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But before you avail the one, make sure you check the personal loan interest rate as the rate of interest on Personal Loan is higher as compared to home or car finance. Hence, managing your consumer finance would require smart planning of finances. That is where the consumer finance EMI calculator comes to your rescue. This is an online tool that not only allows you to calculate the EMI (equated monthly installments) payable to the lender but also it enables you to compare interest rate offered by different lenders on Personal Loan. In short, it enables you to budget your future expenses and help you to take a responsible decision.
Consumer loan EMI calculator is a handy tool that helps you to calculate your monthly equated monthly installments which you will be liable to pay for your loan every month. All you to input the relevant Personal Loan details and this calculator will show you an estimated amount of your monthly payouts. Once you get an approximate value, it will be easier for you to measure your financial situation before applying for one.
The formula for evaluating monthly payout is as follows:
E= [P x R x (1+R) ^ N] / [(1+R) ^ N-1]
E= EMI that you will need to pay
P = Principal finance amount that you want to avail
R = Rate of interest evaluated on a monthly basis
N = the repayment tenor of the loan
Personal loan EMI calculator provides you the results within a few seconds only and it allows you to understand whether the monthly payout would be affordable for you.
All you need to enter the required Personal Loan details such as:
This handy tool will then show your monthly consumer finance EMI that you will need to pay every month. And if the EMI is higher or lower than you want to repay every month, you can also change the input values. This calculator will re-calculate and show you the new EMI that might be affordable for you.
However, this online tool not only generates the consumer finance EMI result but also it also tells you the total personal loan interest rate payable throughout the loan repayment tenure. The pie-chart will further show the break-up of the total payment of the principal amount and interest rate. In this way, this calculator helps you in planning your future financial obligations.
When you finally decide to opt for PL, the first thing that comes into your mind is the consumer finance interest rate that is charged from you and how to evaluate EMI for consumer finances.
Every bank or financial institution charge rate of interest at a different rate and it is being offered as an annual fee. In order to evaluate your monthly equated monthly installments, you will at first need to convert the annual fee into a monthly fee. To do the same, you will need to divide the interest rate that is charged annually by 12 (i.e. if you’re being charged Personal Loan interest at the rate of 12% per annum then you will have to divide 12 by 12 which yields 1). This shows that the monthly interest rate on Personal Loan will be levied at 1 percent per month. Hence, you can use the interest rate calculator to evaluate the per month personal loan interest rate.
The interest rate charged by the lender has a great impact on equated monthly installments that you will have pay for your loan on a monthly basis. Thus, before you apply for one, it is advisable to use the personal loan EMI calculator. Not only this tool helps you to know the monthly payout but it also helps you to know how the loan will affect your pocket monthly. In addition to this, you can use this tool to compare the interest rate provided by the different lenders on consumer finance. This will help you to avail Personal Loan at the lowest interest rate.