Personal Loan Calculator772 views
- Know your EMI amount before getting a personal loan from Mahindra Finance!
- Know about the details that you need to use Mahindra Finance Personal Loan EMI Calculator!
Have you decided to opt for a personal loan from Mahindra Finance but worried about the EMI amount that you will have to pay? Stop worrying! Because, with the help of Mahindra Finance Personal Loan EMI Calculator, you can not only know the exact EMI amount but also your interest outgo and total payable amount. This calculator can be used in a total hassle-free manner by anyone. All you need is to put a few basic details into them. You can have a look at these details given below.
- Loan Amount
- Interest Rate offered
After putting all these details into the calculator, you will get the exact EMI in a flash of a second. This EMI amount is the combination of principal and interest amount. The important part about the Mahindra Finance Personal Loan EMI calculator is the accuracy with which it gives the results. Also, it’s highly flexible which means you can use it by putting different values till the time you don’t get satisfactory results.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
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Mahindra Finance Personal Loan EMI Calculator
Let’s just understand things in a better way with the help of an example below:
Suppose, Aayat Kapoor, a 27-year-old, Content Strategist by profession wants to take a personal loan of ₹2 Lakh to meet her personal financial needs. The bank has agreed to offer her the loan at an interest rate of 10.95% per annum for a tenure of 2 years. So, let’s find out what would be the EMIs, Interest and Total Amount Payable in Aayat’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||10.95%||1||₹ 17,672||₹ 12,060||₹ 2,12,060|
|₹ 2,00,000||10.95%||2||₹ 9317||₹ 23,606||₹ 2,23,606|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 94,555||₹ 17,248||₹ 1,05,444|
|2||₹ 1,05,529||₹ 6358||₹ 0|
Mahindra Finance Personal Loan EMI Calculation Formula
In order to calculate the EMI amount, the calculator uses a formula, which is mentioned below.
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
Mahindra Finance Personal Loan Interest Rate
The interest rate is one of the most important things to look for while taking a personal loan as it has a direct impact on your EMI. Mahindra Finance offers a competitive rate of interest on its personal loan. The rate also depends on various factors such as your age, employment type, annual gross income, and most importantly your CIBIL score. Before applying for a loan, just check the rates offered by the bank and grab the best deal.