KreditBee Personal Loan EMI Calculator

An Equated Monthly Instalment (EMI) is the fixed amount you repay every month towards your KreditBee Personal Loan. The EMI includes both the principal and interest components and is calculated based on the loan amount, applicable interest rate, and chosen tenure. Understanding your EMI in advance can help you plan your monthly budget more efficiently.

EMI Calculation Formula

You can calculate the EMI for a KreditBee personal loan using the standard formula:

EMI = P × r × (1 + r)^n / [(1 + r)^n – 1]

Where:

• P = Loan amount

• r = Monthly interest rate (annual rate / 12 / 100)

• n = Loan tenure in months

Example EMI Calculation

Here’s an example to help you understand the EMI calculation for a KreditBee Personal Loan:

• Principal Amount: ₹5,00,000

• Interest Rate: 14% p.a.

• Loan Tenure: 24 months

Your KreditBee Personal Loan EMI is influenced by several key factors. Understanding these can help you make better borrowing decisions and manage your repayments effectively:

Loan Amount

The EMI is directly linked to the amount you borrow. A higher loan amount usually leads to higher monthly instalments since the principal component increases.

Interest Rate

The rate of interest applied to your loan significantly impacts your EMI. A higher rate results in larger monthly payments, while a lower rate reduces the EMI.

Loan Tenure

The repayment tenure you select directly impacts your EMI. Opting for a longer term can lower your monthly instalments but may lead to higher overall interest. On the other hand, a shorter term increases EMIs but helps save on total interest outgo.

Credit Score

Your credit score may influence the interest rate offered. A good score could help you secure a lower rate, reducing the EMI, whereas a poor score may lead to higher borrowing costs.

Type of Interest Rate

KreditBee may offer fixed or variable interest rates. Fixed rates keep your EMI constant throughout the loan tenure, while floating rates may change based on market trends, affecting the EMI over time.

Part-payment and Foreclosure

If allowed, making part-payments or foreclosing the loan early can reduce your EMI burden or shorten the repayment period. However, these may come with associated charges.

Processing Fees and Additional Charges

While these may not alter the EMI directly, they increase the overall cost of the loan. It's important to factor them in when planning your repayment strategy.

Paying your KreditBee Personal Loan EMIs on time is important to maintain your credit score and avoid penalties. KreditBee offers multiple repayment options for your convenience:

Auto-debit Facility

Set up an auto-debit instruction from your bank account to ensure your EMIs are paid automatically on the due date.

Mobile App

Use the KreditBee app to make quick EMI payments directly from your smartphone.

Net Banking

Log in to your bank’s net banking portal and make a direct payment to your loan account.

Debit Card

Use your debit card to make payments securely through the KreditBee portal or app.

UPI (Unified Payments Interface)

You can also pay your EMI using UPI through supported apps or platforms.

NEFT/IMPS/RTGS

Transfer funds using NEFT, IMPS, or RTGS from any bank account to the loan repayment account provided by KreditBee.

Note: Some of these payment methods may carry a convenience fee. It’s advisable to check with KreditBee before proceeding to ensure you are aware of any applicable charges.