The Muthoot Finance personal loan equated monthly instalment (EMI) calculator at Bajaj Markets helps you calculate your total EMI outflow within a few seconds. There are several advantages to using this tool. This article will help you explore all of them and will also take you through all the variables that will affect your Muthoot Finance personal loan EMI.
Year | Principal | Interest | Balance |
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The Muthoot Finance personal loan EMI calculator is a simple-to-use algorithm-based tool which needs you to only feed in three kinds of information, namely your principal amount, your repayment tenor (in months) and your applicable interest rate. Once you have entered all of that information in the relevant fields, you will see your total EMI outflow flash in front of your screen within seconds.
Muthoot Finance Personal Loan EMI Calculation Formula
If you want to calculate your Muthoot Finance personal loan EMI manually, you can use the following formula:
Muthoot Finance Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
EMI stands for your Equated Monthly Instalment amount,
P stands for your principal amount,
R is your monthly interest rate, and
N is your loan repayment tenor (expressed in months).
Muthoot Finance Personal Loan EMI Calculation
Here are a few Muthoot Finance personal loan EMI amounts that would be payable based on an interest rate of 13.79% for various repayment tenors:
Loan Amount |
2 years |
3 years |
5 years |
₹1 Lakh |
₹4,791 |
₹3,408 |
₹2,316 |
₹5 Lakhs |
₹23,957 |
₹17,038 |
₹11,580 |
₹10 Lakhs |
₹47,914 |
₹34,076 |
₹23,160 |
You can pay your Muthoot Finance personal loan EMIs in the following ways:
ECS (Electronic Clearance System): The ECS system will help you make quick and easy repayments without having to go through a lot of paperwork.
Standing Instruction: Standing instructions mean that you can instruct the bank to pay a fixed amount of money at regular intervals to a particular part. This is one way in which you can pay off your personal loan and ensure that you do not miss a single payment.
Cheques: If none of the above-mentioned methods work for you, you can simply submit the cheque at your nearest Muthoot Finance branch to pay your personal loan EMI.
Applicants should calculate the EMI payable on Muthoot Finance Personal Loans before taking the loan so that they may determine whether they will be able to pay it off with their existing income and in addition to prior financial obligations.
Yes. Muthoot Finance charges a processing fee of 2%-4% of the loan amount sanctioned.
Yes, you can have a co-applicant while applying for a Personal Loan with Muthoot.
Yes, in order to reduce the interest rate, you can pay more than the EMI.
You can pay the EMIs through the ECS (Electronic Clearance System), Cheque, Standing Instruction / Debit Mandate.