Fullerton India Personal Loan EMI Calculator
Equated Monthly Payments (EMIs) apply to the month-to-month rate that a borrower should pay to reimburse the loan taken from a bank or non-banking monetary institution (NBFC). A handy gadget to help you complete this muddled calculation in a flash is the Fullerton India personal loan EMI number cruncher. Nevertheless, you can use the Dialabank personal loan EMI calculator to verify your loan EMIs for nothing, rather than pick a bank-explicit EMI number cruncher. Decide a few primary personal loan limits, such as loan head, cost of funding, and residency, to get EMI results at a time. It would help if you also tried various mixes of these loan caps to turn up for yourself at the most fitting EMI.
How does the Fullerton India Personal Loan EMI Calculator Function?
An EMI that adds computer capabilities dependent on the following 3 limits:
- Loan Amount: This refers to the boss of the personal loan obtained from Fullerton, India. A higher loan amount corresponds to a higher EMI, by and wide. For amounts as low as Rs. 50,000 and as high as Rs. 40 lakh, Fullerton India provides personal loans.
- Loan Tenure: The period over which a personal loan is paid off is referred to as the loan’s residence. A residency usually fluctuates from 12 to 72 months for the Fullerton India personal loan. Technically speaking, more restrictive citizenship causes higher EMIs, but it helps you save money on the loan’s absolute premium payoff.
- Premium Rate: Fullerton India personal loan financing cost shifts from 9.99% to 21.25% p.a. A greater interest rate typically translates over the loan residency into higher EMI payouts.
Fullerton India Personal Loan EMI Calculator Formula
The formula used for calculating personal loan EMIs relies on the interest calculation process, namely the flat rate method and the balance reduction method. Let us understand the 2 EMI calculation methods in the following section.
- Flat Rate Method: The EMI sum remains as before all through the loan residency in this approach. This is because the interest on the personal loan is paid on the loan’s full principal amount secured by the candidate. The EMI estimation equation that utilizes this method is as follows:
EMI by Flat Rate System = (Main + Interest)/ Months of Loan Tenure
- For instance, for a period of 24 months, Mr A takes a loan of Rs. 10 lakh at a 15 per cent rate of interest.
- Interest for year 1 = 15% of principal per annum = 15% of Rs. 10 lakh = Rs. 1.5 lakh
- Interest for year 2, that is, the tenure of the loan = Rs. 1.5 lakh
- Total interest due over the tenure of the loan = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh = Rs.
- Mr. A’s EMI monthly payouts = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,1677
Reducing Balance Method: In this scheme, over the loan residence, the EMI payment amount continues to decrease. This is because, on the exceptional loan head (which decreases as the loan is paid off), the personal loan interest is charged and not the full loan amount at first acquired. Henceforth, this method helps you use the following equation to save money on the entire revenue payable.
EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
- P means principal on loan;
- R refers every month to the rate of interest;
- N refers to the tenure for repayment of the loan in months.
- For instance, for a period of 24 months, Mr B took a loan of Rs. 10 lakh at a reduction in the balance interest rate of 15 per cent p.a.
- Monthly rate of interest = Annual interest rate/ 12 = 15/12 = 1.25 percent per month
- EMI monthly payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)]]/(1+1.25)^(24-1)]= Rs. 48,487
Fullerton India Personal Loan EMI Calculation
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method (Rs.)||EMI using Reducing Balance method (Rs.)|
How to pay Fullerton India Personal Loan EMI Calculator?
The separate payment types for Fullerton India Personal Loan EMI are as follows:
- Standing (SI) Instruction: This feature helps the bank to debit the EMI payable on due dates directly from your Fullerton India account. By filling in the NACH e-mandate form, you will benefit from the SI facility. Alternatively, you may fill out the standing instruction request form for Fullerton India and send it to create a SI.
- Electronic Clearing Service (ECS): You can use the ECS facility directly from your non-Fullerton India account on due dates to reimburse your monthly instalments. You can either fill out the Fullerton India ECS mandate form to benefit from this programme, or you can apply for ECS Debit Clearing online.
- “Post Dated Cheques (PDCs): Pay your Fullerton India personal loan EMIs by sending post-dated cheques at the Fullerton India retail service centre for “Fullerton India Ltd Loan Acco
Steps to pay an overdue EMI Online
If you missed a due EMI payment of your Fullerton India personal loan, then follow the below steps to pay the overdue EMI online:
Step 1: Visit the Fullerton India overdue EMI payment portal.
Step 2: Provide details of your Fullerton India loan account.
Step 3: Enter authentication details to make the payment.
Step 4: Receive an online confirmation for your Fullerton India’s payment overdue EMI amount and note the transaction reference number.
Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges.
|Penal Interest Rate for late EMI payment||The penal interest rate is 2% per month on the EMI overdue till payment is made.|
Cheque Bounce Charges
|Rs. 550 per instance of cheque bounce.|
Note: The charges may change periodically, and GST is applicable as per Government regulations.
