₹35,005
17.00% interest rate per annum
Total Interest
₹10,033
Total Amount
₹2,10,033
Loan Amount: ₹200,000
Total Interest: ₹10,033
At Finance Vaastu, secure personal loans of up to Rs. 10 lakh for your financial needs with ease. Here's how you can apply:
Sign up with your Mobile Number.
Provide the required details and Check your Eligibility.
Upload the necessary documents
Choose your loan amount and tenure.
Receive the loan amount disbursed within a few hours!
If you’re looking to calculate the EMI for a personal loan, you can use the following formula:
EMI = P × R × (1 + R)N
—————————
[(1 + R)N - 1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
For example, if Ms. Ananya takes a personal loan of Rs. 5 lakhs (P) at an annual interest rate of 12% (R) with a repayment tenure of 36 months (N), the EMI would be calculated as:
EMI = 5,00,000 × 0.01 × (1 + 0.01)36 / (1 + 0.01)36 − 1
= Rs. 16,607
Here, the monthly interest rate (R) is calculated by dividing the annual interest rate by 12 and 100:
Annual Rate of Interest/12/100
So, to calculate it for this case, it will be (12/12/100 = 0.001)
This formula is not specific to a Personal loan calculator and can be used to calculate EMIs for all types of loans.
A higher credit score can lead to lower interest rates, reducing your EMI.
Your place of residence can impact loan approval and interest rates, influencing your EMI.
Different types of personal loans may have varying interest rates, affecting your EMI.
A higher down payment reduces the loan amount, which in turn lowers your EMI.
The higher the loan amount, the larger the EMI will be.
A longer tenure reduces your EMI but increases the overall interest payable.
Explore our wide range of financial services, from CIBIL score improvement to personalized loan options. Simply fill out the form, and we’ll connect you with the best solutions for your needs—whether it’s enhancing your credit or finding the perfect loan.
