Check Your Emi In 3 Simple Steps By Using Personal Loan Emi Calculator
Before taking a Personal Loan, you have the ability to speculate and forecast the EMI payments using a Personal Loan EMI calculator to help you plan your monthly finances more effectively.
EMI means Equated Monthly Installments, and comprises the principal and interest amount which is repaid to the lender. EMIs are calculated to collectively match the amount of money borrowed, and help spread the dues over a particular tenure to make repayment easier and more convenient. EMI payments are the most popular method of repayment of loans, and the before borrowing a loan a Personal Loan EMI Calculator helps the borrower to speculate his or her EMI payments. This helps in not only planning monthly finances, but also helps in adjusting the loan amount, tenure and choosing a lender with a low interest rate. Various loan EMI calculators have made the calculation simple over time, and here’s how you can benefit from the same.
Steps to Calculate EMI
EMI payments are the most convenient form of payment for all kinds of borrowers, be it students, salaried employees, self-employed individuals, business owners and even retired individuals. These payments have grown considerably in popularity over the past few years since it enables individuals to pay small amounts that are due each month rather than a lump sum repayment.
Loan EMI calculators simplify the task of helping you calculate your monthly EMI on a Personal Loan. These EMI loan calculators are readily available on the website of your lender and can be used in the steps mentioned below:
- Visit the Website: It is best to access the EMI calculator on your lender’s website. Once you open the website, study the tabs present and click on the one related to ‘EMI Calculator’. A page will open where you can enter all your loan details and calculate your EMI conveniently.
- Fill in the Details: Once you see the calculator, you can fill in the details of your loan amount, interest and tenure. For every change in value, the EMI calculator will show you accurate results depending on the numbers you have entered.
- Understanding the Formula: If you are wondering how the EMI Calculator works or want to also manually calculate your monthly EMI, use this formula: EMI = [P x I x (1+I)^N]/[(1+I)^N-1]. P stands for your loan principal, I for interest, N for the number of months. All you need is a calculator and comfortable desk!
Benefits of EMI Calculators
In today’s fast paced world, we need instant results and calculations. EMI calculators are fast and flawless. They provide your results within seconds of entering the information and will immediately adjust the results with any change in the numbers. Eg., If you think your EMI result is high, you can either increase the tenure or decrease the interest or the loan amount to see what is most suitable to you. These EMI calculators have a smooth and easy to use interface to help you input your information and see the results. Not only are they ideal for calculating the EMI on existing loans, but even let you estimate the EMI for hypothetical situations. Hence they give you a clear idea of the finances after taking a Personal Loan.
Looking for a Personal Loan to support you in your time of need? Choose Bajaj Finserv’s Personal Loans, which come with affordable interest, easy and flexible repayment options and fast processing.