Today, personal loans are an attractive option for many, as they are easy to get and can be used for any purpose. If you take out an SBI personal loan, for example, you can get up to Rs. 25 lakh without collateral and simple terms of eligibility. However, it is a wise step to take out a personal loan only after you have considered your needs and arranged payment. In this way, the loan becomes a way to meet your needs and does not fall into the trap of debt. From a planning perspective, a personal loan calculator is an important tool.
It follows complex formulas; however, it makes it easier to calculate your results. This can be done manually, but the chances of errors occurring are high and persistent, which is time-consuming. On the other hand, the personal loan calculator is accurate and produces results quickly. Here are some suggestions on how to look or get an appointment for EMI payments with your EMI loan calculator.
How does an online personal loan calculator work?
Personal Loan Calculator is an online tool that generates your EMI values and the total interest rate according to the EMI formula. The formula for EMI is: [P x R x (1 + R) N] / [(1 + R) N-1]
P stands for Principal or loan amount
R stands for the Interest rate on individual loans
N stands for Number of EMIs or duration
How can you use an online EMI loan calculator?
Using an online personal loan calculator is easy and calculations can be done in a matter of time. Just enter the values for:
- Interest rate
- Duration of stay
You can do this by entering values in empty fields or by using slides.
For example, if you deposit Rs.10,00,000 for principals, 48 months of employment, and 12% of the personal loan interest rate, you get:
- EMI loan = Rs.26,334
- Total interest paid = Rs.2,64,024
- Total payment (Head + Interest) = Rs.12,64,024
As you can see, the EMI loan calculator provides a good understanding, which you can use to plan your payment properly. In addition, if you know the interest rate on your loan you are entitled to, you can contact the principal and the time to adjust the loan to your repayment capacity. Adjust your return time to pay more comfortably.
SBI Personal Loans offer a flexible stay of up to 60 months and you can use this facility to adapt your EMIs with your current income and expenses. Therefore, you can choose to stay longer to lower your EMIs if you already have a large number of planned commitments. However, this method causes your full interest rate to increase.
Alternatively, you can opt for short-term survival strategies to keep your EMI coming out on top, and thus be successful in keeping your interest rate low.
For example, in the example above, consider what happens when you place ownership at 36 months and 60 months instead of 48 months. Here are the statistics EMI calculator provides. Prepare the principal for a good loan structure.
You can also contact the principal in the calculator to get to a portable EMI. The principal affects EMI equally, which means that when it increases EMI increases and when it goes down EMI decreases. This means that once you know how big EMIs you can work for and when you can repay them, you can work backwards and reduce or increase the number of loans you have requested.
Check the EMI schedule to schedule prepaid payments and balance transfers. Many EMI loan calculators provide you with a discount table, which gives you an understanding of your EMI diversity. In simple terms, while your EMI remains consistent until the reign, the percentage of head and interest content varies throughout.
The interest rate decreases as time goes on and on against the head. Now, both partial payments and balance transfers work best when done when the interest rate paid is high. Therefore, review the EMI payment system generated by the SBI Personal Loan EMI calculator, to better pay.
Now that you know how to use a personal loan calculator to understand your payments, choose a loan that meets your needs. SBI offers an online Personal Loan program for immediate approval and follows up with a 24-hour instant release. To start with, you can apply now from the comfort of your home or office.