Edelweiss Personal Loan Calculator
The Edelweiss personal loan EMI calculator can be used to calculate the amount you need to pay per month towards your loan repayment, based on the principal loan amount, interest rate, and loan term. The calculator is a handy tool that can be used for free by anyone. With the help of this calculator, you don’t have to make any complex calculations by yourself.
Personal loans are loan products that banks and NBFCs (Non-Banking Financial Corporations) offer to fulfill certain expenses, such as home renovation, vacation, emergencies, etc. Like other types of loans, personal loans also require the borrowers to repay the principal amount along with interest to the lender within the repayment tenure of the loan.
Equated Monthly Installments or EMIs, are the fixed amount you need to pay every month to repay your personal loan. The lender predetermines the EMI amount and the date of payment at the time of sanctioning your loan.
How Does The Edelweiss Personal Loan EMI Calculator Work?
The Edelweiss personal loan EMI calculator uses a simple formula to determine your EMI. The formula used is:
Where,
P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You are thinking about taking a personal loan to fund your medical expenses. You plan to take a personal loan for ₹4.9 lakhs at an interest rate of 15% for a tenure of 7 years. Here’s how we can use the calculator formula to calculate your monthly EMI amount.
EMI = 4,90,000 x 0.15/12 x (1 + 0.15/12)^84 / [(1 + 0.15/12)^84 - 1]
EMI = 4,90,000 x 0.0125 x 2.83911 / 1.83911
EMI = 17,389.54875 / 1.83911
EMI = ₹9,455
So, if you take a personal loan for ₹4.9 lakhs at an interest rate of 15% for a tenure of 7 years, you would have to pay an EMI amount of ₹9,455 every month until your loan is paid.
How Should You Use The Edelweiss Personal Loan EMI Calculator?
The Edelweiss personal loan calculator has the following three important components. Once you fill in these details, you can calculate your EMI amount easily.
- Enter the loan amount or principal. This is the total amount that you borrow as a loan and are required to pay back at the end of the term along with the interest.
- Type in the rate of interest. This number is expressed as a percentage and it will be charged on the principal loan amount for the loan duration.
- Key in the loan tenure or loan duration. This is the period within which you are liable to pay back the total personal loan amount with interest.
Example:
Mr. Lucas wishes to take a personal loan for ₹2.2 lakhs at an interest rate of 12%. The tenure of the loan is 3 years. By using the calculator formula, we get:
EMI = 2,20,000 x 0.12/12 x (1 + 0.12/12)^36 / [(1 + 0.12/12)^36 - 1]
EMI = 2,20,000 x 0.01 x 1.43076 / 0.43076
EMI = 3,147.672 / 0.43076
EMI = ₹7,307
So, if Mr. Lucas takes a personal loan for ₹2.2 lakhs and pays an interest rate of 12% with a loan tenure of 3 years, his EMI amount will be ₹7,307.
Benefits Of Using The Edelweiss Personal Loan EMI Calculator
Using the Edelweiss personal loan EMI calculator comes with several advantages.
- The personal loan EMI calculator is easy to access and use.
- You can use the calculator to do multiple variations and get accurate results every single time.
- The calculator helps in choosing the best loan offer by giving you an idea of what your EMI will be with different lenders.
- The calculator can be used many times and it will not cost you anything.