Are you applying for a personal loan? First, use the Fullerton India EMI calculator
A Personal loans can be a lifesaver when you are in dire need of cash to meet financial obligations. If you are looking for a reliable credit institution that can offer your immediate help, go for this Fullerton India Instant Personal Loan.
The best thing about this service provider is that they have an easy-to-use online portal that allows you to accept your loan request with minimal documentation requirements. To make your experience even better, it also offers one Personal loan EMI calculator at the top of the website. You can use this to estimate the amount that you will have to pay in installments.
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How Does a Personal Loan EMI Calculator Help?
Whenever you take out a personal loan from a lender, you must repay it within a predetermined time limit. You can either pay in full (flat rate) or in installments, depending on your preferences and suitability. Most people choose to pay monthly installments to repay the loan amount. A personal loan EMI calculator can help you check the actual installment amount you will have to pay. This will give you a good idea of whether or not taking out a personal loan would be a viable option.
To calculate your Equivalent Monthly Rate (EMI), you need to have inputs such as the total loan amount, total term, and interest rate on your loans. You can get your final output in the form of a “calculated EMI” simply by filling in the required inputs. EMIs can also be calculated manually. However, using an online EMI calculator is more reliable and convenient because it avoids random calculation errors and gives accurate results. Let’s examine in more detail how the calculation is done.
Math behind the calculation
The popular digital or online personal loan calculators use the following formula to calculate the EMI borrowers will need to pay.
E = P * r * (1 + r)n / (1 + r)n-1
The ‘E’ in the above math equation represents the monthly amount payable by the borrower (EMI).
‘P’ denotes the principal or total loan amount borrowed by the Lender.
‘r’ denotes the monthly interest rate charged on your loan. It is very subjective and depends on your credit rating and your relationship with the lender.
‘n’ here means the total length of time you took out the loan. You need to repay the amount borrowed in this course.
Let’s take an example to get a pragmatic understanding of the calculation process. For example, suppose an ‘A’ borrower applied for a Rs quick personal loan. 5,00,000 to be repaid within 5 years (60 months). Let’s say the interest rate on A’s loan amount is 15%. According to the mathematical formula mentioned above, P = 5,00,000, r = 15% (0.15), n = 60. Using the formula, EMI is equal to Rs. 11,895.
Calculating EMI with the Fullerton India EMI Calculator
The Fullerton Indian EMI Calculator is an online tool that makes it easy to calculate EMI after receiving important input from you. You need to follow the steps below to find out your EMI amount.
Step 1: Visit the Fullerton India Personal Loans Website by clicking this link.
Step 2: Navigate to the top of the page. You can find an EMI calculator there
Step 3: Enter the total amount of the loan you want to apply for in the “Loan Amount” field. You can also use the slider to conveniently choose your amount.
Step 4: Enter the interest rate that you are offered in the same way in the “Interest rate” field.
Step 5: Now add the total duration for which you will take out the loan in the “Loan term” field.
After following the above steps, you can easily determine the amount (EMI) that you need to repay each month. You can enter different values in the Loan Amount, Interest Rate, and Loan Term fields to determine the EMIs for these values. You can easily click the Apply for Personal Loan button that is available next to the Calculated EMI section for a Loan Inquiry.
ALSO READ: Are Instant Personal Loans Easily Available In India?
Why should you choose a personal loan?
Personal loans do not restrict the borrower on how to use the funds. You can use it to pay for an emergency medical bill, tuition, renovations, vacation, etc. The flexibility that a personal loan offers is unmatched, making it an excellent choice for managing your current financial needs. In addition, personal loans are unsecured so you do not need to pledge collateral to borrow the loan amount. This is a boon for borrowers who do not have security to borrow money. Given the current pandemic scenario, a personal loan may be opted for to cover any emergency costs, including your medical bill.
(Disclaimer: The article is sponsored, so it promotes some commercial links.)