Factors Affecting Fullerton India Personal Loan EMI Calculator
Following are the key factors that influence Fullerton India personal loan EMI:
- Loan Amount: Fullerton Total, The number of Indian personal loans, will range from Rs. 50,000 to Rs. 40 lakh. In general, the larger the sum of the loan leader brings about a more influential EMI.
- Tenure of Loan: The home of the loan is called the time-frame within which the debt is taken care of. A more extended residence means that you need to pay EMIs for a more drawn-out duration, bringing in a more modest sum. The general interest payoff is extended by longer residency, be that as it may.
- Interest: It alludes to the cost at which the loan is paid with a premium. A high rate of interest means paying a more notable measure of interest that may prompt higher EMIs or longer residence of the loan. The rate calculation technique also affects the EMI amount of personal loan. For the most part, EMIs calculated using a reduction in balance method are lower than those determined using the level rate technique.
Benefits of Using a Fullerton India Personal Loan EMI Calculator
- It helps you to grasp your month-to-month EMI payout before the loan actually benefits you. This helps you properly manage your expenses to ensure a convenient EMI payment as planned.
- You can make free use of the online EMI mini-computer from anywhere at any time of the day. Besides, you will use it quite a few times to think about EMI amounts from different banks for personal loan deals.
- This saves you from the time-taking method of measuring EMI duty by ear. When you decide the loan sum, residence, and borrowing rate, you will get immediate results for the personal loan EMI sum.
- The number cruncher always gives you the mood and precision. You then approach a trustworthy device to figure the EMI adds up to help you evaluate multiple loan deals.
FAQs for Fullerton India Personal Loan EMI Calculator
✅ How to pay Fullerton India personal loan EMI online?
You can avail of (Electronic Clearing Service) to digitally transfer the EMI from your non-Fullerton India account. Alternatively, if you have a Fullerton India account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.
✅ How to autopay Fullerton India personal loan EMI online?
You can activate the autopay of your Fullerton India Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on your Fullerton India account’s due date.
✅ Does the EMI calculator also show the prepayment charges?
No, the Fullerton India Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.
✅ What is the floating rate EMI calculation? Is personal loan interest calculated this way?
Every EMI includes both the principal and the accrued interest. When a bank/NBFC uses a floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, the interest rate applicable to the loan changes periodically; however, currently, this method does not apply to personal loan interest calculation.
✅ How to use the Fullerton India Personal Loan EMI Calculator?
You can use Dialabank’s Fullerton India Personal Loan EMI Calculator in the following steps:
Step 1: Specify the loan amount, tenure and interest rate using the sliders.
Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.
✅ How to arrive at the right EMI amount?
You can use the EMI calculator to check various combinations of the loan amount, tenure, and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the repayment time throughout the loan tenure.
✅ What is the penalty for missing an EMI for my Fullerton India personal loan EMI?
Penal interest at the rate of 2% per month is charged on the overdue amount until the payment is made if you fail to pay your Fullerton India personal loan EMI on time.
✅ What method of EMI calculation does Fullerton India use?
Fullerton India uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the loan principal amount you initially borrowed.
✅ Can I change my Fullerton India Personal loan repayment mode? What are the charges for changing the repayment mode for Fullerton India’s personal loan EMI payment?
Yes, a service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to the PDCs of your Fullerton India Bank account.
Table of Contents
- 1 Fullerton India Personal Loan EMI Calculator
- 2 How does the Fullerton India Personal Loan EMI Calculator Function?
- 3 Fullerton India Personal Loan EMI Calculator Formula
- 4 Fullerton India Personal Loan EMI Calculation
- 5 EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
- 6 How to pay Fullerton India Personal Loan EMI Calculator?
- 7 Steps to pay an overdue EMI Online
- 8 Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges.
- 9 Factors Affecting Fullerton India Personal Loan EMI Calculator
- 10 Benefits of Using a Fullerton India Personal Loan EMI Calculator
- 11 FAQs for Fullerton India Personal Loan EMI Calculator
- 11.1 ✅ How to pay Fullerton India personal loan EMI online?
- 11.2 ✅ How to autopay Fullerton India personal loan EMI online?
- 11.3 ✅ Does the EMI calculator also show the prepayment charges?
- 11.4 ✅ What is the floating rate EMI calculation? Is personal loan interest calculated this way?
- 11.5 ✅ How to use the Fullerton India Personal Loan EMI Calculator?
- 11.6 ✅ How to arrive at the right EMI amount?
- 11.7 ✅ What is the penalty for missing an EMI for my Fullerton India personal loan EMI?
- 11.8 ✅ What method of EMI calculation does Fullerton India use?
- 11.9 ✅ Can I change my Fullerton India Personal loan repayment mode? What are the charges for changing the repayment mode for Fullerton India’s personal loan EMI payment?