Used for numerous purposes, a personal loan could pay for your medical bill, education expenses, vacation costs as well as home renovation charges without threatening your financial stability. Offered without any security of collateral at attractive interest rates, personal loans can be acquired easily from a financial institution by submitting the loan application online. However, one must assess various factors and charges associated with it beforehand, especially the equated monthly instalments (EMIs), to draft an efficient repayment scheme that could help plan the finances accordingly.
Packed with the quick disbursal feature and additional benefits, Fullerton India offers personal loans to help individuals manage their expected and unexpected expenses. Upon determining the loan amount and the interest rate, and loan tenure, one can efficiently compute the monthly instalments through the personal loan EMI calculator in a few seconds. While the loan amount depends on the candidate’s eligibility and requirements, one can apply for Fullerton India instant personal loan online and get it sanctioned in a few days without any hassle.
Scroll down to know in detail about using a Fullerton India EMI calculator to plan your loan repayment in a better way.
What is an EMI Calculator?
An EMI calculator is a free and readily available online tool that helps in computing the monthly payable EMI amount accurately for all types of loans with the following formula:
EMI = P × r × [(1 + r) n/ ((1 + r) n – 1)]
The three essential parameters which help in calculating the EMI amount are:
- Principal loan amount (P) – Directly proportional to the EMI amount, the principal amount should be chosen carefully to arrive at an affordable monthly installment amount.
- Loan tenure (n) – Inversely proportional to the EMI amount, tenure is another critical factor which helps in creating an effective repayment plan. Keeping in mind other financial commitments that could negatively affect personal loan EMI payments, one should choose an optimum tenure for the best results.
- Interest rate (r) – Directly proportional to EMI amount, it is decided by the lender based on your age, salary, credit score, etc.
How to use Fullerton India EMI Calculator?
A Fullerton India Personal Loan EMI calculator can be easily used to compute the monthly installments by following the below-given steps:
- Choose the required loan amount. A maximum amount of INR 25 Lakhs can be selected with the slider bar.
- Next, one should select the loan tenure between 12 months to 60 months, depending upon their repayment capacity.
- Then, the interest rate needs to be selected for computing the EMI amount.
- Subsequently, the EMI amount is accurately displayed on the screen.
With the help of the EMI calculator, you can use multiple variations of loan parameters and get precise results each time which shall help you choose the correct loan amount and tenure for the personal loan as per your repayment ability.
Please note that the EMI calculator only takes into account the interest and principal components of the EMI. Depending on the terms of your loan, additional charges such as insurance may also be added to your EMI, which will be shared with you in the loan agreement / schedule.
What are the benefits of a Fullerton India EMI Calculator?
- Easily accessible
An EMI calculator is instantly accessible online for free and can be used multiple times to compute the monthly installments of different lenders by entering the loan parameters.
- Simple to use and compare data
Designed to compute the EMI in real-time with the help of loan parameters, i.e. loan amount, interest rate, and repayment tenure, an EMI calculator is an efficient tool to compare the overall repayment structure of your loan. Since the EMI amount is complexly dependent on the loan amount, interest rate, and tenure, there are distinct EMI amounts for entering different loan parameters, which are pretty challenging to compute manually without an EMI calculator. Using a personal loan EMI calculator, you can compare the data from other lenders and acquire the best deal without facing any financial insecurity.
- Accurate Results
The manual calculation is a time-consuming process and involves the chance of human error. In contrast, an EMI calculator is designed to produce accurate results with the help of pre-defined formula. All you have to do is enter the loan parameters, and the payable EMI amount shall be displayed within few seconds without any hassle.
- Helps in financial planning
Upon finalizing the personal loan based on your monthly installments computed through the EMI calculator, one can streamline their finances to deal with the other monthly expenses accordingly until the loan is completely repaid to the lender.
- Healthy CIBIL score
With accurate knowledge about EMI amounts, one can make timely payments without becoming a defaulter. Thus, an EMI calculator helps maintain a healthy credit history and improve the CIBIL score for obtaining any loans in the future.
