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Financial crises can hit you anytime without prior alerts. An unanticipated situation like a medical emergency needs immediate funds to cater to needs. In such cases, a Personal loan can shield you as it is an ideal credit facility accessible to all. But you may deem it a big deal, but you can avail of a short-term personal loan online without lengthy documentation & strict conditions. The unsecured features of a personal loan make it easily accessible online at reasonable rates to handle any kind of financial emergency in a short time. Read to check the eligibility criteria and how to calculate EMI for Rs.5 lakh personal loans online.
How To Calculate Personal Loan EMI Online?
Use a Personal Loan EMI calculator to figure out the monthly EMI of your loan instantly and more accurately online. The Major Components Of A Personal Loan EMI Calculator is:
The three major components used in a personal loan EMI calculator are
- Loan Amount
- Repayment Tenure
- Interest Rate
You need to type the preferred loan amount, repayment tenure, and interest rate to calculate the monthly EMI of the personal loan.
Mathematical Formula To Calculate Personal Loan EMI:
EMI = P × r × (1 + r)n/((1 + r)n - 1)
P= Loan amount
R= Interest Rate
N= Tenure
Illustration:
The following is the result of using an online EMI calculator to find the EMI for Rs.5 Lakh Loan at the different rates for 3 years repayment tenure:
|
Loan Amount |
Rate of Interest |
Tenure |
Monthly EMI |
|
5 L |
10.99% |
36 Months/3-years |
Rs.16,367 |
|
5 L |
12% |
36 Months/3-years |
Rs.16,607 |
|
5 L |
14% |
36 Months/3-years |
Rs.17,089 |
|
5 L |
16% |
36 Months/3-years |
Rs.17,579 |
|
5 L |
18% |
36 Months/3-years |
Rs.18,076 |
|
5 L |
20% |
36 Months/3-years |
Rs. 18,582 |
Basic Personal loan Eligibility Criteria:
- The age should be between 21-68 years.
- The person applying for a personal loan should be a salaried employee/ business owner/self-employed professional/ retired/student/homemaker.
- The minimum net earning must be Rs. 10,000 or above.
- The person should maintain a credit score of 750 or above.
