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Personal Loan EMI Calculator
Get the EMI amount in seconds and plan the monthly instalments toward your loan with Fibe’s personal loan calculator for EMIs online.
Get the EMI amount in seconds and plan the monthly instalments toward your loan with Fibe’s personal loan calculator for EMIs online.
Formula to Determine Personal Loan EMI
Whenever applying for a credit facility, get an estimate of your monthly obligations to check if the offer is affordable for you.
Use the following formula to calculate your EMIs:
E = P x R x (1+r)^n/((1+r)^N – 1
The following are the meanings of the variable provided in the formula above:
1. Navigate to the ‘Personal Loan EMI Calculator’
2. Adjust the slider to choose the loan amount you wish to borrow
3. Then select the interest rate in % and the tenure in months
4. Your payable EMI amount will be displayed on the screen
The loan amount is the principal amount that you wish to borrow from a lender or a financial institution. Your EMI amount is directly proportionate to your loan amount. This means if your loan amount is high, then the EMI amount will also be high.
The interest rate is the rate at which the lender or financial institution charges interest on your personal loan. A higher interest rate will result in a higher EMI.
The tenure is the duration for which you wish to take the loan. A longer tenure will result in a lower EMI, but you will end up paying more interest over the loan's lifetime.
Most banks and financial institutions allow you to prepay your loan partially or completely. If you plan to make prepayments, it is important to factor in these payments while calculating your EMI. At Fibe, there are no prepayment charges. So you can close your loan anytime.
One of the most notable benefits of using a personal loan calculator is that it allows better financial planning. It gives you a clear understanding of how much EMI you will have to pay against your borrowing. You just need to decide on your loan amount and tenure and prepare your monthly budget accordingly.
This online tool also lets you compare different lending options based on the total obligation. This helps you choose a cost-effective option.
You can calculate a correct estimate of the EMI amount that you need to pay. Thus, it allows you to efficiently plan for repayment and avoid default during the entire tenure.
Manually calculating the EMI can be a time-consuming process. However, you can get the results instantly if you use an online EMI calculator.
You can use Fibe’s Personal Loan EMI Calculator to determine the monthly instalment amount. Just provide the loan amount, interest rate and repayment tenure to get the EMI amount in seconds.
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Shilpi Mukherjee
