How to use personal loan calculator?

Personal loan EMI Calculator in Hindi: Are you thinking of taking a personal loan, have you applied for a personal loan, but a question must have come in your mind that how much EMI installment you will have to pay at the time of personal loan repayment.

Let us tell you that you can easily check this through the personal loan EMI calculator. In this article, we will get all the information related to personal loan calculator like what is this calculator and on the basis of which factors EMI is calculated in it.

What is personal loan calculator?

There are many banks and financial companies in India that are providing personal loan facility to the customers at attractive interest rates. On the official website of each lender, you will see the option of personal loan EMI calculator, by clicking on which you can calculate the EMI.

Personal Loan Calculator Helps you to know what the EMI (Equated Monthly Installment) of your loan will be. With this, even before applying for the loan, you get to know how much installment you will have to pay at the time of loan repayment.

Personal loan EMI Calculator helps you a lot in taking a loan because you already know whether you will be able to repay the installment to be paid at the time of loan payment or not.

HIGHLIGHTS:

loan name	personal loan
Article	How to Calculate Personal Loan EMI?
process to calculate	online

Factors Affecting Personal Loan EMI

The EMI of a personal loan mainly depends on three factors – loan amount, interest rate and loan tenure. All these three factors affect each other. If the number of any one of these is high, then the EMI of your loan will also be high. These factors are as follows:

• Loan Amount: This is the amount that you take from the bank under personal loan.

• Rate of interest: The interest charged on your loan amount is the interest rate.

• Loan Tenure: The tenure of the loan is the period for which you avail the personal loan. If you take a loan for a longer tenure, then your EMI amount will be less but the number of EMIs will be more.
• But if you take a loan for a shorter period, then your EMI amount will be higher but the number of EMIs will be less.

How to calculate EMI with personal loan calculator?

Calculating Personal Loan EMI is very easy. Every bank provides the option of Personal loan EMI Calculator on its official website. You have to click on that option from which you will come to the page of EMI calculator.

For your convenience, we are giving you information about Axis Bank Personal Loan Calculator here. This will help you a lot in understanding. Irrespective of which bank you are calculating the loan, the process will be same.

Follow the steps given below to calculate:

• First of all, you have to visit the official website of the lender. We have Axis Bank in our cash so we will visit the official website of Axis Bank at axisbank.com.
• After coming to the website, you will see the option of personal loan EMI calculator, click on it.
• As soon as you click on this link, you will come to the calculator page, which will look something like this:

• The EMI calculator will open in front of you as shown in the picture above.
• In this you have to first select the loan amount, then the interest rate and then the loan tenure.
• As you select this, automatically you will see the total EMI amount on the right side.
• This is the amount that you have to pay at the time of loan repayment.

Benefits of Personal Loan Calculator

• Before applying for the loan, you can find out the amount of installments you will have to pay at the time of payment.
• While planning to take a loan, you must calculate the EMI so that you can find out whether you will be able to repay the installments at the time of loan repayment or not.
• You can find the cheapest loan by comparing the EMIs of different lenders.
• Personal loan calculator is absolutely free and is online so that you can calculate it from your mobile phone as well.

conclusion

personal loan calculator There is a very useful tool with the help of which you can calculate loan EMI anytime and anywhere. This calculator saves you from a loan that is too expensive. If you have any query regarding Personal Loan EMI Calculator, then feel free to write to us in the comments.