EMI stands for Equated Monthly Installment. This is the best way to pay off any type of loan offered by banks and NBFCs. The borrower is supposed to pay off the loan in equal monthly installments in the given tenure. EMI is decided on the basis of principal amount of loan, interest rate and tenure. Personal Loan EMI refers to the amount which will be used to pay off a personal loan. Banks and NBFCs offer a personal loan on the basis of one’s credit score as it’s an unsecured type of loan. A personal loan can be taken for any apparent personal reason. This is considered to be a short term loan thus lesser number of EMIs.
The personal loan amount refers to the amount which is being given as a loan. This is the principal amount of loan. The borrower gets this amount as per his or her credit score. The principal amount refers to the amount the borrower has applied for personal loan according to his or her needs. It is an important component while determining one’s personal loan EMI amount. The higher is the personal loan amount, the higher the EMI of personal loan.
An interest rate is applied by bank or NBFC on the loan amount. The rate is decided as per the bank policies. The interest rate in personal loan is slightly higher than other types of loans which definitely affect the personal loan EMI amount. The borrower pays the EMI which is an equal combination of personal loan amount and personal loan interest rate. Banks and NBFCs offer two types of interest rates: fixed and floating. The EMI amount changes as to which type of interest rate a borrower chooses.
Tenure of a personal loan specifically defines the time in which a borrower is supposed to pay off the personal loan. Many banks and NBFCs offer flexible tenures according to the borrower’s needs. Longer tenure means shorter amounted EMIs and shorter tenure means highly amounted EMIs. Banks and NBFCs offer personal loan for as long as 5 to 7 years as per the borrower’s profile.
A personal loan calculator helps you to understand the amount of EMI you’ll be paying for your personal loan. You have to fill in the personal loan amount, personal loan interest rate and personal loan tenure on the scales given below. Our highly efficient finance calculator then evaluates these 3 statistics and gives you three figures: the EMI amount, total interest payable and total loan amount payable which consist of principal and interest.
You can use the Ruloans' personal loan EMI calculator from anywhere. You can get the values through laptop, tablet and even via phone. Be it a day or night, holiday or weekday, you can easily access the Ruloans personal loan EMI calculator.
You just have to put in the personal loan amount, interest rate and desired tenure to know your EMI value. You can choose these values by using our range sliders which makes the process fun and easy at the same time! And the best part is, to know the results, you don't have to press ‘enter’ or any other keys neither do you have to wait to get the results. Our calculator decodes the values and gives you the results in real time.
As Ruloans' personal loan EMI calculator gives you the results in real time, it saves a lot of your precious time. If you choose to determine the EMI by using the mathematical or excel processes, it takes a lot of time and energy. But here you save an ample amount of time.
The Ruloans' personal loan EMI calculator gives you the exact and accurate results. Our computerized calculator helps you to get the exact results to the values you added.
If you know what your EMI will be, it becomes easier for you to plan your finances from the beginning. You can choose the longer or shorter tenure if you feel the EMI amount is high. This way you can plan your finances accurately for future before taking the loan.