Personal loan EMI Calculator

What's a Personal Loan EMI Calculator?

A loan taken must be repaid. The deduction of the loan amount takes place in a specified format from the borrower account on a particular day of every month. This pre-decided deduction amount depends on various factors. In financial terms, EMI or Equated Monthly Instalment stands for this standardized deduction.

The amount borrowed, the rate of interest applied, and the tenure of your loan are the factors that decide the value of an EMI. An EMI calculator does the job of computing Equated Monthly Instalments payable every month to repay a loan within a particular period. Such a tool that calculates EMI payable to repay a Personal Loan may be known as a Personal Loan EMI Calculator.

This PL Calculator tool permits you to determine the value of the personal loan you can afford to take, and budget your finances accordingly after comparing different loan amounts, rates of interest, and loan tenures.

The mathematical formula for calculating your Equated Monthly Instalments

forms the basis of such a calculator.

Here,P = Principal Loan Amount, R = Rate of Interest, and N = Number of Monthly Instalments. Ruloans Personal Loan EMI Calculator online empowers you to make the right choice!

What are the Factors that Affect Personal Loan EMI?

Enumerated below are a number of factors that affect a personal loan EMI.

Loan Value or Loan Amount1.
Rate of Interest – Fixed or Flexible2.
Loan Tenure3.
Other Applicable Charges4.
- Insurance
- Service Fees
- Others Fees and Charges

While the first three factors namely loan value, rate of interest, and loan tenure are direct factors that affect your personal loan EMI calculation. Your EMI Calculator may not indicate other applicable charges that affect your borrowing. An EMI Calculator gives you a fair and close to an accurate estimate of your personal loan EMI payable and allows you the freedom to select the right loan tenure based on your capacity to repay your personal loan. The final EMI amount, however, will only be communicated to you in your loan agreement and schedule, after your personal loan gets approved. Calculate your EMI using Ruloans Personal Loan EMI Calculator online to make the correct choice!

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How to Reduce your Personal Loan EMI?

When you plan a Personal Loan, remember your term of loan repayment will be inversely proportional to the EMI amount. When you plan a long tenure, the Personal Loan EMI Calculator distributes the total loan amount over the planned span of time, which reduces the EMI amount payable, yet the interest rate will be higher on the outstanding debt for an extended duration causing the cost-of-loan to increase. The reverse applies when you plan a short tenure loan. Weigh your plan according to your budget, and execute accordingly. You could in the process of planning a personal loan, consider taking a loan from your existing bank, negotiate a lower rate of interest, opt for a higher down payment if possible, or even consider prepaying a loan with the help a Personal Loan Prepayment Calculator, or Personal Loan Foreclosure Calculator. Your Ruloans Personal Loan Calculator, will assist you to calculate EMIs for varied tenures, at varied interest rates to select the best plan to suit your repayment capacities.

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