Mirae Personal Loan Calculator
The Mirae personal loan EMI calculator can be used to calculate your EMIs towards the loan amount. All you need to do is simply enter your loan amount, interest rate, and loan tenure to find out your monthly EMIs. The personal loan calculator allows you to calculate your EMIs, meaning this can help you better plan your loan and payback.
A personal loan is an unsecured loan that does not require you to pledge any security or collateral. You can get a personal loan for minimum documentation and it can be used to fulfill expenses like home renovations, marriage expenses, medical emergencies, etc. You can also use a personal loan to consolidate different debts or ease a liquidity burden.
EMI is an abbreviation of Equated Monthly Installment. It is the fixed amount of money you need to pay every month, on a fixed date, to your lender, to pay off your entire loan (including interest). EMIs comprise two components: repayment towards the principal (the original amount borrowed) and repayment towards interest charges.
How Does The Mirae Personal Loan EMI Calculator Work?
The Mirae personal loan EMI calculator uses the below formula to make computations.
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 planning to take a loan for a medical emergency. The loan amount is ₹12 lakhs and it has an interest rate of 11.75%. The tenure of the loan is 8 years. Using the calculator formula, let’s calculate the monthly EMI amount for your loan.
EMI = 12,00,000 x 0.1175/12 x (1 + 0.1175/12)^96 / [(1 + 0.1175/12)^96 - 1]
EMI = 12,00,000 x 0.00979 x (2.54789) / [1.54789]
EMI = 29,932.61172 / 1.54789
EMI = ₹19,338 (approximately).
So, if you plan to take a loan for ₹12 lakhs at an interest rate of 11.75% for a tenure of 8 years, your EMI amount would be around ₹19,338.
How Should You Use The Mirae Personal Loan EMI Calculator?
The Mirae personal loan EMI calculator is a simple three-step process.
- The first step is to enter the loan amount you are willing to borrow from the lender.
- The next step is to enter the interest rate carried by the loan.
- The final step is to type in the tenure of the loan.
Once these details are entered into the calculator, the calculator will show you the EMI amount.
Example:
Ms. Isabella is looking to take a loan for ₹9.8 lakhs to fund her wedding expenses. The loan charges an interest rate of 15.5% and the tenure of the loan is 5 years. Let’s use the calculator formula to compute the EMI monthly amount.
EMI = 9,80,000 x 0.155/12 x (1 + 0.155/12)^60 / [(1 + 0.155/12)^60 - 1]
EMI = 9,80,000 x 0.1291 x 2.15899 / 1.15899
EMI = 27,315.109682 / 1.15899
EMI = ₹23,568 (approximately).
So, if Ms. Isabella takes a loan for ₹9.8 lakhs at an interest rate of 15.5% and a loan tenure of 5 years, she has to pay ₹23,568 per month as EMI.
Benefits Of Using The Mirae Personal Loan EMI Calculator
Here are some advantages of using the Mirae personal loan EMI calculator.
- The personal loan EMI calculator accurately estimates the cost of your loan so that you can plan your finances better.
- The calculator helps you get an instant idea of how much each loan offer will cost you. This can help you compare different loan rates from different lenders and choose the one that is comfortable for you.
- Manual calculations carry the risk of making mistakes. But if you use the calculator, allows you to do multiple variations with accurate results every single time.
- Manual calculations can also be tedious and time-consuming. However, online calculators can do the calculations quickly.