A loan taken must be repaid. The deduction of the loan amount takes place in a specified format from the borrower account on a particular day of every month. This pre-decided deduction amount depends on various factors. In financial terms, EMI or Equated Monthly Instalment stands for this standardized deduction.
The amount borrowed, the rate of interest applied, and the tenure of your loan are the factors that decide the value of an EMI. An EMI calculator does the job of computing Equated Monthly Instalments payable every month to repay a loan within a particular period. Such a tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator.
This PL Calculator tool permits you to determine the value of the personal loan you can afford to take, and budget your finances accordingly after comparing different loan amounts, rates of interest, and loan tenures.
The mathematical formula for calculating your Equated Monthly Instalmentsforms the basis of such a calculator.
Here,P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Ruloans Personal Loan EMI Calculator online empowers you to make the right choice!
Enumerated below are a number of factors that affect a personal loan EMI.
While the first three factors namely loan value, rate of interest, and loan tenure are direct factors that affect your personal loan EMI calculation. Your EMI Calculator may not indicate other applicable charges that affect your borrowing. An EMI Calculator gives you a fair and close to an accurate estimate of your personal loan EMI payable and allows you the freedom to select the right loan tenure based on your capacity to repay your personal loan. The final EMI amount, however, will only be communicated to you in your loan agreement and schedule, after your personal loan gets approved. Calculate your EMI using Ruloans Personal Loan EMI Calculator online to make the correct choice!
EMI stands for Equated Monthly Instalment. The financial term EMI implies a standardized deduction or loan repayment amount that takes place in a specified format from the borrowers account on a particular day of every month. This pre-decided deduction amount depends on various factors. EMIs are calculated based on loan value, rate of interest applicable, and the period of the loan. You may use an EMI calculator to compute the EMI payable to complete repayment of a loan within the specified loan period. Ruloans Personal Loan EMI Calculator online help you to make the exact choice!
The mathematical formula for calculating your Equated Monthly Instalments
forms the base to calculate EMI. Here, P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Your personal loan EMI depends on three factors, namely the loan amount or loan value, the rate of interest, and the tenure or period of the loan.
A tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator. When you use this tool, you notice that EMI increases with the loan amount and the rate of interest, but EMI decreases, as the tenure or period of the loan increases. You may think better of a longer tenure as the monthly instalment lowers, but this does not hold true, since a longer tenure also results in the increase of total cost of the funds as the total amount that you repay would be larger due to the increased tenure. Plan your EMI by using Ruloans Personal Loan EMI Calculator online for an informed decision!
(Principal + Interest)
The interest rate charged by a lender for a personal loan depends on various factors. Different lenders depending on your eligibility will charge you varying interest rates. Personal loan interest rates are calculated by weighing the following criteria to factor the same in, to cover lending risks.
Typically, a lender considers a lower interest rate on your personal loan, if you are perceived to be less risky in terms of credit. A good record on all the above factors will ensure you have your lender calculate a lower interest rate on your personal loan. For best rates of interest, make sure you service outstanding credit on time, and have good income to service fixed obligations, and enough to service the loan that you plan to apply. Make the most feasible choice by using Ruloans Personal Loan Interest Rate Calculator online to compute EMIs!
An amortization schedule consists of a complete table of periodic loan payments, which shows principal loan amount, and the amount of interest, that makes up each payment or the EMI or Equated Monthly Instalment of every year until you completely pay-off the loan at the end of the chosen loan term or tenure. A Personal Loan EMI Calculator automatically generates an amortization schedule to help you keep track of what you owe at any given point of time. Use Ruloans Personal Loan EMI Calculator online for clearer picture of what lies ahead!
An EMI Calculator uses a simple mathematical formula to calculate your Equated Monthly Instalment. The formula states:
For a clearer idea of how an EMI calculator works, use Ruloans Personal Loan EMI Calculator online!
With the Personal Loan EMI Calculator, you can easily arrive at an amount you plan to pay as EMI or Equated Monthly Instalment, and plan and manage your Personal Loan repayment schedule efficiently.
Utilize your Ruloans Personal Loan EMI Calculator online by entering the amount you need to borrow as a personal loan, the interest rate you are comfortable with, and the repayment tenure or period of loan you are comfortable with, to calculate your Personal Loan EMIs in an instant. You don't need to enter the details actually; moving the slider to reach the desired figure will easily fetch you the required results.
Personal Loans serve many purposes, and unsecured by nature, quick online processing makes this type of loan a widely accepted type of borrowing. A Personal loan might seem attractive, but you need to account for certain factors before you apply for such a loan. A good practice of acquainting oneself with details that affect the terms and conditions of your loan, and the EMIs payable, helps. Here are some factors that affect your personal loan EMI.
High disposable income people have better repayment capacities than those with lower incomes; therefore, they receive lower interest rates on personal loans. Lower income levels on the other hand have lower repayment capacities, and thus such people are charged higher interest rates, which affect the EMI amount payable.
