Personal Loan EMI Calculator
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Personal Loans from digibank by DBS help make your dreams come true. The ideal vacation, the perfect wedding, or the latest gadget you have set your eyes on – you can get it through personal loans. Plan for your monthly outflows with our easy-to-use Personal Loan EMI Calculator.
Now you can fulfil every dream with digibank's Personal Loans. Apply for the loan online and compute your monthly EMI in seconds with our Personal Loan EMI Calculator.
Our customisable EMI calculator for Personal Loans helps you identify and plan your monthly outflow quickly. It lets you adjust the loan amount and tenure in a way that does not affect your current financial commitments and lifestyle. The freely available online tool empowers you to determine an affordable EMI amount so that you do not have to compromise on other expenses to maintain a comfortable lifestyle.
We have designed our Personal Loan Calculator to simplify EMI calculation for you. To use, input the loan amount, interest rate and loan tenure. The calculator automatically computes the monthly instalments in seconds.
If the EMI is too high or low, you can reset the sliders and modify the variables. If you want a reduced EMI, you have will to adjust either the principal loan amount or the loan repayment tenure. If you can pay higher EMIs, you can raise the principal amount you want to borrow or reduce the tenure to repay faster.
Your Personal Loan EMI depends on three factors or variables used to compute the fixed monthly payment you need to make to repay your loan obligation. They are:
The lender considers your personal factors such as your age, income, credit or CIBIL scores, past credit behaviour, loan repayment capacity, and creditworthiness to determine the maximum principal loan amount and the interest rates you can get. Better CIBIL scores lead to lower interest rates and a higher principal loan amount.
The Personal Loan EMI calculator uses a simple formula to determine your EMI. The formula used is:
E = P * r * (1+r)^n / ((1+r)^n-1)
Here E stands for EMI
P is the principal loan amount
r is the rate of interest calculated monthly
n is the tenure/duration of the Personal Loan.
Personal loan EMI is the monthly pay-out you need to consider to be financially comfortable during the tenure of the loan. You make personal loan repayments through equated monthly instalments, or EMIs split evenly across the loan tenure. You can repay the EMIs by setting up standing instructions or Electronic Service Clearing (ECS) instructions with digibank to debit the EMI amount on a fixed date each month.
**All loans will be given out at the sole discretion of DBS Bank India Limited.
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