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Do you want to renovate your house? Or do you have a medical emergency or need some extra funds to meet your various other financial needs? Then opting for a personal loan (PL) would be the best option for you.
PL is multi-purpose finance which you can borrow to manage your various financial needs. EMI (Equated Monthly Installment) is one of the most important words that is associated with consumer finance. Well, you can use the Emirates NBD personal loan calculator in order to evaluate your future monthly installments assigned for repayment of a loan. This amazing tool will help you to budget your future finances and help you to make a smart decision as per your convenience.
EMI is a loan amount that a borrower has to pay throughout the tenor of finance in order to make the loan repayment. Every EMI repay a part of the due amount that means the principal & the interest due on the finance amount. The tool that you can utilize to evaluate your EMI payout is the NBD personal loan calculator.
This is basically an online tool that enables you to calculate approximately that how much you will have to pay as EMI. In short, you can easily know your monthly EMIs with the help of this amazing tool. Since the Personal Loan calculator calculates the exactly EMIs thereby enabling you to take the calculative decision. It provides you the detailed information about the ‘total interest rate’ and ‘total amount payable’ in a hassle-free manner.
This is a handy tool that works on a very simple and straightforward algorithm. It determines the consumer loan Equated Monthly Installments (EMIs), ‘PL Interest Rate Outgo’, & the ‘Total Amount Payable’ very quickly and easily. The moment you fill in the necessary details of consumer finance such as interest rate, finance amount, and repayment tenor, this NBD PL calculator fetches the result for you within a few seconds only.
This tool is renowned for giving exact and accurate calculations in the best possible manner. Thus, it makes it easy for you to plan your finances in advance. This is the main reason that this tool is commonly used by the borrowers to know the exact calculations of the personal finance EMIs.
Following are the factors that affect the PL EMIs calculation:
Consumer loan EMI calculation is a quite long calculation which can be very tough for many people. To make the EMI calculation easy and simple, you can use the given below formula:
E= [P x R x (1+R) ^ N] / [(1+R) ^ N-1)
In the aforementioned PL EMI calculating formula,
E is the equated monthly installment that you will need to pay.
P is the principal or amount that is borrowed as finance.
R is the rate of interest that is charged on PL amount.
N is the tenor of loan repayment or the number of monthly installments that you’ll pay.
Here are the eminent features & benefits of this tool:
In A Nutshell
Calculating personal finance EMI by using Excel or on hand can be a very tedious and complicated process. Thus, it is best to use Emirates NBD personal loan EMI calculator for the same. Using this tool would save your precious time and lengthy calculation and also provide exact results. It is a very easy and simple tool which can be utilized several times without a pause.