Muthoot Finance Personal Loan EMI Calculator

Enter an agreement confidently: Once you have decided whether or not you can pay your personal loan EMI without any hassles, it will become easier for you to take a call. You can additionally demand for a lower rate of interest or a longer repayment tenor if your credit score permits it.

Helps you figure out the right loan repayment tenor for you: Once you have determined the principal amount you will need and the interest rate it will attract, you will be able to decide on a loan repayment tenor that you will be most comfortable with by just altering the repayment tenor on the tool and seeing what your EMI obligations will look like after.

Time-saving and accurate: Calculating your EMI amount manually through the traditional method can be an energy and a time consuming affair. On top of that, there is always more room for errors when you do it the old-fashioned way. That is certainly not the case for the Muthoot Finance personal loan EMI calculator, which will give you accurate results within seconds.

Interest rate: The interest rate is the money that the bank earns for lending its financial resources to you which is expressed as a percentage. Higher interest rates would naturally translate to higher EMI amounts.

Loan repayment tenor: Tenor refers to the period over which you will need to repay your loan. Smaller loan repayment tenors will mean higher EMI amounts for you, whereas long loan repayment tenors will mean that you will pay small EMI amounts every month.

Your income: Your annual income will be assessed before the rate of interest on your borrowing can be decided. If your monthly income falls on the lower end of the income eligibility criteria, you may have to pay a higher interest rate, which will result in higher EMI amounts. But, if your monthly income is relatively high, you will have to pay a lower rate of interest as the lender will think of you as a creditworthy individual due to it, which will mean that you will pay lower EMI amounts every month.

Your age: Your age also plays a crucial role in arriving at your interest rate. If you are inching closer to retirement, you will be charged a higher interest rate. If you are in your 20s or 30s, it is possible that you will get a Muthoot Finance personal loan at a lower rate of interest.