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Calculate Your Personal Loan EMI Easily!
Get personal loan at Lowest Interest Rate
A personal loan calculator is a handy tool used to calculate an estimate of the total cost of the loan.
Personal loan EMI Calculator is a great option for potential borrowers for estimating the loan amount that they are capable of affording and repaying comfortably in form of EMI every month along with the interest rate charged by the lender. Before opting for a personal loan, the applicant must first analyze the actual borrowing cost that they will have to bear. Whether it is to meet one’s mortgage payments or to cover education costs, a personal loan in UAE offers an immediate and effective solution to an individual’s financial needs for all those living in UAE.
There are two basic things and formulas that a personal loan calculator focuses on. First, it calculates the monthly interest rate on the loan, and second, it converts the total amount of the loan (principal + interest amount) into monthly EMIs. When you take on a personal loan, the very first thing that is noted is the interest rate. You will see that the interest rate is always given in per annum form which translates to yearly. So, the first thing you need to do to be able to use a personal loan calculator is to convert the rate of interest into a monthly form. Simply divide the annual rate of interest by 12 – r (annual ROI)/12.
Note that most EMI calculators work with reducing interest rates while others calculate EMIs on the basis of flat interest rates. It will be marked alongside the cell where you will be entering the rate of interest in the calculator. So, make sure that you are using the right kind of calculator to get accurate results.
Most Personal loan calculators do not require you to convert the ROI in monthly form as the calculator is designed to do it by self.
Next is calculating the EMIs. The formula used here is a little more complex than the one used to calculate monthly ROI.
E = P *R *(1+R)^N / ((1+R)^N-1)
E = Monthly EMI
P = Principal of the Loan
R = Rate of Interest (monthly)
N = Total number of months in the Loan Tenure (a loan taken for 3 years will make N = 36 (12*3)
Here is a brief explanation of the factors based on which the personal loan calculator in UAE works and EMI is calculated.
As mentioned earlier personal loan calculator is a tool that allows loan seekers to calculate the EMI and other details based on the interest rate and total loan amount. To Use Personal Loan Calculator online follow this step-by-step guide that will help you to calculate your personal loan EMIs.
Note that the personal loan calculator at Policybazaar.ae offers two options for entering the loan tenure – in terms of total months as well as in terms of years. You can choose whichever one is more comfortable.
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From saving your time to making complex calculations seem like child’s play, personal loan calculators in UAE offer a huge set of advantages that make it essential to use them when you are thinking of taking on a personal loan in UAE. Following are the top benefits of a personal loan calculator UAE:
However, while a top-up loan offers greater funding to the customer, it also brings with it a new set of calculations that involve new and preferential loan interest rates and an extended loan tenor. The personal loan calculators UAE can cut through the mathematical nightmare of top-up loan computations determining the new EMI of the borrower.
When it comes to any algorithm-based tool, a major concern is accuracy and precision. Personal loan calculators are quite accurate but still, there is a minute scope of error mainly due to two reasons. Firstly, almost every personal loan calculator UAE takes into account the standard values excluding real-time values such as arrangement fee, processing fee, bank charges, etc. As a result, the EMI that comes up, as a result, is often lower than the value in real-time. Considering this disparity in the pricing it is recommended that loan seekers should get the figures cross-checked from the loan officer before proceeding for final application to avoid any issues later.
PolicyBazaar is an online aggregator of various financial services such as insurance policies, credit cards, and personal finance in UAE. PolicyBazaar.ae functions as an absolutely impartial platform for PL comparison in UAE.
We maintain a regularly updated list of loan providers in the Emirates and continue to faithfully report their various features and benefits without even a hint of bias. The PolicyBazaar Personal loan calculator in UAE is a general all-purpose tool that can be used to estimate the Personal loan Interest rate calculations in easy and convenient steps.
Our loan calculator is highly intuitive and lightweight, allowing loan applicants to estimate their monthly obligations within a few quick steps. Applicants will first be required to enter their loan details such as the loan amount, applicable rate of interest, type of interest (reducing or flat), and tenor of the loan (in months).
After entering all of the required details, our Personal Loan EMI calculator will estimate the monthly obligation of the applicant at a lightning-fast speed, that too only with the click of a single button.
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