Personal Loan Calculator India

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What is Personal Loan Amount?

Also known as the principal amount of loan, it is the amount which is being given as a loan by the lender. The borrower gets this amount according to his or her requirement. The amount finally approved by the lender depends upon the credit score of the borrower. The higher the personal loan amount, the higher is the EMI of personal loan.

What is Personal Loan Interest Rate?

It is the rate at which the loan is given to the loan applicant. It depends on the loan amount and credit score of the borrower. Also, bank loan interest rates is decided as per the bank policies. Banks and NBFCs have two types of personal loan interest rates: fixed and floating. The EMI amount is dependent on the type of interest rate a borrower chooses, loan amount and loan interest rate.

What is The Tenure Of Personal Loan?

It is the duration in which the loan amount is to be repaid by the borrower.Longer tenure means smaller EMIs and shorter tenure means high EMIs. Hence, loan tenure is also dependent on the repaying capaciy of the borrower. Banks and NBFCs offer personal loan for as long as 5 to 7 years.

What is a Personal Loan EMI Calculator?

The personal loan calculator at Crefite helps you calculate your personal loan EMI schedule in a matter of seconds. Just input your loan requirement, loan tenure nd interest rate and the rest is taken care of. Our efficient Crefite Personal Loan EMI Calculator outputs: the EMI amount, total interest payable and total loan amount payable which consist of principal and interest component.

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What is a Personal Loan?

A personal loan is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their current financial requirement. The key point to note is that it is a unsecured loan . It means that the borrower does not provide his assets like a property as a collateral. Hence, In case of a default, the lender, in this case, the bank or NBFC, cannot auction anything to recover his dues.

How do personal loans work?

Personal loans can really come handy when stuck in an emergency. However, it would be prudent to know how it actually works before applying for the same.
Personal loans work like any other loan - there is a fixed amount one borrows(principal amount) and then repays it over a fixed tenure in a fixed equated monthly instalment (also known as EMI). EMI's also includes the interest amount. The rate of interest charged depends on factors that determine the borrowers repaying capacity.

What are the different types of personal loans in India?

Depending upon the purpose for which you are availing personal loan, we list here the different kinds of personal loans:

1. Marriage Loan:

Loans for marriage purpose can easily be availed with most banks providing wedding loans. You may use it for wedding venue booking to buying jewellery and any other miscellaneous expenses that a wedding may entail.

2. Holiday Loan:

It may be a smart idea to avail of bank loans for travelling and finance your vacation with ease. Using your savings can dig a serious hole in your cash availability. At the same time using a credit card may seem convenient but it entails a very high rate of interest. The approved loan amount and the interest both will depend on your creditworthiness (read credit score) and your travel destination.

3. Consumer Durables Loan:

There are many consumer durable loan providers that offer 100% finance option for purchasing consumer durable products like washing machine, refrigerators, air conditioners, mobile phones, and tablets.

4. Home renovation:

One can take out a personal loan to make home improvements or finance your home’s repair and renovation. For instance, one may take a kitchen renovation loan. This comes with a tax benefit too as interest paid on such loans is exempt from tax.

5. Festival Loans:

There are usually short-term loans provided to tide over a major festival like Christmas or Diwali. The loan amount ranges from Rs. 5000 to Rs. 50,000 and the maximum tenure is 1 year. The interest rate, however, varies from bank to bank.

6. Medical Emergency Personal Loan:

For those who do not have adequate health insurance cover, the medical emergency personal loan can certainly come in handy. The maximum loan tenure is 5 years.

7. Debt Consolidation Personal Loan:

In case you want to restructure your personal balance sheet and combine multiple loans carrying a high rate of interest into a single loan with a lower rate, the debt consolidation personal loan can help tremendously. It would not only save you the headache of remembering to pay different EMI's on different dates but also help in improving your CIBIL score.

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