Personal Loan Calculator7447 views
Want to avail a personal loan but don’t know what would be the exact calculations of your monthly installments? Well, in such a case, all you need to know about the Indiabulls personal loan EMI calculator that helps you to know the exact calculations of not only your monthly installments but Interest Outgo as well.
This magical device soon after taking into account:
- Loan Amount
- Interest Rate
Fetches the accurate results for you in the least time frame. This online tool with its well-designed algorithms starts to function properly and churns out the accurate values for you in the best manner.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Table of Contents
Indiabulls Personal Loan EMI Calculator
Let’s just have a better understanding of the same with the help of an example below:
Suppose, Ankit Verma, a 32-year-old, Software Engineer by profession is looking for a personal loan of Rs.5 Lakh so as to renovate his home. In order to avail the same credit facility, he has applied in Indiabulls and soon after evaluating his profile the lender got agreed to offer him the loan at an interest rate of 11.99% per annum for a tenure of 6 years. But before signing the agreement, Ankit wants to know the exact amount of the monthly installments that he needs to give away to the lender every month in order to repay the loan. And, in order to know the same, he used a personal loan EMI calculator. So, in case, you want to know the exact calculations of the EMIs, just take a look at the table below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11.00%||1||₹ 44,191||₹ 30,290||₹ 5,30,290|
|₹ 5,00,000||11.00%||2||₹ 23,304||₹ 59,294||₹ 5,59,294|
|₹ 5,00,000||11.00%||3||₹ 16,369||₹ 89,297||₹ 5,89,297|
|₹ 5,00,000||11.00%||4||₹ 12,923||₹ 1,20,293||₹ 6,20,293|
|₹ 5,00,000||11.00%||5||₹ 10,871||₹ 1,52,273||₹ 6,52,273|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 79,377||₹ 51,077||₹ 4,20,622|
|2||₹ 88,562||₹ 41,892||₹ 3,32,059|
|3||₹ 98,811||₹ 31,643||₹ 2,33,248|
|4||₹ 1,10,245||₹ 20,209||₹ 1,23,003|
|5||₹ 1,23,101||₹ 7452||₹ 0|
Indiabulls Personal Loan EMI Calculation Formula
In order to calculate an EMI, the calculator uses the below formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Advantages of Indiabulls Personal Loan EMI Calculator
The calculator helps you in numerous ways that you can see below.
- Accurate Result: The EMI tool generates the EMI amount without any error using smart algorithms. Otherwise, if you look to find the EMI manually using a complex mathematical formula, chances are you could do it wrongly.
- Instant EMI: Indiabulls personal loan EMI calculator provides you the EMI amount in a few seconds. Just enter your loan details inside the tool, like the principal amount, interest rate and tenure. If you do the calculation by yourself, you could take a long time to compute.
- Repayment Plan: As you can experiment with different figures with the calculator, you, therefore, have the chance to choose the repayment plan that suits your budget.
- Prepayment Plan: When you have a good fiscal year, it is perfect to prepay the loan balance. And before you pay your balance loan amount, find how much you will save using the Indiabulls personal loan EMI calculator.
- Balance Transfer to Indiabulls: You can transfer your existing personal loan to Indiabulls at a lower interest rate. To check how much benefits you can have by transferring the personal loan balance to Indiabulls, you can use the personal loan EMI calculator.