Equated Monthly Instalment (EMI) is a fixed amount that a borrower pays every month to pay off both interest and principal loan amount. It is paid for a number of years till the loan is fully cleared. Loans give financial support in various situations whether it is handling medical emergencies, overseas education, buying a house, wedding expenses etc. Whenever it is about seeking a personal loan or any other loan, EMI is one critical factor that needs to be considered. It varies depending on three variables – total loan amount, interest rate and loan tenure.
A personal loan calculator is commonly available on credit websites and instant loan apps. It calculates EMIs in seconds as compared to manual EMI calculations using a formula.
It is advisable to calculate EMI in advance using the personal loan calculator, to get a clear picture of how much money is required per month to clear the loan gradually. This gives borrowers a chance to set their budget and acquire loans within their capacity. Below is a mathematical EMI calculation formula to derive an EMI manually:
E = EMI
P = Principal Loan Amount
r = rate of interest calculated on a monthly basis
For instance, the borrowed amount is ₹10,00,000 at 10.5% annual interest for of the tenure of 10 years. Then, the EMI calculated as per the above formula will be ₹13,493 for 120 months. However, not many rely on this complex formula to calculate EMIs, as nowadays there are freely available EMI calculators on the finance provider’s website. No doubt, the formula is also helpful, but you might not get 100% accurate results even after spending a considerable amount of time.
Calculate EMIs for a personal loan up to 1.5 lakh with the SimplyCash app. SimplyCash’s personal loan calculator facilitates calculations of monthly instalments in minutes, with accurate results. Once a suitable EMI amount is derived, a faster decision can be taken for loan application and disbursal.
The working of personal loan EMI calculator online depends on three variables - loan amount, tenure and interest rate. Borrowers can try different combinations of these three variables dragging the blue dot, till a suitable EMI is derived. The personal loan calculator is very simple and easily available on the Simply Cash app and website. Save your time from manual calculations and rely on the EMI calculator online for quick results.
Online financing structures have simplified many lives. The personal loan EMI calculator is one upgraded technology that gives borrowers the clarity about their monthly instalments. Many people depend on manual calculations assuming EMI calculators online are complicated to use. This is absolutely false as the personal loan EMI calculator is the fastest way to equate the monthly instalment, without any errors.
Using an online EMI Calculator is very easy, it is a self-explanatory tool that requires no training:
Start with using the personal loan EMI calculator online. Feed the necessary information in the fields such as the loan amount, tenure and interest rate. This will reflect an accurate amount to be paid every month with just one click. Revise your EMI with different inputs, if required. The higher the interest rate, the higher will be your EMI and the longer the tenure reduces the EMI. Timely repayment of EMIs can build a strong financial record and also a great CIBIL score. Having a high CIBIL score can help you raise funds in the future with ease. So, the next time when you are visiting the bank to enquire about loans, evaluate loan details yourself using the personal loan calculator available on Simply Cash.
When it is about major steps in life, the first thing that clicks is ‘How will the finances be arranged?’ Every new phase, whether personal or professional, demands money. With technological advancement and innovation in the banking and finance sector, acquiring different types of loans has become easy. It is not like the bygone times where borrowers had to stand in long queues struggling for a loan. Moreover, personal loan EMI calculators online have simplified the way EMIs were calculated. EMI calculators online give accurate results in seconds. Everything is fast-paced now, thanks to the smart online apps such as Simply Cash. With such personal loan apps, the process of loan acquisition is smooth. Right from calculating the EMIs to disbursal, everything is done within 24 hours without any physical documentation.
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An EMI calculated for a loan amount taken should be moderate to be safe. Almost 15 to 20% of your salary should be saved for any emergency expenses in the future. Use the EMI calculator online to calculate EMIs in advance and plan your monthly budget accordingly.
An EMI due date is a scheduled date when the loan instalment is deducted every month from the borrower’s bank account. Borrowers can manually pay EMIs on the due date or opt for an automated EMI payment that automatically deducts the instalment on the due date every month.
EMI (Equated monthly instalment/Every month instalment) should ideally be paid every month to gradually complete the loan amount taken along with an additional interest rate added. However, borrowers can pay to prepay the EMIs at once but that may incur a prepayment charge or penalty as mentioned in the lender’s prepayment policy.
EMIs should be ideally paid on the fixed due date every month. Paying before the due date can incur penalty charges or paying after the due date can affect the credit score showing delay in repayment.
An EMI facility is extremely beneficial as borrowers can avail a loan amount in bulk and repay the same gradually in instalments every month. Buying a vehicle or a consumer durable paying the full amount goes heavy on the pocket whereas paying the loan in EMIs is always comfortable.
There are many ways to reduce a personal loan EMI:
Equated Monthly Instalment is an EMI. It is a monthly cost that lenders, banks, and financial institutions charge to cover up the given loan amount, additionally with a prevailing rate of interest.
There are two ways to calculate an EMI – manually and digitally. The formula to calculate EMI manually is EMI = P × r × (1 + r) n/ ((1 + r) n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months. Digitally, EMI can be calculated using an EMI calculator freely available on personal loan apps and websites. Check the SimplyCash Loan EMI Calculator.
Personal loan EMI can be calculated easily using an EMI calculator. Get 100% accurate results in minutes.
Here are ways to reduce your EMI:
Visit SimplyCash and enter details in the given fields. Fill in the loan amount, tenure, and interest rate. In a few seconds, you will get the desired EMI result, and you can further apply for a personal loan. In case the EMI is not suitable, you can change the variables and try different combinations.
The formula to calculate EMI manually is EMI = P × r × (1 + r) n/ ((1 + r) n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
Loan EMI is not fixed. It changes depending upon the interest rate, down payment made, and the chosen loan tenure.
If you miss paying a loan once, you will not be a defaulter. But, if the EMI is repeatedly missed, it will adversely affect your credit score and cause difficulty in loan application when you require a loan the next time.
Personal loan EMI calculator gives accurate results in no time. It is a technology that saves your time in doing manual calculations. Assessing EMI simplifies loan taking decisions and helps in quick disbursal.
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