Personal Loan EMI Calculator

Personal Loan EMI Calculator

You can calculate your loan with the Bank of Baroda Personal Loan EMI calculator tool. This personal loan EMI calculator online calculates the EMI value in no time.

On the three sliders, enter the principal amount borrowed, the interest rate of the bank and the period of repayment. By adjusting the sliders, you can compare the variables and fix them as per your suitability. You can pay low EMIs by opting for lower loan amounts, thus reducing the interest rate, or increasing the loan tenure. The calculator makes predictive calculations quite easily for you.

How can an EMI calculator for a personal loan assist you?

The handy and automatic online calculator gives you a head start in calculating the EMI numbers that you will need to pay while calculating your personal loan EMI. It allows you to assess your affordability and determine the loan term that is best for you.

If you can pay many EMIs, the interest rate will be lower, but the loan repayment period will be longer. Changing the EMI amount and numbers can help you find the best loan repayment term.

The loan interest rate is determined by the EMI and the loan term. Choose an interest rate from a vendor, who offers a competitive value.

Must Read: Smart Ways to Calculate EMI on Personal Loan

Amortization Schedule for Personal Loans

The personal loan amortisation schedule is a periodic tabular representation of loan repayment. The payment amount, which includes the principal and monthly interest, is shown until the end of the term. The loan repayment is structured in such a way that most of the payment goes toward interest and the remaining goes toward principal repayment.

A personal loan amortisation schedule displays the monthly payments that are due. Dividing each payment into interest and principal. It assists you in keeping track of the monthly due amount, and the forecast assists in budgeting.

Factors that affect a Personal loan EMI amount

The factor that affects a personal loan on EMI is the interest rate, loan tenure and amount.

Income: The lender looks at the borrower's ability to repay. The loan limit is determined by an individual's income, age and loan tenure. Details of employment: This criterion is critical because the bank determines whether you work in the public, private or self-employed sectors. The nature of your job, as well as your years of service, are also considered.

Credit score: The bank decides whether your behaviour is creditworthy. If your score is greater than 800, the best interest rates are offered.

Debt-to-Income Ratio: Your EMI should not be more than 40-50% of your net take-home pay. If your salary is Rs. 80,000 and your monthly EMI is Rs. 45,000, your debt-to-income ratio is nearly 60%. In such cases, the bank charges a higher interest rate. But you will get a competitive interest rate if the debt-to-income ratio is healthy.

Must Read: A Complete Guide to Personal Loan

Benefits of using the BOB Personal Loan EMI Calculator

User-friendly: The tool is simple to use and provides adequate guidance, allowing the lender to understand what they are attempting to achieve at each stage. Select the desired personal loan amount and set the interest rate and repayment term. Your EMI is calculated automatically.

Time saver: This is a quick loan calculator that eliminates the need for manual calculations.

Correct results: These automatic PL EMI Calculators are completely accurate and make no errors, which are common in manual modes. You can change the factors for a comfortable EMI with time-saving accuracy.

Aids in better planning: You can plan accordingly once you understand the EMI calculation, the interest and principal payable on the loan amount. The repayment schedule for personal loans is broken.