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15 October 2019

EMI Calculator – Simple Calculation

What is an EMI? An Equated Monthly Instalment (EMI) is a fixed monthly payment, part of the equally divided repayments, used to clear off your outstanding loan. Your personal loan EMI depends on the loan principal, the rate of interest, and the loan tenor.

What is an EMI calculator? An EMI calculator is an online tool that takes your principal, rate of interest, and tenor into consideration to calculate your EMI.

EMI Calculator – Simple Calculation

How is EMI calculated? An EMI calculator uses a simple formula to determine your EMI. The formula used is: E = P * r * (1+r)^n / ((1+r)^n-1), where
E = EMI,P = the principal loan amount,r = rate of interest calculated on a monthly basisn = tenure/duration.

How to use an EMI calculator? An EMI calculator is very easy to use. All you need to do is enter the following information: The loan amount, tenure (in months), and rate of interest.

The personal loan EMI calculator will use the information provided by you, run it against the EMI calculation formula, and inform you of the EMI amount you will have to pay every month.

How much is the EMI for personal loans? EMI stands for Equated Monthly Installment and is the amount of money that you need to repay to the lender against the availed personal loans or any other.

A personal loan EMI amount also includes payable interest rate amount on the loan amount. You can calculate your exact personal loan EMI amount by using the personal loan calculator on the Bajaj Finserv website free of cost.

How to calculate personal loan EMI? It is great to calculate your EMI before applying for a loan. It can help you know an exact EMI amount that you will pay over the desired loan amount.

You can use the personal loan EMI calculator at the Bajaj Finserv to know the same. You can select the loan amount, tenure and rate of interest to get the exact payable EMI amount.

How is the personal loan interest rate calculated? The personal loan interest rate amount that you need to bear along with the EMI per month can be calculated online. You need to use the personal loan interest calculator.

Once you select the desired loan amount and the repayment tenure along with the applicable interest rate, then the tool will suggest the exact interest rate amount payable. It will be the total interest rate amount payable on the required loan amount over a tenure.

How to reduce your personal loan EMI? EMI may affect your monthly expenses until you repay it. Some simple steps that can help you reduce the loan EMI and manage outlays easily are:

Opt for a longer repayment tenure – It will help you spread the loan cost over a longer duration and help you pay in small installNegotiate with the loan provider for a lower rate of interest maintain a strong CIBIL score to enjoy lower interest rates and reduced EMIsShop around for the best deals as per your needs and repaying capacity.

You can also use the personal loan calculator to know an exact EMI payable before applying for a loan. It will help you make prior arrangements for ensuing EMIs.

How much is the principal on a personal loan? The principal amount is nothing but the total desired loan amount. It excludes interest rate figure. Here is an example to help you out:

If you take a personal loan of Rs.5 lakh for a tenure of 36 months at an interest rate of 12.9%, the principal amount will be Rs.5 lakh. But you will need to pay an EMI which will also consist of the payable rate of interest.

Hence, the loan EMI will be Rs.16,823 per month. The total amount payable over the tenure will be Rs.6,05,623.

Thus, even though you availed a loan amount of Rs.5 lakh, but you will need to repay Rs.6,05,623 (Principal + interest).

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