# SMFG India Credit Personal Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## SMFG India Credit Loan Calculator Tool

When it comes to availing a personal loan from SMFG India Credit, it is important to talk about EMI Calculation. Yes, what would be the exact amount of your monthly installments? Is it going to be pocket-friendly or not? Well, the answer to all these questions is just one, i.e. EMI Calculator. That’s right! A personal loan EMI Calculator is one such magical tool that lets you know about your EMIs, interest outgo, and the total amount payable within a few seconds. It takes into account: interest rate, tenure, and loan amount.

## How to Use Wishfin SMFG India Credit Personal Loan EMI Calculator?

Simply visit the SMFG India Credit personal loan calculator page. Input the loan amount you need, the length of time you want to repay it, and the interest rate you prefer. Hit the calculate button and see your EMI appear in seconds. For more control, adjust the sliders to modify the loan amount, repayment period, and interest rate according to your requirements.

Additionally, the calculator includes an amortization table that shows how each payment is split between the principal and the interest throughout the loan. This feature is helpful to understand how your total loan amount reduces over time.

Example of SMFG India Credit Personal Loan EMI Calculation

To understand the workings of an EMI calculator better, let’s just take the help from an example below.

Suppose, Pulkit Gupta, a 27-year-old Software Engineer by profession is looking for a personal loan of INR 5 Lakh so as to travel to Australia. After checking his profile the lender has agreed to offer him the loan at an interest rate of 14% per annum for a tenure of 5 years. But before availing the loan, Pulkit wants to know whether his EMIs are going to be affordable or not? So, let’s take a look at the table below to know the exact calculation of EMIs, Interest and Total Amount Payable on a personal loan.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 5,00,000 14% 1 ₹ 44,894 ₹ 38,723 ₹ 5,38,723
₹ 5,00,000 14% 2 ₹ 24,006 ₹ 76,155 ₹ 5,76,155
₹ 5,00,000 14% 3 ₹ 17,089 ₹ 1,15,197 ₹ 6,15,197
₹ 5,00,000 14% 4 ₹ 13,663 ₹ 1,55,835 ₹ 6,55,835
₹ 5,00,000 14% 5 ₹ 11,634 ₹ 1,98,048 ₹ 6,98,048

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 74,254 ₹ 65,355 ₹ 4,25,745
2 ₹ 85,343 ₹ 54,266 ₹ 3,40,401
3 ₹ 98,089 ₹ 41,520 ₹ 2,42,312
4 ₹ 1,12,738 ₹ 26,871 ₹ 1,29,574
5 ₹ 1,29,708 ₹ 10,035 ₹ 0

## SMFG India Credit Personal Loan EMI Calculation Formula

An EMI Calculator uses the below formula to calculate an EMI:

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]

where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

Suppose you need a loan amount of ₹ 4 lakh with a rate of interest at 12.40% and a tenure of 5 years, the EMI will be as given below:

• Principal Amount (P): ₹4,00,000
• Interest Rate (R): 12.40% per annum (which is 12.40/12/100 = 0.0103 per month)
• Loan Tenure (n): 5 years, or 60 months

Let’s see how it works:

[4,00,000 x 0.0103 x (1 + 0.0103) ^ 60]/[(1+0.013) ^60 -1] = 8979

The EMIs you will be required to pay is ₹8,979

## SMFG India Credit Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

Year Principal Interest Total Payment Balance Amount
2024 ₹ 29,835 ₹ 24,039 ₹ 53,873 ₹ 3,70,165
2025 ₹ 65,484 ₹ 42,262 ₹ 1,07,746 ₹ 3,04,681
2026 ₹ 74,082 ₹ 33,664 ₹ 1,07,746 ₹ 2,30,599
2027 ₹ 83,809 ₹ 23,937 ₹ 1,07,746 ₹ 1,46,790
2028 ₹ 94,813 ₹ 12,933 ₹ 1,07,746 ₹ 51,977
2029 ₹ 51,977 ₹ 1,896 ₹ 53,873 ₹ 0

## What is the Minimum EMI Offered by SMFG India Credit on Personal Loans?

SMFG India Credit personal loan interest rates start from 14.00% per annum, and EMI for different time periods is shown in the table below.

Loan Amount ₹ 2 years 3 years 4 years 5 years
1.00 lakh ₹4,801 ₹3,418 ₹2,733 ₹2,327
3.00 lakh ₹14,404 ₹10,253 ₹8,198 ₹6,980
5.00 lakh ₹24,006 ₹17,089 ₹13,663 ₹11,634
7.00 lakh ₹33,609 ₹23,924 ₹19,129 ₹16,288
10.00 lakh ₹48,013 ₹34,178 ₹27,326 ₹23,268
15.00 lakh ₹72,019 ₹51,266 ₹40,990 ₹34,902

The personal loan interest rate by SMFG India Credit is up to 33.00% per annum for which the EMI would be as in the below mentioned table.

