personal loan EMI calculator. If you want to lower your EMI, you can do so by reducing the loan amount or the interest rate or by increasing the tenure. If you can afford higher monthly payments, you could consider increasing the loan amount or reducing your tenure.

If you are earning more than Rs. 25,000/- per months, steady source of income with sufficient work experience, and your CIBIL score are respectable (750 and above), you could be eligible for a personal loan at an attractive rate of interest.

What is an EMI?
The Equated Monthly Instalment (EMI) consists of the principal loan amount and interest. Therefore,

EMI = Principal Amount + Interest paid on the loan amount.

The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis.

Mathematically, EMI is calculated as under:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

  • P = Principal amount of the loan
  • R = Rate of interest
  • N = Number of monthly instalments.

So, say you are applying for a personal loan through LoanMoney, loan amount starts from Rs 1,00,000 at a rate of interest of 10.75% p.a. and your loan repayment tenure is 60 months, your EMI will be calculated as under:

The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 10.75% per annum, then R= 10.75/12/100 = 0.0089, Repayment tenure N= 60 months.

Why Choose Personal Loan?

Personal Loans help you with the financial back-up to fulfil your needs, some of the key benefits it offers are:

  • The flexibility of use: Personal Loan can be used for various purpose. I.e Home Renovation, Wedding expenses, emergency medical expenses, dream vacation, for children’s higher education, debt consolidation (Credit Card outstanding bill payment, modern gadget etc.
  • Collateral-free Loan: Unsecured Personal Loans is not required to provide any security to the bank in the form of residential or commercial property documents. 
  • Simple & Easy documentation: Personal Loan needs simple & easy documentation.
  • Loan Amount and Tenure: You can get a personal loan for amounts starting from Rs. 50,000 to Rs 30 lakh for repayment tenure between 12 and 60 months.
  • Attractive Rate of Interest: Personal Loan Rates of Interest starting from 10.75% to 16%.
  • Personal Loan Balance Transfer: You can have your existing high-interest personal loan moved to another Bank and enjoy a lower interest rate.
  • Foreclosure Facility: You can foreclose a loan by prepaying the entire outstanding amount. It varies as per Bank Policy, certain institutions, You can foreclose your loan immediately whereas in others a fee after a minimum period of 6 Months, In few after payment of prepayment charges.
  • Part-payment Facility: You can prepay a portion of the outstanding amount. Part Payment facility varies from Bank to Bank: Few banks allow without restriction e.g Axis Bank, Yes Bank, Bajaj Finserv etc. Other after 12 EMIs e.g HDFC Bank, ICICI Bank etc.
  • Instant Personal Loan: Personal Loans can be granted within 72 hours or 3-4 working day of application.

Click here & find out everything you need to know about Personal Loan.

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