Nippon Personal Loan Calculator
The Nippon personal loan EMI calculator helps you plan your monthly EMIs quickly. It lets you adjust the loan amount and tenure in a way that doesn't affect your current financial commitments and lifestyle. The online calculator allows you to determine an affordable EMI amount so that you do not have to compromise on other expenses to maintain a comfortable lifestyle.
A personal loan is money borrowed from a lender that can be used for nearly any purpose. Personal loans can be obtained from banks and financial institutions and the funds are provided in a lump sum.
EMI or Equated Monthly Installment 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 with the interest. Your EMI consists of two parts - repayment towards the principal and repayment towards interest charges.
How Does The Nippon Personal Loan EMI Calculator Work?
The Nippon personal loan EMI calculator works based on a simple formula. We have mentioned it below.
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 looking to take a personal loan of ₹5,45,000 for emergency expenses. The loan comes with an interest rate of 12.75% and the tenure of the loan is 3 years. Let’s do the calculation using the calculator formula.
EMI = 5,45,000 x 0.1275/12 x (1 + 0.1275/12)^36 / [(1 + 0.1275/12)^36 - 1]
EMI = 5,45,000 x 0.010625 x 1.46298 / 0.46298
EMI = 8,471.5685625 / 0.46298
EMI = ₹18,298
So, if you are looking to take a personal loan of ₹5.45 lakhs at an interest rate of 12.75% and a loan tenure of 3 years, you would have to pay an EMI of ₹18,298 every month.
How Should You Use The Nippon Personal Loan EMI Calculator?
The Nippon personal loan EMI calculator is easy to use. All you need to do is follow the below three steps.
- Enter the desired loan amount according to your financial need.
- Type in the interest rate offered by a lender.
- After entering the interest rate, you can either type in or use the slide to enter the tenure of your loan.
After all the details are entered, the calculator will tell you the monthly EMI amount in a few seconds.
Example:
Mr. Jeyanth is looking to take a personal loan for ₹3,65,000 at an interest rate of 14% and the tenure of the loan is 5 years. We can use the calculator formula to calculate the monthly EMI payment.
EMI = 3,65,000 x 0.14/12 x (1 + 0.14/12)^60 / [(1 + 0.14/12)^60 - 1]
EMI = 3,65,000 x 0.01167 x 2.00600 / 1.00600
EMI = 8,544.6573 / 1.00600
EMI = ₹8,493
So, if Mr. Jeyanth takes a personal loan of ₹3.65 lakhs at an interest rate of 14% for a loan tenure of 5 years, he has to pay an EMI of nearly ₹8,500.
Benefits Of Using The Nippon Personal Loan EMI Calculator
The Nippon personal loan EMI calculator offers many advantages. Below are a few of them.
- The EMI calculator can calculate your EMI amount in a matter of seconds.
- The calculator helps you get an idea of what your EMI will be with different lenders. After comparing all the loan offers, you can easily decide on the best loan offer.
- You can do multiple variations and get accurate results every single time.
- The EMI calculator can be used many times for free.