A credit score generally reflects the financial health of a person in terms of income, existing debt, borrowing behaviour, and repayment history. A high score tends to increase the trust of a lender about the borrowers fiscal capabilities, and therefore such a borrower receives better interest rates compared to lower scores. Thus, credit scores are important factors that determine your interest rate consequently affecting your EMI.
Interest rate offered depends on the risk assurance of a personal loan. Employed with a good organization, you are likely to be a good candidate for a personal loan since your repayment capacity has the factor of stability in terms of your employer and employment. A lender will thus offer you interest rates lower than others, which will in turn affect your personal loan EMI.
Your Debt-to-Income Ratio conveys an impression of your debt burden, and stands for the ratio of your total debt payments divided by your total income. While a higher ratio indicates a heavier debt-burden, a lower ratio reflects your practice of fiscal prudence to affect your interest rate, which in turn affects your EMI payment.
Trust developed over time nurtures the quality of a relationship. Loyalty to a lending institution causes the increment of trust in a borrower, and with such responsible behaviour, the lender will often lend you a personal loan at a lower interest rate, which will in turn affect your personal loan EMI. This might also be the case with peer-to-peer lending.
Credit history indicating a high level of defaults will cause the reduction of the lender's confidence in you, who to cover the risk factor will charge you a higher rate of interest in turn to affect your EMI payment.
Weigh the factors that affect your personal loan EMIs with use of Ruloans Personal Loan EMI Calculator online for a good EMI plan and schedule!
Errors and mistakes are a human tendency, which results in wrong decisions. When you use a Personal Loan EMI Calculator, you tend to do away with the factor of errors to add efficiency and accuracy to your results for good decision-making. There are quite a few benefits of using an EMI calculator, a few of which you will find mentioned below.
Using a personal loan EMI calculator helps you to arrive at an accurate figure you will have to pay each month as EMI repayment of your personal loan. A personal loan calculator allows you the freedom to adjust your EMI according to your monthly expenses throughout your loan tenure.
Loan values, interest rates, and tenures are significant factor that go to determine EMIs, which in turn are directly proportional to the loan amount and interest rate, and inversely proportional to the loan. Likewise, you can adjust factors according to your EMI plan.
A personal loan EMI calculator allows ease of use to adjust your EMI plan according your income, and expenditure. This flexibility helps you manage your finances to reflect good fiscal discipline, consequently causing a healthy credit rating for good fiscal behaviour.
Personal loan EMI calculators cut the risks of errors caused by complex manual calculations. This leads to accurate results, and saves time.
Due to the availability of a personal loan EMI calculator online, you have easy access to complex and accurate computing easily at any time, and anywhere. Just having to enter the principal loan amount, interest rate, and loan tenure also makes this tool an easy-to-use tool for accurate results.
Benefit from accurately computed decisions by using Ruloans Personal Loan EMI Calculator online!
When you take a personal loan, your EMIs are planned as per your accepted plan. These EMI are a fixed amount, and are debited directly from your bank account every month on a fixed date until you pay off the complete loan. The details of the EMIs are communicated to you during the time of approval and disbursal of your personal loan.
You may use Ruloans' Personal Loan EMI calculator online to ascertain and plan feasible EMIs, and a viable loan tenure as per your eligibility.
When you plan a Personal Loan, remember your term of loan repayment will be inversely proportional to the EMI amount. When you plan a long tenure, the Personal Loan EMI Calculator distributes the total loan amount over the planned span of time, which reduces the EMI amount payable, yet the interest rate will be higher on the outstanding debt for an extended duration causing the cost-of-loan to increase.
The reverse applies when you plan a short tenure loan. Weigh your plan according to your budget, and execute accordingly. You could in the process of planning a personal loan, consider taking a loan from your existing bank, negotiate a lower rate of interest, opt for a higher down payment if possible, or even consider prepaying a loan with the help a Personal Loan Prepayment Calculator, or Personal Loan Foreclosure Calculator.
Your Ruloans Personal Loan Calculator, will assist you to calculate EMIs for varied tenures, at varied interest rates to select the best plan to suit your repayment capacities.
I maintain my salary account for many years hence I got a pre approved loan offer via Ruloans. I choose ICICI BANK for personal loan. The amount was sufficient with tenure period of 3 years. EMI need to pay of 6,800 rupees. The rate of interest was 14% and processing fee was decent amount. The pre closure is applicable.
I have taken personal loan through Ruloans. still this loan is active on my account and the rate of interest and processing fee was good as I compared the rates and charges of different bank to finalise. This loan was availed for personal use and it was a paperless approval since have saving account ,loan got sanctioned on time.
Ruloans service is fine as you can compare to other bank. When I chose personal loan from ICICI, they provided me a interest rate of 15%. With Ruloans I got help and took same loan at 12%. For the home renovation purpose, I approached Ruloans and they asked the proper documents to submit. Once I have given the same, they have sanctioned the loan to my account within 3 days.