Any individual who is looking to opt for a personal loan keeps a close eye on the interest rates. Do you know why? Personal Loans are considered to be an unsecured loan which means individuals opting for this type of loan don't have to pledge any kind of security against the loan amount they will get. Among the interest rates provided by leading lenders, there are so many people who opt for Fullerton India Personal Loan Interest Rates as it helps them in getting pocket-friendly EMIs.
But there is a thing about Personal Loan interest rates that due to its unsecured nature, lenders tend to have strict eligibility criteria as they have a high credit risk because of no security to fall back. So, the final personal loan rate of interest will always depend on several factors such as applicant’s age, monthly income, employment type, job history, residing city and most importantly, CIBIL score. In this article, we will be telling you how Fullerton India Personal Loan Interest rates affect your Equated Monthly Installment so that you can choose the interest rates wisely. Also, we will be telling you how to use the Fullerton India personal loan EMI calculator so that you can know the EMI amount by yourself. So, keep reading. Effect of Fullerton India Personal Loan Interest Rates on EMI amount When you opt for any personal loan, you will need to repay the loan amount with the help of Equated Monthly Installments (EMIs). This EMI amount consists of a portion of principal amount and also the interest amount. So, the interest rates you choose for your personal loan will directly affect your EMI amount. That’s why it is important to know the impact of Fullerton India Personal Loan interest rates that generally ranges from 14% to 33% per annum. You also need to remember the fact the higher your interest rates will be, the higher would be your repayment amount. So, it is important to choose lower interest rates to keep your EMI amount within your repayment capacity. Let’s understand how interest rates affect your EMI amount and also the interest outgo via an example. Suppose an individual wants to opt for a personal loan of INR 5 lakh for a period of 60 months. So, here we will take two different interest rates 14% and 18% per annum respectively so that we can see how it will affect your EMI amount. On considering the interest rate of 14% per annum, the EMI amount an individual will have to pay is 11,634 and the interest outgo will be INR 1,98,048 While when we take the interest rate of 18% per annum, the EMI amount will be INR 12,697 and the interest outgo will be INR 2,61,803. So, it is perfectly clear that by choosing a lower Fullerton India Personal Loan interest Rates of 14% per annum, you can save upto INR 1,000 per month while you can save the interest amount of INR 60,000 around. You must be wondering how can you do all these calculations? Well, you only need to use the Fullerton India Personal Loan EMI Calculator with which you can easily get the results. You just need to fill in a few basic details. These details are the Required Loan Amount, Fullerton India Personal Loan Interest Rates, and Required tenure. As soon as you will feed all these details into the tool you will get the EMI amount, Interest Outgo and Total Amount payable during the tenure. Apart from this, you can also check the Amortization table with which you can know your outstanding principal amount at different points in your loan tenure so that you can manage your finances accordingly.
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Anika Sharma
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