Muthoot Finance Personal Loan EMI Calculator

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What is Personal Loan EMI?

Personal Loan EMI is the amount payable on a monthly basis until the end of the loan tenure. Personal loan borrowers must pay the EMI amount, which includes both principal and interest component of their personal loan, every month till the entire loan amount is repaid in full. The EMI for personal loans availed at fixed interest rates will remain constant throughout the loan tenure.

What is Muthoot Finance Personal Loan EMI Calculator?

Muthoot Finance Personal Loan EMI Calculator is an online tool to help prospective personal loan borrowers calculate the loan instalment amount to be paid every month. The EMI amount would vary on the basis of the Muthoot Finance Personal Loan Interest Rate, loan amount and repayment tenure selected by the individual. Alternatively, one can also use Paisabazaar’s Personal Loan EMI Calculator to select the optimum tenure and EMIs for Muthoot Finance Personal Loan based on their repayment capacity.

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How do I select the ROI for Muthoot Finance Personal Loan EMI Calculator?

Muthoot Finance Personal Loan EMI Calculator provides loan applicants’ with the option of selecting ROI from a wide range of interest rates. The prospective borrowers can select different combinations of interest rates, loan amounts and tenures to find the respective EMIs for each combination. However, note that the final ROI offered for your personal loan will be determined based on your Muthoot Finance Personal Loan Eligibility, which is dependent on multiple factors including your monthly income, credit score, age, occupation profile, repayment capacity etc.

Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs

Note: Interest rates updated as of 20 November 2024

Also Check: Which bank/NBFC is best for availing personal loans in India?

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Factors affecting Muthoot Finance Personal Loan EMI

Rate of Interest

Muthoot Finance Personal Loan Interest Rates start from 14% p.a. Personal loans availed at lower interest rates would result in lower EMIs and interest costs and vice versa. Thus, ensure to compare the personal loan interest rates offered by top lenders before applying for Muthoot Finance Personal Loan.

Loan Tenure

Personal Loans from Muthoot Finance come with loan tenures of up to 5 years. Existing personal loan borrowers can save on their EMIs by opting for longer repayment tenures. However, higher loan tenures end up increasing the total interest cost of their personal loan. Therefore, loan applicants planning to avail Muthoot Finance Personal Loan should use the Muthoot Finance Personal Loan EMI Calculator to identify the optimum loan tenure based on their repayment capacity.

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Loan Amount

Personal loan applicants can avail Muthoot Finance Personal Loans for loan amounts starting from Rs 50,000. The bigger the loan amount, the higher would be the EMIs and total interest cost. Your eligibility for personal loan amounts primarily depend on your repayment capacity and loan tenure.

Benefits of Using Muthoot Finance Personal Loan EMI Calculator

The main advantages of using online Muthoot Finance Personal Loan EMI Calculator are as follows:

Easy to Use

Muthoot Finance Personal loan EMI Calculator allows loan applicants to compute the EMI amount. Personal loan applicants can enter the principal loan amount, interest rate and then select the desired loan tenure in the calculator to know the value of their monthly instalments.

Provides Quicker and Accurate Results

Muthoot Finance Personal EMI Calculator helps personal loan applicants find out their EMIs without going through difficult calculations using complex formulas. Additionally, Muthoot Finance Personal Loan EMI Calculator also reduces the chance of human errors that come with manual calculations involving complicated formulas.

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Budget Management

As the EMI amount for personal loans availed at fixed interest rates remain constant during the entire loan tenure and the loan applicants know the amount payable every month while undertaking the loan, they can adjust their monthly expenses accordingly to fit in the EMI amount.

Improve Personal Loan Eligibility

Lenders generally approve personal loan applications of individuals whose total EMI obligations, including the EMI of their proposed personal loan, does not exceed 50% – 60% of their total monthly income. As loan applicants using the Muthoot Finance Personal Loan EMI Calculator would get a fair idea of their EMIs, those exceeding the aforementioned limit can select higher loan tenures and/or lower personal loan amounts to reduce the EMI while making personal loan applications. This should help prospective borrowers improve their chances of personal loan approval.

Healthy Credit Scores

Personal loan applicants using the Muthoot Finance Personal Loan EMI Calculator to calculate their monthly instalments would be better prepared to manage their finances in order to repay their personal loans within the given loan tenure. Therefore, such applicants would be less likely to default on their EMIs which in turn, should help in improving or maintaining their credit scores.

Considering the above-mentioned factors, personal loan applicants should use the Muthoot Finance Personal EMI Calculator to determine their optimum loan tenure and EMI based on their repayment capacity. Loan applicants can use Muthoot Finance Personal Loan EMI calculator or Paisabazaar’s Personal Loan EMI Calculator to calculate and compare the personal loan EMIs of other lenders as well.

Apply for Muthoot Finance Personal Loans at Attractive Interest Rates Click Here