Finance House Personal Loan Calculator
Calculate Your Personal Loan EMI Easily!
Minimum Salary 5000 AED
EMI Tenure up to 48 Months
Lowest Interest Rates
Get personal loan at Lowest Interest Rate
To obtain quick financial assistance without fulfilling many eligibility requirements or providing documents, a personal loan is one of the best solutions out there. You can easily obtain a personal loan without pledging any collateral and get the funds for personal requirements like home renovation, medical expenses, higher education, consolidation of debts, international trips, and so on.
Several banks and financial institutions in the UAE offer personal loans to residents at attractive interest rates and with high loan amounts. One such leading institution is the Finance House, which offers high loan amounts of up to twenty times the salary with a repayment tenure of up to 48 months. Another key aspect of this personal loan is the provision of the Finance House personal loan calculator tools, which can help you easily plan your monthly budget.
Keep reading below to find out more about the Finance House personal loan calculator, its usage, and the factors that impact its calculation.
Finance House Personal Loan EMI Calculator
Finance House personal loan calculator is an online tool that can be utilised to compute the monthly instalments of a personal loan plan. The Finance House personal loan calculator takes a few details from the users and computes the monthly payments to be paid for the loan in a few seconds, saving the user from tedious loan calculations.
While using the personal loan calculator, you can easily tweak the values for the different variables until you find the monthly instalment that aligns with your budget and need. This can help users plan their budgets accordingly without compromising their lifestyle and basic needs.
Some of the key benefits of the Finance House personal loan calculator are -
- It is a free online tool that is convenient to use and can be used as many times as needed – this can help you plan the loan effectively and compare the applicable instalment for numerous plans to get the best one for yourself
- You can better plan your monthly budget with the Finance House personal loan calculator by determining the instalment amount for the loan and saving the required amount
- By being aware of the instalment amount beforehand, you can pay the instalments on time and safeguard your finances as well as credit scores
- Finance House personal loan calculator saves your time by generating the results based on your inputs within seconds, helping you avoid the time-consuming personal loan calculations
How Does the Finance House Personal Loan Calculator Function?
The functioning of the Finance House personal loan calculator is fairly easy to grasp. It requires a few details from the user like the loan amount, the loan tenure, and the loan interest rate. Once you enter the provided details, the calculator immediately displays the monthly instalment amount as applicable for your personal loan.
Factors Affecting the Personal Loan Calculation
As discussed earlier, with the help of the Finance House personal loan calculator, you can determine the monthly instalment amount for your chosen personal loan plan. Nevertheless, one must be aware of the three critical variables that affect the calculation of the instalment amount from the Finance House personal loan calculator:
- Loan Amount or Finance Amount - This refers to the total amount borrowed by the individual from the bank. The interest is charged on the loan amount, and the total amount and interest payments are divided into monthly instalments as per the loan repayment tenure. The loan amount is proportional to the monthly instalment amount – the more the loan amount, the higher the monthly payments, and vice-versa.
- Loan Tenure or the Loan Repayment Period - The loan tenure refers to the time frame agreed between the borrower and the lending institution in which the former will have to complete the repayment of the loan. Unlike the loan amount, the loan repayment tenure is inversely related to the instalment amount. So if you choose a short tenure, the monthly instalment amount of your personal loan will be high. On the other side, the monthly instalment would be low if you opt for a long repayment period.
- Rate of Interest - The interest rate is simply the percentage at which the lender charges interest on the finance amount. The interest rate depends on various factors like the applicant's income, credit Score, credit mix, loan repayment capability, debt burden ratio, and so on.
The interest rate is directly related to the instalment amount. With a higher interest rate, you can expect higher monthly instalment amounts.
Policybazaar UAE Personal Loan Calculator Online
Policybazaar UAE also has an automated digital tool that you can use to calculate the monthly instalments for a personal loan plan. By providing just a few details, you can find out the results within a second or two. The calculator is handy and free to use. By tweaking the values of variables, you can easily compare multiple plans and select the one that fits your budget the best, which ensures your financial well-being and a convenient loan repayment experience.
Here is how you can calculate the monthly instalments for your personal loan using the Policybazaar UAE personal loan calculator –
- Under the 'Banking Products’ tab on policybazaar.ae, select the 'Personal Loans in UAE’ option
- This will take you to the personal loans page, where you will find our personal loan calculator
- Enter the required values, i.e., the loan amount, the interest rate, and the loan tenure
- Upon clicking the ‘Calculate’ button, the result will be generated – the total amount payable (Interest Payable + Principal Amount) will also appear, apart from the instalment amount
Key Takeaways
Before opting for a personal loan plan, it is crucial to be aware of the monthly instalments. You can save your time and avoid the hassle of complex manual calculations by making use of the Finance House personal loan calculator. With its results, you can also compare various plans and their instalment amounts, and find the most suitable personal loan plan for yourself. So if you are planning to take a personal loan, don’t forget to make use of the Finance House personal loan calculator!
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