Updated on: 18 September 2023
Published on: 16 August 2021
A Personal Loan EMI calculator is a digital tool that helps you compute your monthly instalments instantly. This personal loan calculation method is a lifesaver as it lets you compare various loan offers with ease before you apply for a personal loan.
In fact, it simplifies loan planning and helps you make smart financial decisions.
Read on to learn more about the importance of using an EMI calculator.
The primary use of an EMI calculator is to give you an estimate of the monthly instalment payable until your loan tenure ends. As such, it can help you plan your finances better and borrow within your budget.
With the help of an EMI calculator, you can decide your personal loan terms, such as:
Before diving deeper into the process of using an EMI calculator, you need to be aware of different factors that influence the EMI amount.
Here are some of them:
Apart from these aforementioned factors, another crucial factor affecting your loan EMI is the personal loan calculation method used by the respective lender.
Here are the two types of interest computing methods used.
Here are some benefits you can enjoy when you calculate your EMIs using a personal loan EMI calculator.
Fibe’s Quick Instant Loan EMI calculator is a reliable personal loan calculation method to determine your EMI within minutes.
Now, to use the EMI Calculator, you have to follow only three simple steps.
After entering all parameters, you will get the EMIs you must pay over the chosen repayment window. You can tweak the values until you arrive at the most affordable EMI option.
Processing fees on a personal loan are a fixed value decided by the lender, which can be a percentage of the total loan amount. With Fibe, you pay only 3% of your loan amount as a one-time processing fee.
Hence, it is important that you know all your personal loan details and read the fine print when availing a personal loan.
For instant cash loans of up to ₹5 lakhs, you can rely on Fibe and get the funds you need completely online. Enjoy a quick and easy financing solution, with interest rates starting at 2% per month. To get started, download the Personal Loan App or visit our website and register today.
Lenders calculate the EMI on a personal loan by considering the principal amount, the interest rate applicable and the tenure.
You can manually calculate your personal loan EMI using the following formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal loan amount
R = Applied interest rate of your
N= Number of months
The following factors affect your EMI amount:
You must remember that a higher principal amount means a higher EMI. Similarly, the interest rate also directly affects your loan EMIs. On the contrary, longer repayment tenure reduces your monthly instalments but your interest outgo will increase.
Category : Personal Loan
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