![]() Hassle free and quick loan approval process.It is a multipurpose loan to meet all your aspirations.Hence, before you plan to opt for a personal loan look at other economical options. This amount is commonly paid on monthly basis. This sum of principal and interest and principal amount is divided by the loan tenure i.e. EMI consists of the interest cost and some part of the principal loan amount which you have to repay. EMI stands for Equated Monthly Instalment which is an amount the borrower is expected to pay to the lender every month over the loan tenure. You re-pay your personal loan by paying monthly instalments. As there is no collateral there is higher risk involved and hence the interest rates are usually higher compared to secured loans such as home and car loan. Re-payment of this loan happens in the form of fixed monthly/ quarterly instalments over the loan tenure. Some of the reasons for applying for Personal loan are: Personal Loan is unsecured loan advanced on the basis of your credit history and ability to re-pay the same from your personal income. PersonalFN believes that one may have EMI-to-income ratio of about 40% of the total household income.īefore taking a loan use our EMI calculator to make a prudent decision. This in turn will give you a clear picture about the maximum loan you can afford. Hence, Personal Loan calculator can help you in planning your future cash out-flows The pie-chart further shows the break-up of total payment of interest and principal amount. Personal loan calculator generates not only the EMI result but even tells you the total loan interest payable throughout the loan tenure. As and when you change the input values the calculator will re-calculate and display the new result. You can either use the slider or enter the loan values in the Personal Loan calculator table. Personal Loan Tenure (in Months or years).Personal Loan rate of interest (percentage).PersonalFN Personal Loan calculator generates result in a split second and enables you to understand whether the monthly payment would be affordable for you. (R= Annual rate of interest/12/100).įor instance, if R = 15% per annum, then R= 15/12/100 = 0.0125 andįor example, if you borrow Rs 5,00,000 from a bank at 15% rate of interest for a tenure of 10 years then, ![]() R = Rate of interest calculated on monthly basis i.e. The mathematical formula for calculating EMI is as follows: Formula for calculating Personal Loan EMI This will help you to budget your future finances and help you make responsible decision. With PersonalFN Personal Loan Calculator you can estimate your future EMIs. Personal Loan Calculator is a kind of tool which helps you to calculate your future monthly instalments assigned for re-payment of your Personal Loan. Hence, you need to know your finances well in advance. As personal is an unsecured loan, interest rate on personal loan is generally higher than home loan or car loan. Then Personal Loan would be a reliable instrument to source some funds. Do you wish to renovate your house? Or fix a car or need some funds for a holiday? Personal Loan is a multi-purpose loan which you can borrow to meet your immediate needs. Definitive Guide To Successful Equity Investing.10 Steps to Select Winning Mutual Funds.The Complete Guide to Public Provident Fund (PPF).Your Comprehensive Guide to Tax Planning 2019.How To Become A Millionaire With Mutual Fund.Understanding Mutual Funds - Equity, Debt, and Gold.Your Guide To Build An All-Season Mutual Fund Portfolio.Guide To Value Investing With Mutual Funds.Guide to Long Term Wealth Creation With Equity Mutual Funds.Your Guide To Retire Rich With Mutual Funds.How To Define Asset Allocation And Invest Smartly.Guide To Plan Your Financial Goals With Mutual Funds.10 Basic Tips To Pick Right Mutual Funds For Your Portfolio.The Complete Guide to Public Provident Fund (PPF) – Edition 2021. ![]() ![]()
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