Are you planning to avail a personal loan for yourself? If you are, you should always take your existing commitments and your income into account. This is in order to analyze the kind of funds you can borrow as a personal loan, to ensure that your EMIs are affordable.
You can estimate the EMI you would be required to pay for any amount with Clix Capital’s personal loan calculator. Our Personal loan EMI calculator is an online tool that allows you to calculate your monthly EMIs and interest rates with ease.
With the help of this online calculator, users can ascertain a suitable loan amount to avail along with a preferable tenure in order to make the repayments more convenient. You can calculate the EMI in a few easy steps.
How to Calculate EMI for Personal Loan With Personal Loan Calculator?
To calculate EMI for personal loan you need to follow the below mentioned easy steps:
- Enter the desired loan amount
- Select the repayment tenure
- Choose the interest rate
What is an EMI?
EMI refers to Equated Monthly Installment. It is the amount that needs to be paid every month, to either a bank or financial institution, as the repayment of the borrowed funds. To calculate the EMI, the sum of the principal amount and interest is divided by the tenure, i.e., the number of months, in which the loan has to be repaid. One needs to pay this amount monthly. The correct percentage of the principal amount depends on the interest rates. With every successful monthly payment, you’ll pay less interest and more towards the principal amount.
How to Reduce Your Personal Loan EMI?
EMI can affect your monthly expenses until you repay it. Some simple steps that can reduce the personal loan EMI are:
- You need to maintain a strong Credit score in order to enjoy reduced EMIs and lower interest rates. Higher the credit score, better your credit profile looks to the lender and you are considered eligible for better offers.
- Opt for a longer repayment time period – It spreads the loan cost over a longer duration which helps you to pay it in smaller installments. However, a longer repayment tenor means that you end up paying higher interest as the number of installments increase. Pick your loan repayment tenor as per your convenience and budget.
- You can negotiate with the loan provider for a lower rate of interest
What are the factors that can affect personal loan EMI?
Below mentioned factors can affect your personal loan EMIs –
- Loan amount – Your monthly installment is directly proportional to the loan amount you opted for. The higher the loan amount the higher your EMIs.
- The applicable rate of interest – The interest rate is referred to as the percentage at which lenders charge interest on the loan amount. A higher interest rate increases the amount to be paid as EMIs and vice versa.
- Tenor or time period – It is the repayment period for the loan availed and is inversely related to your EMIs. A longer tenure reduces monthly installments while a shorter tenor increases them. However, as mentioned above, a longer repayment tenor translates into higher interest to be paid and vice versa.
Benefits and Features of a Personal Loan EMI Calculator
Here are the features of Clix Capital’s personal loan EMI calculator.:
- Easy access online 24/7
- Easy-to-use tool that you can use just by selecting your loan amount
- You get answers to all your loan related queries within seconds
- Saves time and energy you would have spent on manual EMI calculations
- Helps you to know how much amount you will have to pay each month so that you can plan your budget accordingly and choose the right loan plan
- Allows you to plan your loan properly
What is a Personal Loan Amortization Schedule?
A personal loan amortization schedule is simply the table of payment schedule of your personal loan. It shows the amount you’ve borrowed in the beginning and the repayment period that you’ve opted. The amortization schedule shows a schedule of your payments due and the new balance after each payment.
A personal amortization schedule provides the break-up of these amounts repaid towards principal and interest along with their respective balances through every year of the loan.
Simply, an Amortization schedule is a map towards the repayment of your loan which denotes the milestones and the major points you should be at through the cycle.
How does a personal loan EMI calculator work?
A personal loan EMI calculator uses a simple formula to determine your EMI. The formula used is:
E = P * r * (1+r) ^n / ((1+r) ^n-1)
E is EMI
P is the principal loan amount,
r is the rate of interest calculated monthly , and
n is the tenor/duration
What Documents Do I Need to apply for personal loan?
The documents you need are:
- Complete application Form
- Identity proof
- Passport size photograph
- Address Proof
- Income Proof
What is the tenure, EMI, rate of interest and down payment for a personal loan with Clix Capital?
At Clix Capital, you can choose from customized repayment (EMI) and down payment options. However, the interest rate of your personal loan depends on various factors, such as the specifics of your application (including metrics like borrower’s age and income). We’ll share the final applicable interest rate once we go through your application form and all supporting documents.
Do I need to pay anything to use a personal loan EMI calculator?
No. You don’t need to pay anything to use our personal loan EMI calculator. It is an online tool that you can use absolutely for free for any number of times.
Is the EMI amount I get with EMI calculator is exact?
No. EMI calculator gives you an estimate of the EMIs you will be paying every month. The exact amount may vary a little once your loan plan is booked.
How much time does the calculator take to estimate my EMI amount?
Using a personal loan EMI calculator is a matter of seconds. Just enter your loan amount and your EMI estimate and loan plan will be displayed on your screen automatically.
What is the maximum time I can get to repay my personal loan?
Term for personal loan from Clix Capital ranges from 12 to 48 months. You can choose your loan term accordingly using the personal loan EMI calculator. The longer term you choose, the smaller EMI amount you will have to pay each month, but that may mean higher interest amount to be paid for the loan.