EMI (Equated Monthly Installment) is the amount that you need to pay to the financial institution, until the loan amount is completely repaid. It is very necessary to plan the EMIs you need to pay, while applying for Personal Loan, so that you can manage your finances better. With SMFG India Credit Personal Loan, you can calculate your monthly EMIs and thus plan not to default on repayments. The loan EMIs depends on loan amount, repayment tenure, interest rates. You can set the values and find out the EMIs and check if you will be able to pay the EMIs on time or not.
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Using the SMFG India Credit Personal Loan Calculator, you can calculate the EMI on your Personal Loan and plan your finances.
Example: Suppose you wish to avail a loan of Rs. 6 Lakhs with a repayment tenure of 42 months (3.5 years), and annual interest rate of 14% p.a. In the EMI Calculator, move ‘Loan Amount' slider to 6.00,000, move the rate of interest slider to 14% and loan tenure slider to 3.5 years. After you move all the slider to these values, you will get the EMI value that you need to pay per month, in this case Rs. 18,158.
EMI basically depends on loan amount, rate of interest and repayment tenure. And it can be calculated as by the following formula:
EMI = P × r × [(1 + r)n/((1 + r)n - 1)]
Where, P = Loan amount, r = the rate of interest, and n = repayment tenure in months.
EMI is directly proportional to the loan amount and SMFG India Credit Personal Loan Interest Rate and inversely proportional to repayment tenure.
Before applying, do have a look on your CIBIL Score for free only at Bajaj Markets.
You can easily apply for a SMFG India Credit Personal Loan online on Bajaj Markets. Here are the steps:
Online Form Filling: Fill in your personal and employment details.
Select your Lending partner: From the list of loan offers, select SMFG India Credit to proceed.
Specify Personal Loan Details: Select the SMFG India Credit Personal Loan amount and repayment tenure as per your requirement.
Upload the documents: Next, upload the scanned copies of all the required documents.
Approval & Disbursal: Submit your application, and post the verification, you will get money in your account in just 24 hours.
If EMIs are not paid on time, then your credit score will be affected. Also, you will have to pay some defaulting charges.
Yes, you can prepay SMFG India Credit Personal Loan EMI.