How to calculate your Personal Loan EMI using a Personal Loan calculator?by Manu Gupta Financial Author
Equated Monthly Instalments are an easy way of paying back any kind of personal loan that you avail. However, the anticipation of how much of our monthly income will go towards paying an EMI is something that makes us quite uneasy. EMIs are a great innovative way .
Now, you need not work your mind off trying to calculate the EMI that a personal loan would attract. Personal Loan EMI calculator is available on almost all bank websites as well as on a lot of other third-party financial websites too. If you wish to calculate the monthly EMI that you will need to shell out from your pocket each month so as to get an idea about the loan amount you should go for, then you can use these online calculator tools to help you make an informed decision.
A personal loan EMI calculator takes into account your personal loan EMI, the rate of interest and the loan tenure of the loan. It then calculates your EMI based on these parameters. You can use this tool to calculate the most appropriate EMI that will suit you depending upon your monthly income.
Here is a step-by-step guide to lead you through the process of online EMI calculation from the comfort of your house!
Step 1 – Access the Personal Loan EMI Calculator option on any of the bank websites (the bank from where you plan to avail your personal loan) or any of the financial third-party websites.
Step 2 – Feed in the Personal Loan amount in the section that says ‘Loan Amount’.
Step 3 – Enter the loan tenure that you have applied for or are planning to go for.
Step 4 – Enter the rate of interest for your personal loan.
Step 5 – Enter the processing fee in case there is such a field.
Now click on the ‘Submit’ or ‘Calculate’ button while the online calculator populates and shows you your monthly personal loan EMI.
Personal loan EMI calculator is an amazing tool to let you plan your finances by knowing your loan EMI beforehand. There are a certain assumptions that the calculator applies while calculating the EMI. A few of them are listed below –
Fixed rate of interest throughout the loan period
Monthly compounded interest
Processing fees is not taken into account
An EMI tool can also be used to try various interest rate, loan tenure and loan amount combinations to hit that magic figure that you know would be just right for your pocket. However, eligibility in terms of loan amount etc. cannot be predicted by this tool and is mostly dependent on the sole discretion of the bank.
Created on Dec 31st 1969 19:00. Viewed 0 times.