Personal Loan EMI Calculator
Determine the EMI on your personal loan using Piramal Finance Personal Loan EMI Calculator
₹
25K11L
ವರ್ಷ
1 ವ5 ವ
%
13%35%
Your Personal loan EMI is
ಮೂಲ ಮೊಬಲಗು
ರೂ0
ಬಡ್ಡಿಯ ಮೊಬಲಗು
ರೂ0
Benefits of Using the Piramal Finance Personal Loan EMI Calculator
The benefits of using the EMI calculator for a personal loan from Piramal Finance are as follows:
Easy to use
The personal loan calculator can be used by anyone in an easy and hassle-free manner. One needs to enter the required information to receive the results in a short time.
Saves time
The Piramal Finance EMI calculator personal loan can offer the results instantly. On the other hand, manually calculating the EMI can be a tedious and time-consuming process. Therefore, the calculator helps save you time.
Accurate results
When you are manually calculating the personal loan EMI, you can make mistakes. But the online calculator will always provide accurate results without any mistakes. However, you should enter the required information correctly.
Compare EMIs
You can use the calculator to find the most affordable EMIs. You can compare the terms of different lenders to figure out whether you can repay the loan without defaulting.
Use multiple times
You can use the Piramal Finance personal loan calculator as many times as you want. It's free of cost, and you can use it anytime, anywhere.
Understand your repayment schedule
The loan calculator will completely break down your EMI schedule. You will get a comprehensive understanding of what amount you need to pay and when.
Plan your finances
Once you use the personal EMI calculator, you are able to determine how much you need to pay every month. It will ensure that you are able to plan your finances accordingly so that you don't fail to pay the EMIs on time.
ಆಗಾಗ ಕೇಳಿಬರುವ ಪ್ರಶ್ನೆಗಳು
What does EMI stand for, and what does it mean?
EMI stands for equated monthly installments. It refers to regular payments made by a borrower to the lender in order to repay an outstanding loan amount throughout the tenure of the loan. If you are not certain about how to calculate personal loan EMI, you can use the Piramal Finance personal loan EMI calculator online.
How is EMI calculated?
EMI is calculated by adding the interest amount to the principal amount borrowed by the lender. The EMI needs to be paid in monthly installments throughout the tenure of the loan. The interest rate charged by your lender and the principal amount borrowed by you has a huge impact on the EMI that you need to pay.
How to calculate the lowest EMI on your personal loan?
If you want to use the lowest EMI on your personal loan, you need to use an online personal loan EMI calculator. It will help you find the most affordable EMIs by comparing the rates charged by different lenders. But you should remember that the EMIs will be higher when you borrow a higher amount. For instance, a 25 lakhs personal loan EMI calculator will show a higher value than a 15 lakh personal loan EMI calculator.
How is the personal loan interest rate calculated?
The interest rate on personal loans is calculated on the basis of multiple factors, including the principal amount, loan tenure, and CIBIL score of the borrower. A high CIBIL score can lower the interest rate. On the other hand, a shorter tenure and a lower principal amount equal a reduced interest rate. Use the personal loan interest calculator to figure out the interest accumulated on the amount you borrowed.
What is the personal loan amortization schedule?
A personal loan amortization schedule reveals the division between the principal outstanding and the total interest payable of every EMI paid for repaying a loan. During the beginning of the tenure, the interest amount is usually high. As you keep paying EMIs, the interest compound lowers, and the principal amount increases.
How to reduce your personal loan EMIs?
If you want to reduce your personal loan EMIs, you should try to borrow a lesser amount. For instance, a 3 lakh personal loan EMI won't be the same as a 15 lakh personal loan EMI. Moreover, you can also increase the tenure of your loan to reduce the amount that you need to repay every month. Additionally, you can make partial prepayments to reduce your EMI burden.
What happens if I don't make my EMI payment?
When you don't make your EMI payment, the bank or financial institution will report you as a defaulter to the credit bureaus. It will lower your credit score and reflect badly on your credit report. Once you become a defaulter, you become a high-risk borrower. Therefore, lenders can start charging a high-interest rate.
Does the EMI amount remain fixed throughout the tenure of the loan?
At Piramal Finance, you will get loans with a fixed interest rate. Therefore, the EMIs will not change throughout the entire duration of the loan, irrespective of the fluctuations in the financial market. Use the personal loan EMI calculator to figure out how much EMI you will have to pay every month.
What are the key features and benefits of applying for home loans through Piramal Finance?
The key features and benefits of applying for loans through Piramal Finance are as follows:
Minimum documentation Easy application procedure Fast sanction and quick disbursals Pocket-friendly EMIs Flexible repayment tenure
Is 650 a decent score for a personal loan?
A majority of banks and financial institutions in India consider a CIBIL score of 600 or above to be decent. Obtaining a personal loan with a CIBIL score of 650 is easy, as it proves your creditworthiness to lenders.
What role does EMI calculation play in future expenses?
The EMI calculation helps you determine how much you will have to save to repay your loan smoothly. For instance, you will have to pay 10 lakh personal loan EMI for 10 years. An EMI calculator will ensure that you manage your future expenses in a way that lets you pay all the EMIs on time without defaulting.
What is the Formula to Determine Personal Loan EMI
The formula to calculate the EMI amount of your personal loan is as follows:
EMI= [P x Rx (1 + R)^ N]/[(1 + R)^ N - 1]
Here, P refers to the principal amount, R means the ROI, and N signifies the number of months you have to repay the loan.
These values are variable. Therefore, the EMI amount will change every time these values change.
Let us consider an example to understand how the formula helps with personal loan EMI calculation. For instance, you have borrowed a ₹ 10 lakh personal loan at an interest rate of 15%. The loan tenure is two years or 24 months. Since you will be paying the EMIs on a monthly basis, you need to calculate the duration in months.
In this case, P = ₹ 10 lakh, R = 11.5%, and N = 24 months. So, your EMI will be calculated as follows:
[10,00,000 x 11.5/ 100/ 12 x (1+ 11.5/ 100/ 12)^ 24] / [(1+ 11.5/ 100/ 12)^ 24- 1]
Therefore, the EMI will be Rs 46,840
EMI= [P x Rx (1 + R)^ N]/[(1 + R)^ N - 1]
Here, P refers to the principal amount, R means the ROI, and N signifies the number of months you have to repay the loan.
These values are variable. Therefore, the EMI amount will change every time these values change.
Let us consider an example to understand how the formula helps with personal loan EMI calculation. For instance, you have borrowed a ₹ 10 lakh personal loan at an interest rate of 15%. The loan tenure is two years or 24 months. Since you will be paying the EMIs on a monthly basis, you need to calculate the duration in months.
In this case, P = ₹ 10 lakh, R = 11.5%, and N = 24 months. So, your EMI will be calculated as follows:
[10,00,000 x 11.5/ 100/ 12 x (1+ 11.5/ 100/ 12)^ 24] / [(1+ 11.5/ 100/ 12)^ 24- 1]
Therefore, the EMI will be Rs 46,840
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