A Personal loan can save your life when you are in dire need of money to meet your financial obligations. If you are looking for a reliable credit institution that can offer you immediate assistance, go for the Fullerton India Instant Personal Loan.
The best thing about this service provider is that they offer a user-friendly online portal to accept your loan application with minimal documentation. To make your experience even better, it also provides a personal loan EMI calculator at the top of the web page. You can use it to estimate the amount you will need to pay in installments.
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How does a personal loan EMI calculator help?
Whenever you take out a personal loan from a lender, you have to pay it back within a predefined time frame. You can pay in full (a lump sum) or in installments depending on your preferences and convenience. Most of the people go for a monthly installment option to pay off the loan amount. A personal loan EMI calculator allows you to check the actual down payment amount you will need to pay. This gives you a fair idea of ââwhether or not you can take out a personal loan.
To calculate your Equal Monthly Payment (EMI), you need to have inputs such as the total loan amount, the total term, and the interest rate applicable to your loans. You can easily get your final output as “Calculated EMI” by entering the required inputs. EMIs can also be calculated manually, however, using an online EMI calculator is more reliable and convenient as it can avoid random calculation errors and give accurate results. Let’s take a closer look at how the calculation goes.
Math behind the calculation
Consumer digital or online personal loan calculators use the following formula to calculate the EMI that borrowers need to pay.
E = P * r * (1 + r)not / (1 + r)n-1
“E” in the mathematical equation mentioned above represents the monthly amount payable by the borrower (EMI).
“P” means the principal amount or the total amount of the loan borrowed from the lender.
“R” indicates the interest rate that will be charged monthly on your loan. It is very subjective and depends on your credit history and your relationship with the lender.
“N” here means the total period for which you have taken out the loan, you will have to repay the amount borrowed in this course.
Let’s take an example to understand the calculation process in a pragmatic way. Suppose a borrower “A” applied for a quick personal loan of Rs. 5.00,000 to be repaid within 5 years (60 months). Suppose the interest rate charged on A’s loan amount is 15%. According to the mathematical formula mentioned above, P = 5.00000, r = 15% (0.15), n = 60. After applying the formula, EMI will be equal to Rs. 11,895.
Calculating EMI using Fullerton India EMI calculator
Fullerton’s Indian EMI Calculator is an online tool that makes it easy to calculate EMI after taking the essential information from you. You need to follow the steps below to know your EMI amount.
Step 1: Visit the Fullerton India personal loan web page by clicking on this link.
2nd step: Navigate to the top of the page, you will find an EMI calculator
Step 3: Enter the total loan amount you want to request in the âLoan amountâ field. You can also use the slider to select your amount conveniently.
Step 4: Enter the interest rate offered to you using the same process in the âInterest rateâ field.
Step 5: Now add the total duration for which you will contract the loan in the “Duration of the loan” field.
After completing the above steps, you will be able to easily know the Amount (EMI) you will need to repay each month. You can put different values ââin the Loan Amount, Interest Rate, and Loan Term field to find out the EMIs for these values. You can easily click on the “Apply for Personal Loan” button available next to the calculated EMI section for a loan application.
READ ALSO: Are Instant Personal Loans In India Easily Available
Why choose a personal loan?
Personal loans do not limit the borrower on how they can use the funds. You can use it to pay emergency medical bill, tuition, home improvement, vacations, and more. The flexibility offered by a personal loan is unmatched, making it an excellent choice for managing today’s financial needs. What’s more, personal loans are unsecured which means that you don’t have to pledge collateral to borrow the loan amount. It is a boon for borrowers who have no collateral to borrow funds. Considering the current pandemic scenario, one can consider opting for a personal loan to finance possible emergency expenses, including your medical bill.
(Disclaimer: The article is sponsored and therefore promotes certain commercial links.)