Some life situations demand a pool of money that can be way beyond your monthly spending capability. These situations can of multiple types. It can be for your child’s marriage or it can be a situation where you want to buy a costly gadget that has launched few days back or it can be for your trip abroad. In all these situations of you needing emergency funds, there are two options that you can take. One, you can ask for that pool of money from your family, friends or relatives and pay them later. Second, you can opt for a personal loan facility at an affordable rate of interest provided by several banks and financial companies. Indiabulls Dhani is an application by the Indiabulls Finance group by which you can take the personal loan by filling a few details.
But when you take the personal loan, it’s important to have an estimate about the EMI amount that you’re gonna pay every month. It can be easily done by the Indiabulls Personal Loan EMI Calculator. In this article, we will be telling you about how to use it efficiently and what are the details that you will need to use this.
What is Indiabulls Personal Loan EMI Calculator?
Before learning about the calculator, it’s important that you know what is EMI as this will be the most important thing in your loan repayment. Equated Monthly Installment (EMI) is a fixed amount that you will pay to the lender at the end of each month in order to repay the loan amount. It is a part of your principal amount and a part of your interest amount. The interest amount each month will depend on the outstanding loan amount as per the amortization schedule and also on the tenure chosen by you.
Now, coming to the part of the Indiabulls Personal Loan EMI calculator, it is a tool that helps you in gauging the monthly installments for your loan amount. By entering a few basic details, you will able to get the EMI amount instantly. And thus, you can have a better management of your monthly finances. Otherwise, a hefty EMI can hurt your finances and CIBIL score badly.
What are the details that you’ll need to use the EMI Calculator?
In order to use the Indiabulls Personal Loan EMI calculator, you will need a few inputs at your disposal to get the desired EMI as the output. Have a look at these details.
Loan Amount: Indiabulls Dhani provides the loan amount for a variety of your personal needs from a range of INR 3,000 to INR 15 lakhs. You can choose the desired loan amount according to your needs and repayment capability.
Interest Rate: With this personal loan facility, Indiabulls Personal Loan interest rate start from 13.99% onwards. It depends on various factors such as your age, CIBIL score, employment type, and other factors.
Desired Tenure: You can take the personal loan facility from Indiabulls Dhani for a maximum period of 3 years which is 36 months. Move the scrollbar to your desired value.
As soon as you feed all these details into the calculator, it will give you the exact EMI approximation by which you can schedule your finances in a better way.
What is the formula that the EMI Calculator uses to estimate the EMI amount?
The Indiabulls Personal Loan EMI Calculator uses the following formula to calculate the EMI amount.
E= [P x R x (1+R)^N]/[(1+R)^N-1]
Where E stands for EMI amount
P stands for Principal Amount
R is Rate of Interest (Monthly)
N is Tenure (In months)