How is Personal Loan EMI Calculated MonthlyPersonal loan indeed acts as a helping hand in times of crisis. Instant personal loans are easily available online and can be repaid with fixed EMIs in a stipulated period. Now, how do you calculate the EMI amount on a personal loan? The answer is no longer complicated, all thanks to the personal loan EMI calculator available freely on the loan provider’s website and app.
SimplyCash is one such useful personal loan app; it is the latest launch brought to you by HeroFinCorp, to meet all your instant cash requirements. Use the SimplyCash EMI calculator to accurately derive the monthly instalment. Loan EMI calculator saves a lot of time invested in manual calculations, eliminates errors, and gives precise results in minutes. With SimplyCash, you can get a personal loan of Rs50,000 to Rs1,50,000.
Why don’t you calculate your EMI on a personal loan right away? Start Now with a few easy steps:
- Install the SimplyCash personal loan app
- Register with your mobile number and email id
- Access the EMI loan calculator
- Enter the required loan amount, tenure and interest rate
Once all the variables are entered correctly, monthly instalment will be computed and displayed in seconds. Applicants can also use the EMI calculator available on the SimplyCash website. Use the blue dot slider to edit personal loan amounts and tenure. Try different combinations to derive an EMI which you are comfortable with. Longer the tenure, lesser will be the EMI.
The primary variable affecting personal loan EMIs is the ‘Interest Rate’ charged annually on the principal amount. Personal loan being an unsecured loan, the interest rate is generally higher than other types of loans. Hence, it is better to plan your finances well in advance.
For instance, if personal loan interest offered is 15%p. a, then you can calculate the monthly interest as:
15/12 = 1.25
This clearly states that the monthly rate of interest will be 1.25%.
What is the Formula to Calculate Personal Loan EMI?
This formula is standard across all personal loan EMI calculators available online.
Equated Monthly Payment (EMI) = [P x R x (1+R) ^N]/ [(1+R) ^(N-1)]
P = Principal Amount, R = Rate of Interest, N = Tenure
For instance, a SimplyCash customer avails a loan amount of Rs1lakh for a tenure of 2 years, at an annual interest rate of 15%. Calculating this equation on pen and paper can be time-consuming. Open the SimplyCash EMI calculator and derive the results in seconds. In this example, the EMI amount payable is Rs4849. Additionally, a processing fee of 2.5%+GST will be included in the final amount. Once you have the exact EMI figure in front of you, finances can be managed and planned in advance.
Is it Easy to Use the SimplyCash EMI Calculator?
Yes, absolutely! The EMI tool is flexible and easy to use just like a normal calculator. Within seconds of punching the required credentials, the EMI calculator displays the amount to be payable every month. This is the reason why the EMI tool has been widely used to know the exact calculations of monthly instalments. SimplyCash personal loan app is making the best use of technology to simplify the process of loan acquisition so that nothing pulls you back from fulfilling your dreams. The long-awaited vacation, the perfect wedding, or a smart gadget, whatever goals you have in your mind – get it through SimplyCash instant personal loans.