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Faircent Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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What is Personal Loan EMI?
Personal Loan EMI is the amount payable by the borrower on a monthly basis until the end of the loan tenure. Those availing personal loans must pay the EMI amount, which includes both the principal and the 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 while the EMI for personal loans availed at floating rates are subject to change depending on any change in the interest rates.
What is Faircent Personal Loan EMI Calculator?
Faircent Personal Loan EMI Calculator, also known as Faircent Loan Amortization Calculator, is an online tool from Fairassets Technologies India Pvt Ltd. (Faircent.com), which allows prospective borrowers to calculate the monthly loan instalment amount on their personal loans. The EMI amount for the loan would vary on the basis of the interest rates, loan amount and repayment tenure selected by the individual availing Faircent Personal Loan. Alternatively, one can also use Paisabazaar’s Personal Loan EMI Calculator to select the optimum tenure and EMIs for their personal loans based on their repayment capacity.
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How do I select the ROI for Faircent Personal Loan EMI Calculator?
Faircent Personal Loan EMI Calculator provides its loan applicants’ the option of selecting ROI from a wide variety of interest rates. Prospective borrowers can select different combinations of interest rates, loan amounts and tenures to know the EMIs for each of these combinations. However, you should note that the final ROI offered for your personal loan will be determined based on your eligibility for availing Faircent Personal Loans, which depends on multiple factors including your income, credit score, residential status, overdue credit payments, repayment capacity, etc.
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | Up to 28% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.70% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Note: Interest rates as on 18th June 2024
Also Check: Which bank/NBFC is best for availing personal loans in India?
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Factors affecting Faircent Personal Loan EMI
Rate of Interest
Faircent Personal Loan Interest Rates start from 9.99% p.a. Loan applicants availing personal loans at lower interest rates would have to pay lower EMIs and lower interest costs. The reverse would be true for personal loans availed at higher interest rates. Hence, prospective borrowers should first check the personal loan interest rates offered by top lenders and then, compare them with the interest rates offered by Faircent before applying for Faircent personal loans.
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Loan Tenure
The repayment period for Faircent Personal Loans can go up to 6 years. Existing personal loan borrowers can lower their EMIs by increasing their longer repayment tenures. However, the interest costs will increase for personal loan borrowers who opt for higher loan tenures. Therefore, loan applicants planning to avail Faircent Personal Loan should either use the Faircent Personal Loan EMI Calculator or Paisabazaar’s Personal Loan EMI Calculator to find the optimum loan tenure based on their repayment capacity.
Loan Amount
The loan amount for Faircent Personal Loans depends on several factors including income, credit profile, repayment capacity, etc. Prospective borrowers who opt for higher loan amounts will have to pay higher EMIs and interest costs.
Benefits of Using Faircent Personal Loan EMI Calculator
The main advantages of using Faircent Personal Loan EMI Calculator are as follows:
Easy to Use
Faircent Personal Loan EMI Calculator allows loan applicants to compute the total EMI amount for their loans within seconds. Applicants can enter the principal loan amount, interest rate and then, select the desired loan tenure in the EMI calculator to know the value of their monthly instalments.
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Provides Quicker and Accurate Results
Loan applicants can use the Faircent Personal Loan EMI Calculator to find out their EMIs without going through difficult calculations involving complex formulas. Calculating your EMI manually can lead to errors as it involves difficult formulae. Therefore, prospective borrowers can use the Personal Loan EMI Calculator to lower the chances of human errors.
Improve Personal Loan Eligibility
Lenders usually 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 either the Faircent Personal Loan EMI Calculator or Paisabazaar’s 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 applying for personal loans. Doing so should help loan applicants improve their chances of personal loan approval.
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Budget Management
The EMI amount for personal loans availed at fixed interest rates is constant during the entire loan tenure and as such, the loan applicants know the amount payable every month while undertaking the loan. Therefore, personal loan applicants can adjust their monthly expenses accordingly to fit in the EMI amount.
Healthy Credit Scores
Personal loan applicants using the Faircent Personal Loan EMI Calculator to calculate their monthly instalments would be better prepared to manage their finances and repay their personal loans within the loan tenure. Therefore, such applicants are 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 Faircent Personal EMI Calculator to determine the optimal EMI and loan tenure based on their repayment capacity. Loan applicants can either use Faircent Personal Loan EMI Calculator or Paisabazaar’s Personal Loan EMI Calculator to calculate and compare the personal loan EMIs of other lenders as well.
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