How Emirates NBD Personal Loan Calculator Makes Your Loan Calculation Convenient
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.
What is Emirates NBD personal loan EMI calculator all about?
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 PL 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.
How Does an NBD Personal Loan Calculator Works?
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.
What Factors Affect the Personal Finance EMI Calculation?
Following are the factors that affect the PL EMIs calculation:
- Finance Amount: The amount that is borrowed by the applicant is the finance amount. The interest rate is applied to this total amount and then it is divided into equated monthly installments as per the loan tenure. The higher the finance amount, the higher the EMI payable.
- Rate of Interest: The interest rate is levied on the loan amount by the bank or lender. The lower the consumer loan interest rate, the lower the EMI payable. The lender will offer you a PL interest rate based on a range of factors including income, repayment capacity, credit history, etc.
- Loan Tenor: It is basically the time period that is chosen by the borrower for making the loan repayment. The longer the tenor period, the lower the EMI payable. In general, the loan tenor ranges from one to five years.
Emirates NBD personal loan EMI calculator Evaluates EMI for Consumer Loans
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.
Features & Benefits of NBD Personal Loan Calculator
Here are the eminent features & benefits of this tool:
- Accuracy: Using a traditional method for evaluating EMI can be very tedious and thus chances of making mistakes are higher. A small mistake can end up providing the wrong information which will leave a direct impact on your PL. That is why it is highly recommended to use an NBD personal loan calculator which implies the simplified formula and provides you the accurate results within a few seconds only.
- Time Saving: Determining EMI with this tool minuses the hassle of using pen & paper. Thus, you can do multiple calculations in a few seconds only.
- Easy Comparisons: With the EMI calculator, you can easily and quickly assess the EMI for different finances in order to see which one meets your need the most.
- Plan your Finances: The calculator can help you to solve this problem easily by assessing the EMI within a few seconds only and providing you the numbers that you need to evaluate your monthly budget.
- Highly Adjustable: You can calculate and re-calculate a personal loan EMI several times as there is no limit set on it. Therefore, you can adjust the loan tenure and amount easily until you find out the right EMI that suit your budget properly.
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.