Shriram Finance Personal Loan EMI Calculator

When you take a personal loan, your EMI reflects the total amount you repay each month, including both the principal and interest component. 

Understanding how EMIs are calculated enables you to choose a loan amount and tenure that align with your budget and repayment capacity.

The EMI for a Shriram Finance Personal Loan can be calculated using the standard formula:

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

Where:

• P = Principal loan amount

• R = Monthly interest rate

• N = Loan tenure in months

Example:

Say you borrow ₹3 Lakhs personal loan at an annual interest rate of 11% for a tenure of 2 years (24 months).

• P = ₹3,00,000

• R = 11%

• N = 24 months

Based on these terms, your EMI will be ₹13,982, and your total interest payable will be ₹35,576. Having a clear understanding of these numbers helps you plan your monthly budget better and manage your loan more responsibly.

Shriram Finance Personal Loan EMIs are influenced by multiple factors such as the loan amount, tenure, credit score, and more. Understanding these can help you plan your finances better, manage your cash flow, and ensure timely repayment without straining your budget.

• Loan Amount

The amount you borrow plays a direct role in shaping your EMI. A higher loan amount increases your monthly instalments, while a smaller amount borrowed can help keep EMIs manageable.

• Interest Rate

The interest rate is another factor that affects the EMIs you need to pay towards the repayment of your loan. Lower rates mean smaller EMIs, while higher rates increase your monthly payment.

• Loan Tenure

The repayment period impacts EMIs inversely. Longer tenures lower monthly payments but increase the total interest due. Shorter tenures raise EMIs but reduce overall interest costs.

• Credit Score

A strong credit score signals financial reliability to lenders. This can often result in lower interest rates and smaller EMIs. Poor credit health may lead to higher EMIs and stricter loan terms.

• Existing Debt and Fixed Obligation to Income Ratio (FOIR)

Lenders consider your fixed monthly obligations with respect to your income. A lower Debt-to-income (DTI) ratio indicates stronger repayment capacity. This can positively influence both your EMI and loan eligibility.

• Nature of Employment and Income Stability

Salaried professionals with steady incomes or jobs in reputed organisations are seen as lower risk. Stable income and verified employment can help secure better interest rates.

Paying your EMI is simple and can be done online conveniently. You can follow these steps to make your monthly repayment quickly and securely:

1. Go to Shriram Finance’s official EMI payment page: www.shriramfinance.in/pay-loan-emi 

2. Enter your 10-digit registered mobile number 

3. Type in the OTP sent to your mobile number for verification 

4. Check your loan repayment status to confirm your outstanding EMI 

5. Proceed to pay your EMI using the available online payment options

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