A personal loan is an unsecured loan, and that is availed in the absence of collateral and the least amount of documentation. It is one of the best options in the market if you want quick funds and for a shorter period. The lender generally approves the loan just by seeing the credit history and income of the borrower among other details such as the age, profession, etc. Personal loans come with no restriction on the end-use. They can be used for a range of purposes including child’s education, home renovation, financing a wedding, travel, medical emergency or even for debt consolidation.
Equated Monthly Installments (EMI)
The EMI of your personal loan is determined based on the loan amount, repayment tenure, and interest rate. The borrower decides the loan amount and loan tenure according to their financial needs and capability to pay back. But the rate of interest is determined by the eligibility of the borrower. The eligibility criteria depend greatly on your income. You should be in a position to meet your daily necessities first and then see if you can take on another expense. Also, maintain a good credit score of 750 or more, and then the lender can easily identify you as creditworthy.
Learning new things has never been better. The whole process of calculating a loan’s EMI has come to be a lot simpler and faster. And thanks to online lenders and instant personal loan online, there are special tools to calculate EMI, which gives you the results within a few moments, and it is free. You can use it over and over again without any fees.
3 Easy Steps To Personal Loan EMI Calculator
Fullerton India’s online EMI calculator comes with three tabs, with a slider on each one. You can see your result on the right side of the calculator. It is so far the simplest way to calculate EMI. Follow these simple steps below to attain your accurately calculated EMI amount:
- Loan Amount – Choose your desired amount by moving the slider on the calculator.
- Loan Tenure – Select a repayment tenure which you are comfortable with.
- Rate of Interest – Lastly, set the rate of interest.
For instance, if you want to avail a loan of amount Rs. 4,30,000 at a repayment tenure of 3 years and an interest rate of 13% per annum, you can follow the above steps and put the numbers you want in the personal loan EMI calculator and have your results in no more than a few seconds.
One more advantage of personal loan EMI calculator is that you can play around with numbers until you are satisfied with the outcome. Look around and compare different options to find what suits your situation the best. Be honest while putting in the information to achieve the correct EMI amount that you will have to pay each month, besides it only aids you with your monthly budgeting and planning. Furthermore, you can check your EMI before applying for the loan; it is a great way to know the EMI amount you will have to pay for the needed loan amount.
Apply for a personal loan and handle any private or unexpected expense you might have. Both salaried and self-employed individuals can now enjoy instant personal loans by applying online. Fullerton India offers personal loans with flexible repayment tenures, attractive interest rates, and hassle-free documentation. You can borrow funds up to Rs. 25 lakhs with interest rates starting at 12.99%* to a maximum limit of 36%* and get your loan amount within 30 minutes of approval.