What will my personal loan payment be

Disclaimer: PersonalFN is not providing any investment advice through this service PersonalFN does not warrant that this service is complete, accurate, reliable, current, reliable, suitable, free from any virus, disruption or interruption and expressly disclaims all warranties and conditions of any kind, whether express or implied. The results may be based on certain assumptions. Use of this information is at the user's own risk.

The User is requested to refer to the detailed terms of Use before using this service. Toggle navigation. Personal Loan Amount. Interest Rate. Loan Tenure. Yr Mo. Schedule showing EMI payments starting from. All you need to input: Personal Loan amount in Rs Personal Loan rate of interest percentage Personal Loan Tenure in Months or years You can either use the slider or enter the loan values in the Personal Loan calculator table. Hence, Personal Loan calculator can help you in planning your future cash out-flows This in turn will give you a clear picture about the maximum loan you can afford.

Before taking a loan use our EMI calculator to make a prudent decision. When to Take Personal Loan Personal Loan is unsecured loan advanced on the basis of your credit history and ability to re-pay the same from your personal income. Hence, before you plan to opt for a personal loan look at other economical options. Benefits of Personal Loan It is a multipurpose loan to meet all your aspirations Hassle free and quick loan approval process Less documentation Interest rate remains constant over the loan tenure Tenure is flexible between months No security or collateral is required Loan is payable in easy monthly instalments 10 Important Factors to consider while availing a Personal Loan… Here are some of the important parameters that any borrower should assess before signing on the dotted line… Personal Loan Interest rate When you take a Personal Loan, the interest outgo is one of the vital deciding factors.

The interest outgo determines your EMI and has a bearing on your budget and long-term financial wellbeing. The fee included APR is a better reference than the interest rate for comparison purposes. Other common uses of personal loans include the payment of medical bills, home renovations, small business expansions, vacations, weddings, and other larger purchases. The following are a number of more specific examples of uses of personal loans:.

Unfortunately, fraudulent or predatory lenders do exist. Firstly, it is unusual for a lender to extend an offer without first asking for credit history, and a lender doing so may be a telltale sign to avoid them. Loans advertised through physical mail or by phone have a high chance of being predatory.

The same is often said for auto title loans, cash advances, no-credit-check loans, and payday loans. Generally, these loans come with very high interest rates, exorbitant fees, and very short payback terms.

The creditworthiness of an individual is probably the main determining factor affecting the grant of a personal loan. Good or excellent credit scores are important, especially when seeking personal loans at good rates. People with lower credit scores will find few options when seeking a loan, and loans they may secure usually come with unfavorable rates. Like credit cards or any other loan signed with a lender, defaulting on personal loans can damage a person's credit score. Lenders that look beyond credit scores do exist; they use other factors such as debt-to-income ratios, stable employment history, etc.

The application process is usually fairly straightforward. To apply, the lenders normally ask for some basic information, including personal, employment, income, and credit report information, among a handful of other things.

This information will most likely come from documents such as income tax returns, recent pay stubs, W-2 forms, or a personal financial statement. The sum of principal amount and interest is divided by the tenure, i. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate.

Even though your monthly EMI payment won't change, the proportion of principal and interest components will change with time. With each successive payment, you'll pay more towards the principal and less in interest. If rate of interest is Computing EMI for different combinations of principal loan amount, interest rates and loan term using the above EMI formula by hand or MS Excel is time consuming, complex and error prone.

Monthly Net Salary cannot be blank. City Please enter city. Don't close your browser window. We are redirecting you to our Personal Loan Application Form. Apply Now Product Info. Personal Loan Part Prepayment Calculator. Your EMI will be Rs. What is pre-payment? What is a part-prepayment calculator?

How to use the Bajaj Finserv part-prepayment calculator?