हिंदी में पढ़े
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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Individuals planning to avail personal loan from Shriram Finance can use Shriram Finance Personal Loan EMI Calculator to calculate their total EMIs, interest payable for different loan amounts, interest rates and tenure. The calculator helps you to know your EMIs online and the optimum tenure for Shriram Finance Personal Loan based on the applicant’s repayment capacity.
What is Personal Loan EMI?
Personal Loan EMI (Equated Monthly Instalment) is the principal amount and the interest paid on the personal loan. Borrowers have to pay this amount monthly over the loan repayment tenure. Shriram Finance offers fixed-rate personal loans; therefore, EMI will remain the same throughout the personal loan tenure.
How does Shriram Personal Loan Calculator work?
Shriram Finance Personal loan EMI Calculator works on the below-mentioned steps:
- Required loan amount: Applicants need to enter the loan amount that they wish to avail from Shriram Finance
- Interest rate: Enter the interest rate of Shriram Finance Personal Loan
- Loan tenure: Finally, applicants have to enter the duration of their loan – the repayment tenure of their personal loan
After you put in all the required information, loan amount, interest payable and monthly EMI are instantly displayed. Prospective personal loan borrowers should note that the final interest rate offered for Shriram Finance personal loan would depend on their credit risk assessment undertaken by the lender. Some of the factors considered by Shriram Finance for setting personal loan interest rates are loan tenure, repayment capacity of the borrower based on his cash flows, borrower’s profile, repayment history of the borrower, etc.
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Factors Affecting Shriram Finance Personal Loan EMI
Loan Repayment Tenure
Shriram Finance offers personal loans with repayment tenures of up to 5 years. By availing personal loan for shorter repayment tenures, prospective applicants would have to pay higher EMIs that reduce the total interest cost. In that scenario, using an EMI Calculator would be beneficial in determining the optimal repayment tenure for their personal loan based on the repayment capacity of the borrower.
Interest Rate
The interest rate is one of the vital deciding factors for your loan EMI. By availing personal loans at lower interest rates, applicants would have to pay lower EMIs and interest costs. That’s why, it is important to compare personal loan interest rates offered by the top banks and NBFCs before applying for a Shriram Finance Personal Loan.
Personal Loan Amount
Applicants can avail Shriram Finance Personal Loans for up to Rs 15 lakh. The higher the loan amount, the higher the EMI and thus, the total cost of interest. Personal loan applicants should note that the personal loan eligibility amount primarily depends on the tenure and the repayment capacity.
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Benefits of using Shriram Finance Personal Loan EMI Calculator
Stated below are the major benefits of using Shriram Finance Personal Loan EMI Calculator:
Provide Quick and Accurate Results
Shriram Finance Personal Loan EMI Calculator would help applicants calculate complex calculations in seconds, saving them a lot of time. It would also eliminate the chances of human errors that arise during manual calculations with complicated formulas.
Helps in Managing Budget
Personal loan applicants can use the EMI Calculator to know the exact amount they have to repay every month, as the EMI for loans availed at fixed interest rates remains the same during the entire repayment tenure of the loan. This way, they can manage their budget accordingly to fit in the EMI amount.
Improve Personal Loan Eligibility
Most lenders prefer to approve the applications of those personal loan applicants whose total EMI obligations do not exceed 50–60% of their total monthly income. Applicants should note that total EMI obligations also include proposed personal loan EMI. Using the Shriram Finance Personal Loan EMI Calculator will give prospective personal loan applicants a fair idea of their EMIs. Therefore, applicants exceeding the above-mentioned limit would be able to reduce the EMI when making their application to banks or NBFCs. Moreover, this will help applicants get their personal loan applications approved.
Helps in Maintaining a Healthy Credit Score
Personal loan applicants who use the EMI Calculator will be better prepared when it comes to budgeting and managing their personal finances. Such applicants would also have fewer chances of defaulting on their monthly instalments, which in turn would help them to improve or maintain their credit scores.
Also Read: How you can build/improve your credit score with the Step UP Credit Card co-branded with SBM Bank India Ltd.
You can also use Paisabazar’s Personal Loan EMI Calculator to compare and find the personal loan EMIs of other banks and NBFCs as well.
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