Loan Amount ₹ 2 years 3 years 4 years 5 years
1.00 lakh ₹5,747 ₹4,411 ₹3,777 ₹3,422
3.00 lakh ₹17,241 ₹13,233 ₹11,331 ₹10,266
5.00 lakh ₹28,734 ₹22,056 ₹18,886 ₹17,110
7.00 lakh ₹40,228 ₹30,878 ₹26,440 ₹23,954
10.00 lakh ₹57,469 ₹44,111 ₹37,772 ₹34,220
15.00 lakh ₹86,203 ₹66,167 ₹56,657 ₹51,330

## The Main Benefits of Using SMFG India Credit Personal Loan EMI Calculator

Using the SMFG India Credit Personal Loan EMI Calculator offers several key benefits:

• Immediate Results: Quickly calculate your monthly EMI based on the loan amount, interest rate, and tenure you input.
• Flexibility: The sliders allow you to easily adjust the terms of your loan—such as the loan amount, repayment period, and interest rate—to better fit your financial situation.
• Amortization Details: The calculator provides an amortization table which helps you see how much of your monthly payment goes towards the principal and how much goes towards interest. This is crucial to understand the progress you’re making on your loan repayment over time.
• Saves Time: Avoid the complexity and time-consuming process of manual calculations. The EMI calculator simplifies the process and provides exact calculations within seconds.
• Educational: Helps you learn how changes in the loan amount, tenure, or interest rates affect your monthly payments, increasing your financial literacy.

## SMFG India Credit Personal Loan Eligibility

SMFG India Credit offers personal loans to both salaried and self-employed individuals. If you're a salaried person earning at least ₹15,000 a month, you qualify for a loan. Self-employed individuals, whether professionals or not, need to earn at least ₹20,000 a month to be eligible.

The company also has age requirements for applicants. You must be at least 21 years old to apply. The maximum age limit is 60 years, so if you're 58, you can only get a loan for up to 2 years, as it must be repaid by the time you turn 60.

## Factors that Determine SMFG India Credit Personal Loan EMI

When calculating your EMI for an SMFG India Credit personal loan, several factors come into play:

• Loan Amount: The total sum of money you borrow affects your EMI. Larger loans will have higher EMIs unless adjusted by other factors.
• Interest Rate: The rate of interest applied to your loan significantly influences the amount of your monthly payments. A higher interest rate results in a higher EMI.
• Loan Tenure: This is the period over which you choose to repay the loan. Longer loan terms mean lower monthly payments, while shorter terms increase monthly payments but reduce the total interest paid.
• Credit Score: Your credit score reflects your creditworthiness based on past credit behavior. A higher credit score can help you secure a lower interest rate, which in turn can reduce your EMI.
• Income: Your monthly income helps lenders assess your repayment capacity. A higher income may qualify you for larger loan amounts or better interest rates, affecting your EMI.
• Existing Debts: If you have other outstanding loans or liabilities, they can impact the EMI you can afford. Lenders consider your debt-to-income ratio to ensure you have enough income left each month to cover the new loan’s EMI.

## SMFG India Credit Personal Loan Fees and Charges

Fee Type Charges
Late Payment Charges Up to 2% per month of the overdue amount calculated on day to day basis plus applicable taxes
Cash/Cheque Collection NIL
Loan Cancellation Charges ₹5,000
Processing Fees 0%-6% of the loan amount
Cheque/ECS/NACH dishonoured charges ₹300
Swap charges for replacement of ECS to ECS ₹500
Swap charges for replacement of Post-dated cheques to ECS ₹500

## Limitations of Utilizing SMFG India Credit Personal Loan EMI Calculator

Here are a few disadvantages of using the SMFG India Credit personal loan calculator:

• Limited Factors Considered: The calculator typically only takes into account basic factors like loan amount, interest rate, and tenure. It may not consider other variables that could affect the actual loan terms.
• Exclusion of Additional Charges: The EMI calculation usually does not include processing fees (up to 6% of the loan amount) or prepayment charges (up to 7% of the loan amount) that are applicable to the actual loan.
• No Customization for Special Offers: The calculator may not account for any special offers, discounts, or promotional rates that SMFG India Credit might be offering at a given time.
• Eligibility Not Determined: The EMI calculator does not determine your loan eligibility or approval. It only provides EMI estimates based on the inputs.
• Credit Score Not Considered: The calculator doesn't take into account your credit score, which can significantly impact the actual interest rate offered by SMFG India Credit.

Frequently Asked Questions (FAQs)