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Are you planning to get your house revamped? Are you stressed about making payment for your kid’s school/college fees? Or are you in need of some extra funds for a medical emergency? In all these cases, the best financial alternative is opting for a personal loan.
It is a multi-purpose loan that can be borrowed for managing your different financial requirements. When it comes to personal loans, EMI is one of the most important words related to it. If you are opting for a personal loan from the Emirates NBD bank, then the Emirates NBD Personal Loan Calculator will come in very handy while evaluating your EMIs for the loan repayment. This tool helps you in budgeting your finances of the future and hence, making a smart decision according to your preference and convenience.
EMI refers to the amount that the borrowers have to pay across the loan tenure for making the repayment of the loan. Each EMI paid clears a portion of the amount due on the loan, which means the principal and the interest amount. The NBD loan calculator can be used for evaluating your EMI payout.
It is simply an online tool, which allows you to calculate an estimated amount that you will have to pay in the form of the EMI. Simply put, it becomes pretty easy to know your EMIs every month using personal loan calculator. Since the tool is able to calculate the EMIs, thereby allowing you to make a well-informed decision. It gives you detailed information regarding the “total payable amount” and “total rate of interest” in a simple and convenient manner.
Emirates NBD Personal Loan Calculator works on a very straightforward and easy algorithm. It calculates and determines the estimated amount of EMI payable, rate of interest outgo, and the total payable amount very easily and quickly. The moment that you put in the important details related to the loan, like loan amount, interest rate, and the tenure of repayment, the calculator provides you with the results in a matter of few seconds only.
The calculator is famous for giving accurate and exact calculations in the best way possible. Therefore, it makes it easier for Emirates NBD Personal Loan borrowers to plan their finances well in advance. This is amongst the main reasons why this tool is generally used by the loan borrowers to have a prior idea of the calculations of the EMIs on the personal loan.
The following are the factors that impact the calculation of the personal loan EMI.
The EMI calculation of personal loans is a pretty long process that could be difficult for a lot of people. For making this calculation easier, you can make use of the following formula.
E= [P x R x (1+R) ^ N] / [(1+R) ^ N – 1]
The Bottom Line!
Making calculations of your personal loan EMI using excel or manually could be a very complicated and tedious task. Therefore, the easiest way out is using the Emirates NBD Personal Loan Calculator. This tool has various features and benefits including accuracy and time-saving. It makes it easier for you to make comparisons between different personal loan options for finding out which one suits your needs the best.
It also provides you numbers, which you need for evaluating the monthly budget. You can also calculate & re-calculate the EMI on your personal loan as many times as you want since there is no limit on the usage. Hence, you can adjust the tenure of the loan and the amount easily till the time you figure out the right EMI, which is suitable for your budget.
Using this personal loan calculator will save your time and long calculations and also offer you exact results. It is a pretty simple calculation tool that can be used a lot of times without any pauses.