Emirates NBD Personal Loan Calculator: How it calculate loan EMI?
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.
What exactly is Emirates NBD Personal Loan Calculator about?
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.
How does the Emirates NBD Personal Loan Calculator Function?
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.
Factors Affecting the Calculation of the Personal Loan EMI
The following are the factors that impact the calculation of the personal loan EMI.
- Tenure of the Loan: Basically this is the time period, which is selected by the borrower for making the repayment of the loan. The longer is your loan tenure, the lower would be the payable EMI amount. Generally, the tenure of the loan may range between 1 to 4 years.
- Interest Rate: The rate of interest is levied on the amount of loan provided by the lender or bank. The lower the rate of interest charged by the lender, the lower would be the payable EMI amount. The rate of interest your lender will charge you is based on a huge range of factors including your repayment capacity, income, credit history, and more.
- Loan or Finance Amount: The total amount that the applicant borrows from the lender is known as the loan amount. The interest is charged on this loan amount and then the total amount is divided into EMIs according to the tenure of the loan. The more the loan amount, the higher would be your EMI amount.
Emirates NBD Personal Loan Calculator Formula Explained
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]
- In the EMI calculation formula mentioned above,
- E is the EMI or equated monthly installment, which you will have to pay.
- P is the loan amount or the principal, which is borrowed from the lender.
- R is the rate of interest, which is charged on the personal loan amount.
- N is the tenure of the repayment of the loan or the number of EMIs that you will be paying.
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.