What is an EMI?EMI is the abbreviation for ‘Equated Monthly Instalment’. If you avail a loan, until it is repaid in full, the borrower will have to pay a portion of the entire amount each month to the lender, this amount is known as EMI. This amount will include the interest due on the loan and a portion of the principal amount. Even though the EMI paid monthly remains the same each month, the proportion of interest and principal changes. In the initial stages of the loan, a major portion of the EMI payment constitutes of the interest. The principal outstanding reduces as the loan period progresses, and the portion of interest that’s to be paid decreases. This method carries on until the end of the loan period when the borrower has completed paying off the entire loan amount.
Calculating Personal Loan EMI:
How does an Personal Loan EMI Calculator Work?If you are a math-whiz, you can sit and calculate EMIs using a paper, pencil and the formula:
How to use an Personal Loan EMI Calculator?EMI Calculators are very simple to use. Simply plug in the loan amount, the tenure (in months) and the rate of Interest by moving the sliders to the left or right, adjusting the value. The calculator will immediately give you the EMI information that you are looking for. The calculator provides the following information:
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