Many individuals deal with lack of income support and due to this reason they tend to buy personal loans from various financial institutions. The Personal Loan Amount Calculator can help you know what is the EMI which you need to pay each month towards the loan taken. You can borrow the amount directly from the banks at a certain rate of interest and for a certain duration. The Monthly EMI Calculator For Personal Loan shall be checked through the article here mentioned below and this will then help you to get the EMI amount by sitting at home.
Personal Loan Amount Calculator
It is the financial institutions which are providing the income to the citizens in the form of loans. The loans are provided for both long term and short term and you need to get the same at a certain interest rates. The higher will be the tenure of the loans, the lower will be the EMI payment which you shall be paying. The personal loans are the unsecured loans and no security is needed to make the payment of it. The individuals can combine the debts in a single personal loan and the amount can also be used for home renovations, marriage purpose, medical emergencies to start a business or to pay certain expenses.
The Personal Loans In India provides one with a flexible schedule of the repayment and also provide faster fundings. The interest rate will be dependent upon the financial institution providing the loans. The loans with a longer duration shall yield you a lower EMI rate per month than for the shorter duration. The individuals who wish to avail such credits shall be familiar with certain aspects before a single decision is being finalized. Calculating the EMI amount has been very complicated and it takes in account the principal amount, interest rate and the duration of loan. The calculator is used to perform the complicated calculation in just a second and will reduce the inaccuracy which is associated with it. Now the individuals shall check the usage of the calculator through the given post along with the complete updates on the proper formula used to calculate the EMI amount.
Calculate The Personal Loan EMI
The personal loan is the most common loan which is availed in the debt industry. The unsecured loans are the most popular ones among the customers and every individual who is taking such loans must be familiar with all the risks and factors associated with it.
Benefits Of Personal Loan Calculator
While you calculate the EMI amount of the personal loans, it is a very complicated process and is a combination of various factors. It becomes very troubleshooting for the individuals to calculate the EMI amount in minutes and in certain cases, the EMI calculator will be the best used option by the customers.
The benefits of the calculator are as follows:
- Complex calculations can be done in seconds
- The chances of inaccuracy will also be reduced
- The repayment strategy can be planned in advance and will provide accurate information.
Interest Rate on Personal Loans By Banks
| Bank Name | Interest Rate |
| HSBC Bank | 10.15% to 16% pa |
| HDFC Bank | 10.85% to 21% pa |
| Indusind Bank | 10.49% pa |
| Yes Bank | 11.25% to 21% pa |
| Kotak Mahindra Bank | 10.99% pa onwards |
| Axis Bank | 11% to 22% pa |
| State Bank of India | 11.45% pa |
| Aditya Birla Capital | 10.99% to 30% |
| Bank of Baroda | 11.4% to 18.75% |
| Bank of India | 10.85% |
| Punjab National Bank | 11.4% to 16.95% pa |
| Central Bank of India | 12% to 12.75% pa |
Monthly EMI Calculator For Personal Loan
The given below shall be the formula to calculate the EMI of personal loan.
Here:
EMI is the Equated Monthly Payment
P is the Principal Amount
R is the Rate of Interest
N is the time period of loan.
EMI = [ P * R * (1+R) N ]/{(1+R) (N-1)}
Suppose you have taken a loan for the amount of Rs 15 lakh, and the time period is 5 years, the rate of interest is 12%.
Your monthly EMI shall be for the amount of Rs. 33367.
FAQs On Personal Loan Amount Calculator
You can get the accurate result for the EMI using the calculator.
The formula above will help you to get the calculator usage.
11.75% is the interest rate by the SBI on personal loans.