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Muthoot Finance Personal Loan EMI Calculator

The Muthoot Finance Personal Loan EMI Calculator is a free and easy-to-use online tool designed to help you estimate your monthly repayment amount before applying for a personal loan.

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By entering basic details such as the loan amount, interest rate, and tenure, you can quickly understand your Equated Monthly Instalment (EMI). This makes it easier to plan your monthly budget, compare loan options, and select a repayment plan that aligns with your financial goals. Knowing your EMI in advance can also help you borrow responsibly and avoid repayment challenges later on.

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Your Personal Loan EMI
₹ 23,528
Total Interest Amount
₹ 411,697
Principal Amount
₹ 1,000,000
Total Payable Amount
₹ 1,411,697
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Interest Rate
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You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets.

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You can also evaluate the total interest amount and overall payable amount for better financial planning and budgeting.

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Planning your loan repayments in advance is key to maintaining financial stability. One of the simplest ways to do this is by calculating your Equated Monthly Instalment (EMI) before applying. Whether you're considering a short-term loan or a larger borrowing amount, understanding how EMIs work can help you manage your monthly budget and make well-informed decisions.

Here is the formula used for EMI calculation:

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

Where:

  • P = Principal loan amount

  • R = Monthly interest rate (i.e. annual interest rate / 12 / 100)

  • N = Loan tenure in months

Example:

If you take a ₹10 Lakh personal loan from Muthoot Finance at 14.50% p.a. for 5 years (60 months), here’s how the EMI would be calculated:

  • P = ₹10,00,000

  • R = 14.50 / 12 / 100 = 0.01208

  • N = 60

Now applying the formula:

  • EMI = ₹10,00,000 × 0.01208 × (1 + 0.01208)60 / [(1 + 0.01208)60 – 1]

  • EMI = ₹10,00,000 × 0.01208 × 2.0116 / (2.0116 – 1)

  • EMI = ₹12,080 × 2.0116 / 1.0116

  • EMI = ₹ 23,528.28

The Muthoot Finance Personal Loan EMI Calculator is a useful tool for planning your loan repayment with clarity and confidence. Here are some key benefits of using a personal loan emi calculator:

Instant and Accurate Results

The calculator provides quick estimates of your monthly instalments based on the loan amount, interest rate, and loan tenure. It saves you from manual calculations and reduces the chances of errors.

Helps with Budget Planning

By knowing your EMIs in advance, you can assess whether the monthly repayments fit your budget. This enables better financial planning and helps to avoid repayment stress later on.

Easy Comparison of Loan Options

You can adjust the loan amount, interest rate, or tenure to see how each change affects your EMI. This allows you to compare different loan options and select the one that best suits your needs.

Time-saving and User-friendly

The calculator is easy to use and delivers results instantly. There is no need to enter complex formulas or download any software.

No Impact on Credit Score

Unlike checking loan eligibility through a lender, using the EMI calculator does not involve a credit check. You can use it freely without affecting your credit score.

Supports Better Loan Decisions

Knowing the EMI in advance allows you to borrow responsibly. It helps ensure that you choose a loan amount and tenure that you can comfortably repay.
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Your Muthoot Finance Personal Loan EMI depends on a variety of factors. Being aware of these can help you plan your repayments more effectively and make informed financial decisions:

Loan Amount

The principal amount you borrow directly influences your EMI. A higher loan amount typically results in a higher EMI, as the repayment is calculated on the total sum disbursed.

Interest Rate

The rate of interest applicable to your loan significantly impacts the EMI. Even a slight increase in the rate can lead to a noticeable rise in your monthly instalment.

Loan Tenure

The loan repayment period affects how long you'll be making payments. Opting for a longer period can lower your EMIs but leads to higher total interest. On the other hand, choosing a shorter duration increases EMIs but reduces the total interest paid.

Credit Score

Your credit score plays a key role in determining the interest rate offered by the lender. A good credit score can help secure a lower interest rate, while a lower score may lead to a higher rate and, therefore, higher EMIs.

Type of Interest Rate

Muthoot Finance personal loan may offer either fixed or floating interest rates. A fixed rate ensures consistent EMIs throughout the loan tenure, while a floating rate may cause EMIs to rise or fall based on market conditions.

Part-payment and Foreclosure

Making part-payments or foreclosing your loan before the end of its tenure can reduce your EMI burden or shorten the repayment period. However, charges may apply for early repayment.

Processing Fees and Additional Charges

Besides the principal and interest, additional charges such as processing fees can affect your total loan outgo. These costs may not impact the EMI directly but increase the effective cost of borrowing.

Paying your Muthoot Finance Personal Loan EMIs on time is important for maintaining a healthy credit score and avoiding late payment charges. The lender offers several convenient repayment methods to suit your preferences. Here are the key options available:

Auto-debit Facility

You can set up an auto-debit mandate with your bank. Once activated, your EMI will be automatically debited from your linked account on the due date. This is one of the most reliable ways to avoid missed payments.

ECS (Electronic Clearance Service)

ECS enables automatic EMI deductions from your bank account at regular intervals. It is a hassle-free option that requires minimal paperwork once set up.

Standing Instructions

You may provide standing instructions to your bank to debit the EMI amount each month. This method is similar to auto-debit and helps ensure timely payments without manual intervention.

Cheque Payment at Branch

If you prefer traditional methods, you can submit post-dated cheques or drop a cheque at your nearest Muthoot Finance branch. While this method requires a visit, it remains a valid option for those not using digital payment channels.

Frequently Asked Questions

Muthoot Finance Personal Loan
How do I calculate the EMIs for a Muthoot Finance Personal Loan?

You can calculate your EMIs using an online EMI calculator. Simply enter the loan amount, interest rate, and loan tenure. The calculator will display the monthly EMI along with the total interest payable.

Calculating the EMIs beforehand helps you understand the monthly repayment amount and assess whether it fits within your budget. It also allows you to compare different tenures and interest rates to make an informed decision.

You can use the EMI calculator as many times as needed. It is a helpful tool for trying different combinations of loan amounts, tenures, and interest rates to find a repayment plan that suits your finances.

The EMI depends on the interest rate and the repayment tenure you choose. For example, at 14.50% p.a. for 2 years, the EMI for ₹1 Lakh would be approximately ₹4,824.94. Use the calculator for precise figures based on current rates.

Muthoot Finance offers personal loans at interest rates starting from 14.50% p.a. However, the final rate may vary based on your credit score, income, and repayment capacity.

Assuming an interest rate of 14.50% p.a. for a 3-year tenure, the EMI for a ₹2 Lakh loan would be around ₹6,884.20. Actual EMIs may differ based on the chosen tenure and applicable interest rate.

At an interest rate of 14.50% p.a., the EMI for a ₹5 Lakh loan over 2 years would be approximately ₹24,124.71. The exact EMI can vary, so it is best to check using the EMI calculator with up-to-date values.

If you opt for a 2-year loan at 14.50% p.a., the EMI for ₹1.5 Lakh would be around ₹7,237.41. The EMI will vary based on the rate and tenure you choose.

For a ₹3 Lakh loan over 2 years at an interest rate of 14.50% p.a., the EMI would be roughly ₹14,474.83. You can fine-tune this by using the Muthoot Finance Personal Loan EMI Calculator.

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