EMI payments are calculated monthly based on - the loan amount, interest rate, and repayment term. Using an EMI calculator, you can figure out your monthly EMI for a loan with a 1, 2, 3, 4, or 5-year tenure. The interest-only payments (EMIs) on a Personal Loan of ₹8 Lakh at a 10.50% per annum interest rate would range from ₹17,195 for a term of five years to ₹20,483 for four years, ₹26,002 for three years, ₹37,101 for two years, and ₹70,519 for a one-year term.
Four in One Multi-Purpose Loan Calculator to Help You with Calculations Like:
· Calculating loan’s equated monthly instalments (EMIs)
· What corpus of Personal Loan will you be able to afford
· Time period to pay off the loan
· How much interest do you have to pay on the loan
EMI loan calculators are designed to answer these four queries. Also, make sure to familiarise yourself with the notion of Annual Percentage Rates (APRs) with respect to the loans you are comparing.
There are additional fees associated with Personal Loans . Non-refundable fees, such as processing and documentation costs, are typically assessed by loan providers when a loan is taken out.
These one-time expenses are related to borrowing and will be reflected in the loan's annual percentage rate. The annual percentage rate (APR) for a loan is the total amount you will pay for that loan over a year, including the interest rate and any other charges you may incur.
The APR of a Personal Loan provides a more comprehensive indicator of the loan's actual cost over time. Lending institutions use it to calculate their internal rate of return (IRR) on loans.
Payment Estimator for Mortgage Interest
To save time, loan providers provide online loan calculators on their websites. All you need to do is put in the loan amount, interest rate, and tenure to get monthly payment figures. Even the initial EMI payment date is flexible. While the interest rates offered by different providers may change, you can still calculate your monthly payments easily.
An Online Tool To Determine Loan Feasibility & Amount
You may wonder how much debt you may take by borrowing a Personal Loan. So, consider the EMI amount and the tenure to calculate. Knowing how much EMI you can afford to pay each month will help determine whether you are comfortable with the payment or not.
A Personal Loan EMI calculator helps you ascertain how much money you can take out toward your loan each month, the interest rates your loan provider charges, and the tenure you want the loan to be in effect.
An Online Tool Estimates the Life of a Loan
Depending on your financial situation, you may choose to shorten the term of your loan or decrease your EMI if you refinance your loan to a cheaper interest rate. If you decide on the second choice, you'll know how long it will take to pay off your refinanced loan immediately.
With an online Personal Loan EMI calculator , you may calculate the time left on your loan's outstanding principal if you intend to prepay a portion of the loan.
Rate of Interest Calculator
Financing the acquisition of high-priced electronics, furnishings, and appliances (such as refrigerators, televisions, washing machines, etc.) via instalment loans is quite common these days. However, consumers must be careful and not get duped by manufacturers and retailers who promise reduced monthly instalment payments (EMIs) on loans while not clearly disclosing high-interest rates that come with these loans. This calculator will estimate the interest rate on a given loan based on the loan amount (item price), monthly EMI, and loan term entered by the user.
Conclusion
There are a wide variety of possible uses for the loan proceeds, including but not limited to the settlement of existing credit card balances, the financing of further education, the financing of family gatherings, the funding of household appliances, and so on. The Personal Loan EMI of ₹8 Lakh is within your financial means (equated monthly instalment).
