Personal Loan EMI Calculator
Personal loans are an effective way of fulfilling your personal needs such as international vacations, weddings, buying the latest gadget, pursuing higher education, purchasing a vehicle or even home renovation. However, it is further vital to know how much you will have to pay as EMI at regular intervals.
A Personal Loan calculator is an online tool to ascertain the payable interest based on the loan amount and tenure. You can also use the EMI calculator for personal loans to estimate the loan amount you can get given your monthly income. IIFL personal loan provides a cutting-edge personal loan eligibility calculator that not only gives you an estimate of the loan you can avail of but also lets you apply online to get instant approval and also upload documents.
Personal Loan EMI Calculator
How to Calculate Personal Loan EMI Monthly Interest Rate?
The loan EMI is set based on factors such as the loan amount, tenure and the interest rate. The loan tenure is the period that ascertains the repayment period. The higher the tenure of the personal loan, the lower the EMI monthly interest rates. Furthermore, the interest rate you want to choose also affects the monthly EMIs.
The vice versa holds as well; the lower the interest rate, the lower the monthly EMIs. However, the resulting EMI monthly interest rate is calculated as a combination of the above factors that can be estimated through an EMI calculator for personal loans. It helps you calculate the loan EMI based on entered factors such as loan amount, tenure and interest rate. Here’s how you can use the personal loan calculator to determine the interest amount on your EMI:
Under the “Loan Amount” Option, use the slider to set the loan amount you want to borrow.
Use the slider under the “Loan Tenure” option to set the tenure.
In the “Interest Rate” box, enter the desired interest rate.
Click on “Calculate”. The results will show the personal loan EMI and the subsequent per month interest amount.
What Factors Can Affect Your Personal Loan EMI?
The personal loan EMI calculator requires the analysis of three factors that are included in the loan process:
Loan Amount :
The amount you want to borrow is the primary factor in calculating the personal loan EMI. The higher the loan amount, the higher the EMI to repay at regular intervals. Hence, it is advised that you opt for a loan amount that you specifically need so that the EMI repayment does not create a financial burden.
Loan Tenure :
The loan tenure is the most important factor in determining the loan EMI. It is the time you get to repay the personal loan you have taken. The longer the tenure, the lower the EMI amount will be, as it will be stretched over a longer repayment period.
Rate of Interest :
Once you have chosen the personal loan amount and the loan tenure, the next factor that affects the EMI calculation is the rate of interest. It is based on your credit score, income, turnover and repayment capability.
What Are The Benefits of Using a Personal Loan EMI Calculator?
A personal loan interest calculator is an effective online tool for loan applicants to understand their EMI obligations and choose an ideal loan amount. The benefits include:
Personal Loan Calculator FAQs
What Our Customers Have To Say
I loved the way IIFL took my documents digitally while applying for personal loan and gave faster disbursal into my bank account. Thanks Team IIFL for giving me a truly seamless & digital experience.
Ashish K. Sharma
I needed the money for my daughter's marriage. I have taken many loans from IIFL and I am very happy with their services.