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Monthly Payment (EMI)
Total Interest Payable
Once you have decided to take a personal loan for an emergency or a short-time need, you may want to check what will be the monthly EMI to be paid against the loan. It is important to check your monthly outgo on the EMI as it will be helpful in deciding your loan amount and planning your monthly budget.
Keeping this in mind, every other bank has designed a personal loan EMI calculator that gives you the result of EMI payable in less than a minute. Wouldn’t it be more convenient to know how much you will be paying month-on-month for the loan you are going to take?
There are variety of loans provided to meet the needs of individuals for various reasons and purposes. Lenders offer both secured and unsecured loans. The former requires a collateral to be pledged and the later requires no collateral. The interest rates and eligibility criteria are set based on the loan type.
Before applying for a loan with bank/NBFC, it is important to check the EMI calculator for the EMI payment. Lenders provide EMI calculators which are available for all the loans and you can choose to use them to plan your loan outgo and monthly budget.
EMI stands for Equated Monthly Instalment which is the amount payable per month for the personal loan taken for a specific period.
To know how much you will have to pay as EMI on any personal loan, you can visit the official website of the bank. Go to ‘Tools and Calculators’ page where you will find the option for ‘Personal Loan EMI Calculator’. After entering the page, you will find three fields where you need to enter the following details: 1) Loan Amount, 2) Interest Rate and 3) Tenure in years.
After entering the necessary details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the personal loan to be taken.
You can also view similar personal loan EMI calculator on CreditMantri website and apply for the loan directly. You will find the results of total amount payable with interest and interest payable separately.
At some point in life, everyone goes through a phase where we might need additional funds. In such a scenario, banks are the safest option to seek the financing. Many banks like HDFC, ICICI, IndusInd, YES bank in India, provide personal loans to individuals at low interest rates. Getting a personal loan from the lenders could be as quick as you order food online. The existing customers can get instant e-approved personal loans without even having to submit the documents. How convenient is that!
All details about the personal loan that include interest rate, EMI amount, processing fees etc. are informed in advance and you can make up your mind to go for the loan. Once, you have acknowledged, the loan amount will be disbursed to your bank account immediately.
Calculating the EMI of the personal loan manually is time-consuming. But using the EMI calculator will generate the result in less than a minute. This helps you get the details of interest to be paid as per the tenure and loan amount. After having all the information, you will be able to take an informed credit decision on your own. Moreover, it helps in negotiating with the lender and settle for a better interest rate.
Manual calculation carries a risk of mistakes, but the result provided from online EMI calculator is accurate and quick. You can use the tool for various loan amounts, tenure and interest rate and you will get the results accordingly.
After having known the loan details using the EMI calculator, you would be looking for how to apply for the loan with bank/NBFC. The first step you can take is to apply through the lender directly from the official website or seek the third party financial service provider like CreditMantri.
Digital application has become very popular as it reduces the time from application to approval. Existing customers can apply through their net banking credentials while people who are not customers will have to enter their personal and income details online to complete the digital application.
You must also check the eligibility criteria before applying for the personal loan in order to get the better terms. Do note that banks/NBFC have their own criteria for lending and any loan applicant needs to meet such parameters to get your loan approved.
However, if you have a good credit score (above 700), this could be a credit score provided by any of the four credit bureaus in India; and as mandated by the RBI the credit bureaus are required to provide a credit score for free.
The stress on having a good credit score is important because lenders look for balanced applicants to whom they can make a lending decision and a credit score which takes into account the different facets of your credit history is a good metric for banks to go by.
Credit score plays an important role in the loan approval process. It is always better to remain up to date with your credit score when you plan to apply for a loan. You can check your credit score for free from official websites of the credit bureaus or from financial service provider like CreditMantri. You can check your credit score for free any number of times and it does not affect your score in any way. An ideal score to get a better loan could be 750 and above. Though your score may not appear as one of the criteria in the eligibility calculator as the lenders obtain it independently, it is a significant criterion for availing the personal loan.
Repayment ability is a major criterion that hugely influences the approval of a personal loan. The lenders want to be assured that you are able to repay the loan without any difficulty. Hence, the banks check your income before you apply for the loan. If you have a steady source of income, it will be easy for you get a personal loan, else you may have to get the help of a co-applicant. Salaried employees have better opportunities in taking a personal loan as they have a steady source of income. However, the employer should be listed by the bank and the employee should be remaining in the last job for at least a year. Self-employed individuals may have to provide a proof of consistent income for a period of last 2 or 3 years.
If you are already having loans ongoing, the lenders might calculate your debt to income ratio. With the future loan, if your debt is above the 50% of your income, you might get lesser loan amount or there are chances of rejection. Ensure that your debt to income ratio is balanced.
1. What are the details required for using EMI calculator to get the EMI amount?
You will have to enter the details of your loan amount, interest rate and tenure in the EMI calculator.
2. Can I apply online for personal loan after using the EMI calculator?
Yes, you can apply online for a personal loan.
3. Can I check for multiple loan amount in the personal loan EMI calculator?
Yes, you can check the EMI payable for multiple loan amounts with various interest rates.
4. What is the maximum tenure on the EMI calculator?
The maximum tenure with most lenders is 5 years for a personal loan.
5. What is the starting interest rate value on EMI calculator?
The interest rate value starts from above 1% and the maximum interest rate value is 30%.
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