One of the most important aspects of any loan is the rate of interest. The pertinence of interest rate of the loan is so high because it is directly relevant to the value of EMIs to repay your loan. The EMIs are the amount that you owe each month to the lender to repay your loan. You can use the EMI calculator to determine the value of your EMIs. It will help you in managing your financials carefully and ensuring that you do not fall behind on payments. You should decide the value of your EMIs carefully as they should not be too high to affect your financial health negatively. Moreover, they should not be so low that they are unable to repay the loan within the tenure of the loan.
EMI Calculator for Personal Loan
The first thing that you should when you apply for a personal loan is use the EMI calculator for personal loan to assess the value of EMIs. It will also help you in determining the best tenure of your loan. After you decide the perfect EMI value and tenure, you will get the interest rate of the loan based on the above details and your credit score among other factors. There are a lot of EMI calculators available online to assist you with the same.
EMI Calculator Formula
If you feel a bit old-school, then you can use the formula given below to calculate the EMI. The EMI calculator formula by Flat Rate interest method is:
EMI = (Principal + Interest)/Period in Months
Hassle-free Unsecured Loans with PaySense
Whenever you need cash for a specific purpose, your first instinct would be apply to a bank for the loan. However, as you may have experienced in the past that banks may offer a slightly better interest rate on loans but they do take a lot of time. Many a times, the approval process could take so long that the need for the funds has either passed or is nearing its end. Well, now you have the perfect solution to this problem. PaySense provides instant personal loans that do not require a tedious documentation process compared to banks. In fact, the approval process is quick, and the amount is credited to your account within a few hours. The interest rates offered by PaySense depend on a variety of factors including your credit score and annual income. Additionally, you can check the online EMI calculator to make sure the best value for you EMI!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs