When you plan to avail a loan, it is extremely important to be aware of the EMIs and manage your monthly expenses. Calculating your EMIs prior to availing it will help you keep a certain portion of income as installments that need to be paid. Personal Loan EMI Calculator available on Finserv MARKETS will help you calculate the EMIs that need to be paid, without any manual efforts and help you keep a track of finances better.
Personal Loan EMI can be calculated through the Personal Loan EMI Calculator. You need to enter the following details:
Loan amount: It is the amount that you want to borrow.
Repayment tenure: It is the time period through the course of which you will repay the loan.
Interest rate: It is the amount that you need to pay in addition with the principal loan amount.
After you type the details, you will get the required EMI amount that would be payable by you.
In general, Personal Loan EMI is calculated by the following formula:
Where ‘E’ is EMI,
‘P’ is the principal loan amount
‘r’ is the rate of interest (monthly)
‘n’ is the repayment tenure
Here are the benefits of checking your EMI in advance:
It gives a sense of how much amount you can avail as a loan.
You can manage your finances better.
It will help you plan for part payments, as well in case you choose to part-pay your loan.
Calculating your EMI online will help you save a lot of your time and effort.
Also read in detail about features and benefits of personal loan.
In order to avail the Personal Loan offered by PaySense partners, on Finserv MARKETS, the following documents must be submitted:
Identity Proof: PAN Card
Permanent Address Proof: Aadhaar Card/Voter ID/Passport/ Driving License
Current Address Proof: Aadhaar Card/ Voter ID/ Passport /Rent Agreement/ Electricity Bill/ Water Bill/ Landline Bill / Passbook/ Gas Pipeline receipt/ Mobile Postpaid Bill
Now that you have gained information about calculating the EMI conveniently through the EMI calculator online, it’s time to apply for a Personal Loan at Finserv MARKETS, facilitated by PaySense partners. You can avail a loan of up to Rs. 10 Lakhs and enjoy benefits like a smooth online process, minimal documentation, no collateral requirements, flexible repayment tenure and much more.
You can pay your Personal Loan EMI through net banking, debit card, wallet or auto-debit as well.
EMI interest will be calculated based on the principal loan amount, repayment tenure, credit score, etc.
With fixed interest rates, you’ve stable or fixed instalments to repay over the tenure. In case of floating interest rate, the EMI value changes as per MCLR (Marginal cost of funds-based lending rate).
Your loan EMI can reduce with a decrease in the loan amount and an increase in the repayment tenure.
Loan amount, repayment tenure, interest rate, CIBIL score affect personal loan EMI.