A personal loan is an unsecured loan that helps you fill your financial gap and meet urgent and quick requirements. A personal loan does not require any collateral and can be availed to meet your legitimate financial need. To avail a personal loan, one need not worry about the collateral part as this type of unsecured loan can be availed using minimal documentation in a hassle-free process.
But before availing a Personal Loan, have you planned your repayment yet? Repayment of a loan requires consistent or regular income to ensure that the EMIs are aptly planned and can be effortlessly paid on time. Without placing you under a financial burden, your EMIs must be taken care of, and so must your lifestyle. Your loan is meant to release and help you combat your financial trouble and not put you in it. Precise and effective loan repayment planning is the first step to help you get the best of credit help without placing you in a financial crunch!
One of the most significant and functional steps to planning your loan repayment is – calculating your loan EMIs. A loan EMI ( Equated Monthly Instalments ) is a periodical repayment of the loan amount in an equally divided sum over the loan tenure.
How is your loan EMI Calculated?
Your loan EMI is calculated using your Principal Loan Amount + Rate of Interest. The longer the loan term, the lower is your EMI and vice versa. The mathematical formulae to calculate your loan EMI is:
EMI = P* (r*(1+r)n)/((1+r)n-1) where,
P= Principal Loan Amount
r= Rate of Interest
n= Number of years or Loan Tenure
To ensure successful planning of loan EMI repayment, you must be aware of your monthly EMI amounts. To check and get a close approximation of your Personal Loan EMI, an online Personal Loan Calculator is the most desirable and potent tool to help you get accurate and on-the-spot results.
A Personal Loan EMI Calculator helps you calculate your EMIs with ease and in no time. You can instantly get your loan EMI results by adjusting the amount, tenure, and rate of interest sliders.
How to use an EMI Calculator?
Key in the amount of loan, tenure and rate of interest and the EMI Calculator will reflect your accurate monthly EMI in no time.
A personal Loan helps cater to your financial needs and can be used for countless purposes. From funding your wedding to home expansion or renovation, a personal loan can be availed to tackle varied financial needs and contingencies.
To check your Loan EMI Online, click here.
Talk to a Ruloans representative for any query about Personal Loan on 1800 2667576, for much more than money!