| Month | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| Sep '23 | ₹ 10,00,000s | ₹ 13,333 | ₹ 1,61,196 | ₹ 8,38,803 |
| Oct '23 | ₹ 8,38,803 | ₹ 11,184 | ₹ 1,63,345 | ₹ 6,75,457 |
| Nov '23 | ₹ 6,75,457 | ₹ 9,006 | ₹ 1,65,523 | ₹ 5,09,933 |
| Dec '23 | ₹ 5,09,933 | ₹ 6,799 | ₹ 1,67,730 | ₹ 3,42,202 |
| Jan '24 | ₹ 3,42,202 | ₹ 4,563 | ₹ 1,69,967 | ₹ 1,72,235 |
| Feb '24 | ₹ 1,72,235 | ₹ 2,296 | ₹ 1,72,233 | ₹0.00 |
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The formula for calculating EMI is as follows:
E = P x R x (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 -
Then the EMI to be paid using the above formula will be:
10 Lakhs x 0.00875 x (1+0.00875)^60
———————————————— = Rs.10,747
[(1+0.00875)^60-1]
Note: The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (10.5/12/100 = 0.00875)
A credit score is a three-digit numerical summary of an individual's credit report. A credit report includes details about the loans that have been availed previously, repayment of the same, and other financial habits.
If your credit score is high i.e. above 700 then it becomes easy for you to procure a loan at lower rates of interest and at a repayment tenure that is to your advantage. Lower the rate of interest then lower is the EMI payment to be made
EMI to be paid is directly proportional to the amount that is borrowed. Therefore, this should be factored in before availing a loan. If the loan amount is too high, it may be hard for you to repay your loan.
The term taken to repay the loan amount is inversely proportional to the EMI amount i.e. a lengthy tenure implies that the EMI amount to be paid each month is lower and vice versa.
However, taking a longer repayment term can also be a disadvantage as the overall interest paid increases.
Existing debt is not an issue as long as you don’t have too many loans running at the same time. Not only will it be hard for you to repay your EMI, lenders may also perceive you to be credit-hungry and refuse to lend to you.
Not to be confused with interest rate calculation, the type of interest chosen can have an impact on your EMI. If a floating interest rate is chosen then your interest rate may vary based on the RBI’s directives. On the other hand, a fixed rate will ensure the same interest rate throughout the repayment term.
The older you are, the harder it is to avail a loan and this is especially the case if you are closer to retirement age.
If you do not have a steady income then lenders will be wary of lending as they are unsure of your repayment ability. This is why even if you get a loan, the interest rate will be higher.
Your EMI will depend on three factors -
In this case, let us assume that your rate of interest is 16% per annum with a repayment term of 8 months. The easiest way to find out your EMI is to use the moneyview Personal Loan EMI Calculator
Using this calculator, the EMI for 2 lakhs personal loan is Rs. 26,523 with the interest amount coming up to Rs. 12,185.
The EMI schedule or amortization table for this example is -
| Month | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| Jan 23 | ₹ 2,00,000 | ₹ 2,667 | ₹ 23,856 | ₹ 1,76,143 |
| Feb 23 | ₹ 1,76,143 | ₹ 2,349 | ₹ 24,174 | ₹ 1,51,969 |
| Mar 23 | ₹ 1,51,969 | ₹ 2,026 | ₹ 24,496 | ₹ 1,27,472 |
| Apr 23 | ₹ 1,27,472 | ₹ 1,700 | ₹ 24,823 | ₹ 1,02,649 |
| May 23 | ₹ 1,02,649 | ₹ 1,369 | ₹ 25,154 | ₹ 77,494 |
| Jun 23 | ₹ 77,494 | ₹ 1,033 | ₹ 25,489 | ₹ 52,005 |
| Jul 23 | ₹ 52,005 | ₹ 693 | ₹ 25,829 | ₹ 26,175 |
| Aug 23 | ₹ 26,175 | ₹ 349 | ₹ 26,173 | ₹0.00 |
The formula for calculating personal or personal loan EMI is as follows:
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
Where P stands for the principal amount that is borrowed
R represents the rate of interest imposed
N is the tenure in number of months
A loan is repaid in the form of monthly payments known as EMI or Equated Monthly Installments. This amount comprises the principal and interest components and will depend on the amount borrowed, the interest rate imposed, as well as repayment term.
EMI can be calculated in two ways -
In order to calculate EMI in Excel, you will need to use the following formula -
=PMT(RATE,NPER,PV,FV,TYPE)
Where
This way, using the above formula, you can easily use Excel to calculate your EMI.
The best bank or lender for your personal loan is dependent on a number of factors such as your eligibility, interest rate being charged, ease of availability, disbursal time, etc.. Some of the top banks that provide personal loans are SBI, Axis Bank, ICICI Bank, Citibank, Canara Bank, etc.
However, today there are a number of fintech players in the market today that offer instant personal loans easily. No longer will you have to submit multiple applications or documents physically, nor will you have to wait days for a loan.
moneyviewis one of the top lenders in the company that offers instant personal loans of upto Rs. 10 Lakhs and require minimal documentation. Not only that, once your loan application is approved, your loan will be credited to your bank account within 24 hours.
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