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A personal loan in UAE is one of the best ways to get your personal requirements like education, emergency medical expenses, house rent, international travel, marriage, and others financed. Numerous banks and loan providers in the UAE can be found for this purpose, with the Sharjah Islamic Bank one such leading provider for the same. However, while you keep searching for a suitable personal loan product, make sure to check if it would be feasible for you to repay it.
In this article, we will focus on the Sharjah Islamic Bank personal loan calculator that all UAE residents planning to get Sharjah Islamic personal loan can use. We will also discuss how the Sharjah Islamic personal loan calculator can be used to find out some key details related to your personal loan in UAE.
Irrespective of the type of loan you apply for, it is necessary to choose a product that is affordable for you. When opting for a personal loan, it is vital to consider the amount that you will be required to pay each month to repay the borrowed amount along with the interest. To calculate all these values, a personal loan calculator can help you get precise information.
The Sharjah Islamic personal loan EMI calculator is an online tool available on the official website of the Sharjah Islamic bank. This online calculator, accessible to everyone, can be used by individuals considering opting for a personal loan from the bank to calculate their monthly instalments. Sharjah Islamic personal loan calculator comes in handy for potential borrowers, as they can get an approximate estimation of how much funds they would need to keep aside each month and how long it would take for them to pay off the amount.
Using the Sharjah Islamic personal loan calculator can be quite beneficial as it can help you manage your future expenses. Once you calculate the monthly instalment for your personal loan, you can make plans about how much you can spend on your daily needs and how much you would need to keep aside for the instalments.
Another advantage of using this online personal loan calculator is that you can compare the plans and choose the most suitable one as per the instalment amount and the rate of interest (financial institutions offer two types of interest rates in the UAE – reducing rate and flat interest rate). Moreover, the Sharjah Islamic bank personal loan EMI calculator also lets users estimate the top-up loan which can be availed of on the existing loan from the same loan provider.
(From AED 10,000 to AED 10,000,000)
Reducing Rate (1% - 50%)
(Minimum 1 and Maximum 240 months)
Total Payable (Principal+Interest)
The process of evaluating the monthly instalment is troublesome if done manually, as it involves a lot of complex calculations that can take time yet provide inaccurate results. Compared to manual calculations, one can easily opt for the Sharjah Islamic personal loan calculator as it is completely hassle-free to operate this calculator and get accurate results.
The Sharjah Islamic personal loan EMI calculator is automatic, meaning that you would be just required to provide values such as loan amount, loan tenure, interest rate, and others and submit them. Once you provide the results, you will automatically get the final result in a moment.
Here’s how you can calculate the instalment amount for your personal loan -
Once you move the bars and provide the specified information, you will be able to view the monthly instalment for your personal loan as per the entered information on the right side.
Purchasing a Sharjah Islamic personal loan and simply using it for your purpose is not sufficient, as you must also plan on how you will repay the entire amount to the bank. To understand how the instalment amount of your personal loan varies, have a look at the three key factors that influence your personal loan monthly instalments.
It is the tenure in which you would be required to repay the loan to the bank. Generally, borrowers seeking low instalment amounts choose a longer loan tenure and easily pay the instalments without constraining other expenditures. However, one of the disadvantages of opting for a longer loan tenure is that the overall interest amount for your personal loan increases, as the interest would be calculated for a longer tenure.
The loan amount sanctioned by your bank (may or may not be equal to the one mentioned by you in your application) for your personal loan is the loan amount. With a high loan amount, you can expect correspondingly high instalment amounts.
As per the norms, banks charge interest on the total loan amount. The rate of interest here depends on various factors such as the applicant’s income, debt-to-income ratio, credit score, and so on. The relation of the instalment amount with the interest rate is similar to that with the loan amount – your instalment amount would increase with an increase in the interest rate.
Personal loans are easy to obtain and can be availed of with minimal requirements and documentation. As they are unsecured loans, they don’t require any collateral either. However, you must still choose a personal loan wisely and use the Sharjah Islamic personal loan EMI calculator to find the applicable instalment amount for your personal loan. This way, you can be aware of the amount that would be deducted from your budget for the instalments and make an informed choice.
If you require further assistance with respect to using the Sharjah Islamic personal loan EMI calculator or more information related to the Sharjah Islamic personal loan, you can connect with one of our representatives at policybazaar.ae. Our customer care support and finance experts are available round the clock to guide you. You can also get in touch with us through our email ID or even WhatsApp.
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