3 Features You Ought to Know in a Personal Loan EMI Calculator

The Personal loan EMI calculator is a great tool to guesstimate the EMIs on your loan. Before applying for a loan check your EMIs to plan your monthly budget.

Whenever we talk about loans, the very first thing that crosses the mind in EMIs – abbreviated as Equated Monthly Installments. The EMIs are helpful in reducing the monthly pressure on a borrower by breaking the entire cost of the loan in to small parts. We like to keep them to as minimum as possible. However, the biggest issue faced by most loan applicants is the precise calculations of their monthly EMIs. Are you confused too? That whether your lending platform is charging you a fair amount, or you are being fooled? Don’t be. Before applying for a loan, you can use an EMI calculator.

It is a very handy tool that automates the EMI calculation process. You can easily arrive at approximate monthly amount payable to your lender. The lender could be a bank, financial companies or peer to peer lending platforms. You can find the Personal Loan Emi Calculator Online on their websites!

The mathematical formula used to calculate EMIs is

Here, P stands for Principal or the loan amount, I is the Interest rate per month and T is the tenure in number of months. These are the three key governing factors of your loan. From the above formula we can deduce that:

• EMIs are directly proportional to loan amount and interest rates. It indicates for a higher loan amount, the EMIs will be higher and vice versa.
• EMIs have inverse proportionality with the loan tenure, suggesting that the monthly payments will decrease with the increase in the tenure.

Performing these calculations manually can generate errors. But, now with a calculator, calculating loan EMIs was never this easy. You can use an it to know the approximate monthly EMIs on any loan amount in a millisecond. You can also know the Personal Loan Interest Rates in India.

While using an EMI calculator you just have to feed these variables into it. The calculator will run the data provided by against the above formula, and in a snap, you will get the exact monthly EMI payment on your loan. It is a great tool to effortlessly calculates the EMIs on a fully amortizing loan. The process for a Personal Loan Apply is quite similar for all major lending institutions. By knowing your EMIs you plan your monthly budget in advance. Let’s look at 5 Amazing features of a personal loan EMI calculator –

1. Convenience of Calculations

You no longer need to do the calculations by hand. You can use the calculator anytime and anywhere. By taking advantage of your EMI calculator you can make decision about your loan proposal in a few seconds. It gives 100% accuracy.

2. Use it for any Loan Type

The biggest advantage of an EMI calculator is that you can calculate EMIs for any fully amortizing loan. No matter if you are looking for a car loan or a home loan! The loan parameters of every loan are basically same.

3. Aids Your Financial Planning

When you use a loan EMI calculator, you know the amount you will be paying to borrow, the loan tenure and interest rates. You can vary these parameters as it suits your monthly budget.

Faircent is India’s leading Peer to peer (P2P) lending platform in India. We facilitate P2P loans and investment services in debt products for you to borrow and lend money by means of our online credit marketplace.