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Personal Loan EMI Calculator
A personal loan can be obtained when an individual has an instant need for cash, with minimum documentation, processing time, and rapid disbursement to the customer's bank account. It is an excellent alternative for individuals seeking to satisfy their immediate financial needs.
When individuals need to fund a long-term objective, personal loans are a convenient method to do it. The EMI that a person would be responsible for is an important factor to consider when taking out a personal loan.
While availing a personal loan from Muthoot Finance, you can use our EMI calculator to calculate how much you'll have to pay in EMIs even before you apply for the loan online.
When you take a loan, the equivalent monthly payment is an important consideration in determining the loan amount and term. The personal loan calculator allows you to immediately calculate your pay-outs and, as a result, better plan your loan and payback.
What is EMI?
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.
What variables influence an EMI?
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.
Factors Influencing Personal Loan Eligibility
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.
How Does the EMI Calculator for Personal Loans Work?
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.
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Ask an Expert
CUSTOMER SUPPORT NO.:
080-35392825
(Mon-Fri, 10 AM to 6 PM)
WRITE TO US:
plcustomersupport@muthootgroup.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM
Personal Loan EMI Calculator FAQs
If you are planning to get a personal loan from Muthoot Finance, then you can use the Personal Loan EMI Calculator to calculate your EMIs towards the loan amount. All you need to do is simply enter your loan amount and loan tenure to find out your monthly EMIs.
There are multiple ways for you to pay your personal loan EMI. Here is a list of options for personal loan payment: -
- You can repay the loan via EMI
- Via iMuthoot mobile app
- Virtual account via your Netbanking
- UPI apps
Easy Monthly Installments (EMI) refer to the monthly payments made by the borrower to the lender. Personal loan EMI is paid against both the principal and interest amount of the loan.
If you fail to pay your monthly EMIs on time, then the lender can charge an additional fee as a penalty. These additional charges will further add to the overall loan amount for the personal loan EMI that you need to pay to the lender.
If you partially prepay the loan amount, then it will significantly reduce the interest and make it easier to pay off the remainder of your loan amount. It is recommended that you partially prepay the personal loan amount at the beginning of your loan period.
You can simply use the Personal Loan EMI Calculator by Muthoot Finance to find out your monthly EMIs. The formula used to calculate your monthly EMI is [P x R x (1+R)^N]/[(1+R)^N-1].
The formula used to calculate your monthly EMI is [P x R x (1+R)^N]/[(1+R)^N-1]. Muthoot Finance EMI calculator can also be used to calculate your personal loan EMI.
Yes, you can certainly make an early payment for your EMI loan. You can check the feasibility and the options available for the same with your lender. You can use the personal loan EMI calculator India to find out your monthly EMIs.
You can change your personal loan EMI date by requesting the same with your lender.
The Amortization Schedule shows the complete payment cycle for the loan amount. It includes the principal and the interest of the loan amount as well.
There are multiple ways for you to pay your personal loan EMI. Here is a list of options for personal loan payment:
- You can repay the loan via EMI
- Via iMuthoot mobile app
- Virtual account via your Netbanking
- UPI apps
An EMI calculator helps you plan your finances effectively by estimating the monthly payments based on loan amount, interest rate, and tenure. The tool also allows you to compare different loan options, understand the total cost of borrowing, and select an EMI that fits your budget. An EMI calculator prevents sudden repayment schedules, ensuring you can manage your finances comfortably without straining your finances.
Yes. Personal loan EMIs are typically free. Most banks and financial institutions provide an online EMI calculator as a free tool to help borrowers estimate their monthly repayments. Users can input variables such as loan amount, interest rate, and tenure to calculate the EMI instantly. This allows borrowers to make an informed decision about their loan choices without incurring any fees or costs for using the EMI calculator.
You should use the personal loan EMI calculator whenever there is a significant change in your financial situation or if you are considering adjustments to your loan repayments. The best time to use the EMI calculator is to plan your budget before applying for a loan or when comparing loan offers from different lenders. Additionally, you can use the calculator periodically to ensure your repayment aligns with your financial goals and to assess the impact of any changes in loan terms or interest rates.
Personal loan EMIs are primarily influenced by three factors: interest rate, loan amount, and tenure. Higher loan amounts or higher interest rates result in larger EMIs, while longer tenures reduce monthly payments but increase the total interest paid over the loan tenure. Lenders calculate these three factors to determine manageable repayment schedules for borrowers. Hence, it is crucial to use an EMI calculator to plan your finances effectively, ensuring your monthly repayments align with your budget and financial goals throughout the term of your loan.
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