Personal Loan EMI Calculator

The Equated Monthly Installment, or EMI, is the monthly payment made to the financial institution you have borrowed from; EMIs continue till the time a personal loan has been fully repaid, including the interest as well as the principal amount.

The following formula may be used to calculate EMI:

EMI is calculated using the following formula: EMI = P r (1 + r)n/((1 + r)n - 1), where P is the loan amount, R is the interest rate, and N is the tenure in months.

A Personal loan's EMI is determined by three factors:

Loan amount - This refers to the entire amount borrowed by the borrower.

Interest rate - This is the rate at which interest is charged on borrowed funds.

Loan tenure - This refers to the agreed-upon time term for loan repayment between the borrower and the lender.

Before you apply for a personal loan online, you should be aware of the many criteria that influence your loan eligibility. These are some examples:

Geographic location: The area in which you live has a significant impact on your eligibility for a personal loan.

Existing credit: If you are already repaying previous debts, your ability to obtain a new loan will be hampered.

Income: The more a person's income, the greater the loan amount that person is qualified for. As a result, it is possible to say that your personal loan eligibility is also determined by your income.

Organization: The organisation for which you work is another determining element in your personal loan eligibility. Working for a well-known firm with a solid market reputation means that you have steady employment.

Credit history and credit score: Your credit history and credit score have the greatest influence on your personal loan eligibility. The duration, interest rate, and total loan amount that you can borrow will be determined by this.

Personal loans have a set payback period and monthly payments known as EMIs (equivalent monthly instalments) that must be made throughout the loan term. The EMI calculator is a tool that calculates your loan EMI based on some important information such as the amount borrowed, the relevant interest rate, and the loan term. You may use the EMI calculator to determine personal loan EMIs that fit within your budget at any time of day and an infinite number of times.

Calculating your personal loan has now become very easy with Muthoot Finance, to calculate your personal loan, simply input the loan amount and loan tenure to calculate your EMI, and your EMI will be displayed instantaneously. For example, you can input loan sums ranging from ₹60,000 to ₹10,000,000 and terms ranging from one to five years.

If you want to alter the EMI, you may do so by adjusting any of the two sliders on the personal loan EMI calculator. If you want to reduce your EMI, you can do so by lowering the loan amount, raising the loan tenure, or extending the loan term. If you can afford larger monthly payments, you may want to explore raising the loan amount or shortening the loan term.

There are several advantages of taking a personal loan from Muthoot Finance. That includes obtaining a loan with no collateral and little documentation as well as utilizing the online personal loan calculator. These calculations help you plan your future possibilities.

Individuals can obtain a personal loan from Muthoot Finance through a straightforward and uncomplicated process, repayable as EMI for a maximum duration of sixty months. If you are looking for unsecured loans for whatever reason, we, at Muthoot Finance, have the best schemes in store for you. Visit your nearest Muthoot Finance branch to know more.