Personal Loan EMI Calculator

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Personal Loan EMI Calculator

An EMI, also known as Equated Monthly Installments, is the money that the borrower has to pay to the bank. It is the total amount borrowed by an individual divided over the months over which the amount is borrowed. The total amount includes the sum of the principal and interest. This helps the person to return the entire amount of the debt in monthly installments instead of a single payment.

CALCULATE YOUR PERSONAL LOAN EMI HERE
Enter Loan Information:
1)Amount of the loan (any currency):
2)Annual percentage rate of interest:
3)Repayment period in years:
Payment Information:
4)Your monthly payment will be:
5)Your total payment will be:
6)Your total interest payments will be:

What is a Personal Loan EMI Calculator?

Personal Loan EMI Calculator

A personal loan EMI calculator is similar to an ordinary EMI calculator. It helps the person to calculate the interest rates, loan duration, EMIs and the loan amount that one can avail from the lender. It also assists the borrower to manage their monthly budget according to the EMIs. A Personal loan EMI calculator is easily available on most of the lending institution’s website. It is very convenient to use and also easy to understand. If a person does not have enough knowledge of calculating the EMIs then, then they must use the EMI calculator to solve all the queries.

How Does a Personal Loan EMI Calculator Work?

You have to enter the amount of loan you need for a personal loan. Besides that, you have to enter the time for which you need a personal loan and the applicable rate of interest. It will automatically tell you the EMI that you have to give per month.

Documents & Eligibility

Features & BenefitsPersonal Loan Interest Rates

How to Calculate EMI for Personal Loan?

It is necessary for a person to estimate the amount of EMIs that one will have to pay, before applying for any loan. Its not that the funding institutions do not provide the amount that one will have to pay; However, knowing the Personal Loan EMI Calculator helps the person to estimate the amount of loan that one can take, the interest rate that will suit the person’s budget and so on.

E= P x r x (1 + r) n / ((1+r) n -1)

Where,

P is the principal amount

R is the rate of interest

n is the tenure period.

Usage of Personal Loan EMI Calculator

Consumers can download the EMI Calculator in the form of an excel sheet from several online sources. These calculators help the customer to estimate the EMI amount payment that the person has to repay every month along with the rate of interest. If a borrower wishes to apply for a personal loan then, the borrower should make use of the personal loan EMI calculator which is accessible on the website of the loan lenders.

Types of Personal Loan EMI Calculator

There are several varieties of EMI calculators available online. Some calculators just ask for the amount of loan that is wished to be availed and the preferred loan tenure, whereas, some will also ask to fill all of the information including the interest rates and then runs the simple calculations.

Benefits of a Personal Loan EMI Calculator

  • Personal Loan EMI Calculator is quick and easy to use.
  • Helps in calculating the monthly installments based on the prospective loan amount that one wishes to borrow.
  • The Personal Loan EMI Calculator can be used to obtain different quotes and compare all the lenders, before applying for any loan.
  • The Personal Loan EMI Calculator also helps the person to determine the maximum and minimum amount of the loan that one is eligible to borrow.
  • Readily available on the web portals of all the banks.

Leading Personal Loan Providers (Click to Apply)
Citibank Personal LoanHDFC Personal LoanAxis Bank Personal LoanOther Banks

Why one should apply for Personal Loan?

  1. Lowest interest rates
  2. Instant Approval in 2 hours
  3. Easy Documentation and flexible loan tenure

Personal Loan EMI Eligibility

Personal Loan EMI for Salaried:

  1. The minimum age of the applicant should be 21 years and maximum up to 60 years.
  2. If the borrower is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The borrower should have the work experience of the last three years, and the salary should come in their account only.
  4. If a person is applying for the personal loan, then he must have a good credit history.
  5. The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the last six months.

Personal Loan EMI for Self-Employed:

  1. If a person is self-employed than the age of the applicant should be 25 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good and no debt should be left due.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. And the applicant is having a business than his business should be running from the last three years

Advantages of Personal Loan EMI Calculator

Time-Saving

This EMI Calculator calculates EMI’s on your personal Loan. The process is very quick. you will get to know about the EMI without wasting time. There is no need to call anybody or to go anywhere. You can check it online.

Get Rid of Tedious Calculations

By using online EMI calculator you can get rid of tedious and complex calculations. You will get results within a few seconds.

Pre-estimation

By using Personal Loan EMI Calculator you can get an estimate of your EMI’s you can get the idea and decide that whether you are capable to pay EMI per month or not.  This helps you to choose the amount of loan according to your budget.

Find the Best Personal Loan Offers

Personal Loan EMI calculator also helps you to get the best loan offer.

How to Apply for Personal Loan using EMI Calculator?

  1. After checking your EMI’s you can apply for personal loan online on Dialabank. The process is quite easy and convenient.
  2. First of all search for Dialabank on Google.
  3. After that fill the application form for the personal loan.
  4. You will get a call back within 5 minutes, with proper guidance.
  5. If you will be eligible then your loan will get approved within 10 minutes.

FAQ’s

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18000 per month.

How is interest on personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a Personal Loan calculated?

EMI Formula

E=p.r. (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the rate of interest calculated every month.

Which bank gives the cheapest personal loan in India?

However, the ROI depends on your income, job profiles and on many other factors but HDFC is best at providing a personal loan at lower interest rates.

How to use the loan calculator?

You just have to visit https://www.dialabank.com/emi-calculator/. After that enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

Which Bank is best for a Personal Loan?

You should prefer the bank that has the lowest EMI and best features. You should check with the bank that you have an account with.

Disclaimer: The information provided on www.dialabank.com is collected from public sources and is believed to be accurate and genuine. This site should be used as a information provider for different product offerings of Insurance companies and the visitor should make an independent verification with the Insurance companies to verify the claims made in the policy before making any purchase. The decision to Apply and/or Purchase a policy is at the sole and complete discretion of the website visitor and Dialabank.com cannot guarantee or can be held liable for loss or damage caused by claims made by insurance companies through their agents, partners, products or services, directly or indirectly.

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