Calculate Personal Loan EMIs
What's a Personal Loan EMI Calculator?
A loan taken must be repaid. The deduction of the loan amount takes place in a specified format from the borrower account on a particular day of every month. This pre-decided deduction amount depends on various factors. In financial terms, EMI or Equated Monthly Instalment stands for this standardized deduction.
The amount borrowed, the rate of interest applied, and the tenure of your loan are the factors that decide the value of an EMI. An EMI calculator does the job of computing Equated Monthly Instalments payable every month to repay a loan within a particular period. Such a tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator.
This PL Calculator tool permits you to determine the value of the personal loan you can afford to take, and budget your finances accordingly after comparing different loan amounts, rates of interest, and loan tenures.
The mathematical formula for calculating your Equated Monthly Instalments
forms the basis of such a calculator.
Here,P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. PayUloans Personal Loan EMI Calculator online empowers you to make the right choice!
What are the Factors that Affect Personal Loan EMI?
- Loan Value or Loan Amount
- Rate of Interest – Fixed or Flexible
- Loan Tenure
- Other Applicable Charges
- Insurance
- Service Fees
- Others Fees and Charges
What's an EMI?
While the first three factors namely loan value, rate of interest, and loan tenure are direct factors that affect your personal loan EMI calculation. Your EMI Calculator may not indicate other applicable charges that affect your borrowing. An EMI Calculator gives you a fair and close to an accurate estimate of your personal loan EMI payable and allows you the freedom to select the right loan tenure based on your capacity to repay your personal loan. The final EMI amount, however, will only be communicated to you in your loan agreement and schedule, after your personal loan gets approved. Calculate your EMI using PayULoans Personal Loan EMI Calculator online to make the correct choice!
How to Calculate Personal Loan EMIs?
The mathematical formula for calculating your Equated Monthly Instalments
forms the base to calculate EMI. Here, P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Your personal loan EMI depends on three factors, namely the loan amount or loan value, the rate of interest, and the tenure or period of the loan.
A tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator. When you use this tool, you notice that EMI increases with the loan amount and the rate of interest, but EMI decreases, as the tenure or period of the loan increases. You may think better of a longer tenure as the monthly instalment lowers, but this does not hold true, since a longer tenure also results in the increase of total cost of the funds as the total amount that you repay would be larger due to the increased tenure. Plan your EMI by using PayULoans Personal Loan EMI Calculator online for an informed decision!
How to Reduce your Personal Loan EMI?
When you plan a Personal Loan, remember your term of loan repayment will be inversely proportional to the EMI amount. When you plan a long tenure, the Personal Loan EMI Calculator distributes the total loan amount over the planned span of time, which reduces the EMI amount payable, yet the interest rate will be higher on the outstanding debt for an extended duration causing the cost-of-loan to increase.
The reverse applies when you plan a short tenure loan. Weigh your plan according to your budget, and execute accordingly. You could in the process of planning a personal loan, consider taking a loan from your existing bank, negotiate a lower rate of interest, opt for a higher down payment if possible, or even consider prepaying a loan with the help a Personal Loan Prepayment Calculator, or Personal Loan Foreclosure Calculator.
Your PayULoans Personal Loan Calculator, will assist you to calculate EMIs for varied tenures, at varied interest rates to select the best plan to suit your repayment capacities.
