How to Use AU Small Finance Bank Personal Loan EMI Calculator?
1. Input your loan requirement amount in the Personal Loan calculator
2. Enter the estimated interest rate
3. Provide the loan tenure in months
The slider bar can help you adjust the loan details instead of entering them directly to see the resultant EMI in real-time. The online calculator for EMI for Personal Loans will generate the EMI details as per the input.
Benefits of Using a Personal Loan EMI Calculator
- The Personal Loan calculator is free and easy to use
- You can easily adjust the loan amount, EMI amount, or loan tenure as per your requirement
- Determining EMI manually can be time-consuming. Instead, the online Personal Loan EMI calculator provides quick EMI details on the basis of the data shared
Q1. What Is a Personal Loan EMI?
EMI, or Equated Monthly Instalment, is the amount a borrower must pay every month until the completion of the loan tenure.
So, if the bank sanctions a Personal Loan for 60 months, you have to pay back the loan with interest in the form of a fixed Personal Loan EMI amount every month for the next 60 months.
Q2. What Is the Personal Loan EMI Formula?
Following is the Personal Loan EMI calculator formula used in a manual or an online calculator of EMI for a Personal Loan.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P is the principal amount
- N stands for the number of months
- R is the rate of interest on a Personal Loan
Q3. What Is Personal Loan Amortization Schedule?
- A Personal Loan amortization schedule is a table that shows the EMI chart for Personal Loan repayment against a sanctioned loan amount
- The schedule provides a summary of EMIs payable during the entire loan tenure
- It also provides a breakup of the principal and interest components of each EMI
- Lastly, it shows you the closing balance of your loan every month provided you pay the EMIs on time
Along with the EMI calculator online for a Personal Loan, the loan amortization schedule can help you understand the breakup of your EMI that you pay every month to help you plan your repayment better.
Q4. How to Pay the Personal Loan EMI Amount?
- Your Personal Loan account will be linked to your account at the time of loan disbursement
- Next, you'll be notified of the monthly loan repayment date
- The Personal Loan EMI payment is typically automatically debited from your bank account on the pre-defined date each month
- However, you need to ensure that adequate funds are available in your bank account on the EMI payment date
- The EMI payment of a month will be skipped if your bank account doesn't have adequate funds, and the EMI tenure will be increased. However, it is not advised to skip your EMIs as it would adversely affect your credit score
Q5. Why Choose AU Small Finance Bank Personal Loan?
AU Small Finance Bank Personal Loan
is an all-purpose loan that can be availed without requiring a guarantor or collateral. Here's why you should select AU Small Finance Bank for your loan requirements.
- Most competitive Personal Loan interest rates in India
- Flexible tenure options ranging between 12 to 60 months
- Choose a loan amount ranging between INR 25,000 to INR 7,50,000
- Minimal documentation and fast approval process
- Effortlessly manage your Personal Loan through the AU 0101 App/NetBanking
- Existing customers can get Pre-Approved Personal Loan offers and preferential interest rates
Use this Personal Loan EMI Calculator online by AU Small Finance Bank and make loan repayments without any financial stress.
Know more about other EMI Calculators
You can also read about Home Loans, Car Loan, Two Wheeer Loan