The Fullerton India Personal Loan calculator available on our website comes with sliding options that enable users to enter any amount up to Rs. 40 Lakhs. Similarly, you can choose the applicable rate of interest and loan tenure (in years) to determine the EMI.
This example will clear everything.
For example if you enter the following values:
You get the following EMI automatically:
The calculator will also provide the following results:
Calculating your personal loan EMI amount requires a specific formula: [PXRX(1+R)^N]/[(1+R)^N-1]
P = The Principal Amount
R = Rate of interest on loan amount
N = Tenure of loan repayment
To calculate Fullerton India personal loan EMI using the formula, you will need three loan details, i.e. the principal loan amount, rate of interest, and repayment tenure in months.
Additional Info: Check Simple Interest Rate Formula in detail.
The Fullerton India Personal Loan EMI Calculator is beneficial to the customers in various ways.
You can enter various combinations of the principal loan amount, rate of interest and repayment tenure in the calculator. Entering different values will provide different EMI results, based on which you can check for the available options of lenders that provide EMIs suitable to your budget. For instance, if you want low EMIs, you can opt for a bank that offers low-interest rates for a longer tenure. That way you can use the Fullerton personal loan EMI calculator to estimate an EMI that suits your budget.
Following are some of the ways of using the Fullerton personal loan EMI calculator to plan out your EMI payments:
Below is the EMI calculation for Rs. 10 Lakhs Personal Loan amount at an 11.99% rate of interest for the tenure of 60 months:
Yes, the Fullerton India Personal Loan EMI calculator is a precise mechanism for calculating your loan EMI. It eliminates human error when estimating the EMI.
No, the estimation of your loan eligibility is a different type of calculation. It needs information like your income, your monthly obligations, your age, and so on. The EMI calculator is a simple tool that requires details about the loan amount, the rate of interest, and the loan tenure. Both these calculators are two distinct tools without any overlapping.
It is not possible to do a reverse calculation and find out your loan affordability. However, you can use the trial and error method to arrive at the exact loan amount you can afford to repay.
The Fullerton India Personal Loan EMI calculator is not an ideal one for determining your home loan EMI. It is because there are restrictions as far as amount and loan tenure is concerned. However, this tool is perfect for a personal loan.
The loan tenure is one of the three variables in the EMI calculation. If there is a change in the value of any of these variables, it affects the EMI amount. The EMI is inversely proportional to the repayment tenure.
The personal loan EMI calculator calculates the EMI considering the compounding factor.
The EMI comprises of two constituents, the principal loan repayment factor and the interest repayment factor.
EMI depends on the following three factors.
The loan amount and the rate of interest vary in direct proportion to the EMI, whereas the loan repayment tenure is inversely proportional to the EMI.
No, the Fullerton India Personal Loan EMI calculator does not provide the loan amortisation schedule. It is one of the significant drawbacks of this tool.
Yes, one can calculate the personal loan EMI in many ways. Using MS Excel tables is an easy way to do so. One can also do an arithmetical calculation using the conventional EMI formula.