A personal loan would be the best option to shield you from unanticipated emergencies. It can be easily obtainable with a good credit score of 750 or above, stable employment & income. The lenders may offer you personal loans at low-interest rates & flexible tenure if you have good personal loan eligibility. Many banks and Non-Banking Financial institutions provide personal loans of Rs 3,00,000 at interest rates starting from 10.25%. Generally, the lenders offer personal loans after evaluating your minimum monthly income, repayment history, EMI/NMI ratio, credit score, job profile, employer’s profile, etc. Also, Some lenders may provide pre-approved instant personal loans to their current customers.
The following are the Personal Loans Interest Rates offered by the leading lenders:
- HDFC Bank - 11.50% – 21%.
- ICICI Bank - 10.90% to 19% p.a.
- PNB - 8.90% – 14.50%.
- Kotak Mahindra Bank - 10.99% onwards.
- SBI - 9.80%-13.80%.
How to Calculate Personal loan EMI Online?
To calculate the EMI of a personal loan, use a personal loan EMI calculator online. Rather than doing a manual EMI calculation, you can use an online EMI calculator to get the result instantly and more accurately anytime at your convenience. Type the following components to calculate the personal loan EMI:
- Your desired loan amount.
- Your desired interest rate.
- Your desired repayment tenure.
Read to Check how to use the Personal loan EMI calculator to find out the EMI for Rs. 3,00,000 loan at different interest rates.
Illustration:
The EMI calculated for an amount of Rs.3,00,000 Personal Loan at a Tenure of 1 years at the different Interest rates are the following:
|
Loan Amount |
Rate of Interest |
Tenure |
Monthly EMI |
|
3,00,000 |
10.25 |
12 Months/1-years |
26,513 |
|
3,00,000 |
12% |
12 Months/1-years |
26,655 |
|
3,00,000 |
14% |
12 Months/1-years |
26,936 |
|
3,00,000 |
16% |
12 Months/1-years |
27,219 |
|
3,00,000 |
18% |
12 Months/1-years |
27,504 |
|
3,00,000 |
20% |
12 Months/1-years |
27,790 |
Remember that the EMI for a 3,00,000 loan will change if you change tenure & interest rate. However, the lender will decide your EMI based on certain factors such as credit score, income & repayment capability.
What is the Mathematical Formula To Calculate Personal Loan EMI?
To compute EMI manually, use the below formula
EMI = P × r × (1 + r)n/((1 + r)n - 1)
P= Loan amount
R= Interest Rate
N= repayment tenure of the loan.