Freo Personal Loan EMI Calculator

The Freo Personal Loan EMI Calculator helps you determine the monthly instalment you will need to pay based on your loan amount, interest rate, and tenure. 

It is based on the standard formula to compute EMIs instantly, allowing for accurate financial planning:

EMI Calculation Formula

EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1],

Where:

• P = Principal loan amount

• R = Monthly interest rate

• N = Loan tenure in months

Using this calculator, you can compare different loan scenarios, plan your repayments, and manage your finances more effectively.

Example:

You have taken  a ₹1,00,000 loan for 12 months at an annual interest rate of 12% (or 1% monthly). Your EMI would then approximately be ₹8,885.

There are several factors that influence your Freo Personal Loan EMIs. Some of the key factors are outlined below:

• Loan Tenure

Opting for a longer loan tenure lowers your monthly EMI, but it increases the total interest paid throughout the loan. On the other hand, a shorter tenure means higher monthly EMIs, yet it reduces the overall interest burden. 

It is advisable to choose a tenure aligned with your repayment capacity. Using an EMI calculator can assist you in selecting the most suitable option.

• Loan Amount

Although getting a personal loan is convenient, it is important to borrow only the amount necessary. Borrowing more than required leads to higher EMIs and increased interest outgo. As EMIs are directly proportional to the loan amount, borrowing wisely ensures manageable repayments.

• Interest Rate Type

The EMI amount is influenced by the type of interest rate selected, whether fixed or floating. Fixed interest rates remain constant throughout the tenure, allowing for predictable monthly payments. 

Floating interest rates fluctuate based on RBI monetary policy, which may cause your EMI to vary during the repayment period.

• Credit Score

Your credit score significantly impacts the interest rate offered. A credit score of 700 or above increases the likelihood of loan approval and qualifies you for lower interest rates. Lower interest rates result in reduced EMIs and greater overall savings.

You can pay your Freo Personal Loan EMIs easily through the ‘Freo – UPI, Insurance, Loans’ mobile app. Follow these steps:

1. Install the Freo app and log in using your credentials

2. Select the ‘Settings’ button

3. Click on ‘Make Payment’ located in the top right corner

4. You will be redirected to the payment page

5. Enter your card or account details and complete the payment securely

In case your payment is approved by RBL Bank (Freo partner), you can also make the payment at the bank branch. Here is how:

1. Locate the nearest RBL Bank branch

2. Visit the branch and speak with a bank representative

3. Complete the payment by depositing cash or submitting a cheque