How To Calculate Your Personal Loan EMI And Eligibility?
Today, owing to digitization everything is available at the click of a button. Also, the growing uncertainties like the Covid-19 pandemic have resulted in insufficient funds to manage various major and minor expenses. It may not be always prudent to withdraw funds from your savings to meet such events. A personal loan is considered a viable option in unforeseen circumstances as it is easily available in fulfillment of the basic eligibility criteria. However, it would be better to understand how to calculate your personal loan EMI and eligibility before applying for one.
How to Calculate your Personal Loan EMI and Eligibility?
A loan EMI implies the loan installment amount that a borrower has to repay on a monthly basis. EMI is made up of the principal loan amount, the rate of interest on the loan, and loan tenure. The mathematical formula for calculating EMI is as below:
EMI = P*R* (1+R) n
((1+R) n-1)
P = principal loan amount
R = rate of interest
n = number of monthly installments
One should note that the tenure of a personal loan will have an inverse relationship with the EMIs to be paid. This means that a short loan tenure will have higher EMIs and vice-versa. Likewise, a short loan tenure will have a lower interest rate and vice-versa.
Though the EMI formula looks confusing, it can be easily calculated. As of now, many lenders provide online personal loan EMI calculators, in which you have to just enter the loan amount and tenure. The EMI gets generated instantly.
Herofincorp is one such innovative and user-friendly instant cash loan app powered by Hero FinCorp, wherein you can get your personal loan customized via personal loan EMI calculators. Herofincorp provides a maximum personal loan of Rs.3,00,000 at an attractive interest rate starting from of 11% per annum, via a paperless mode. In fulfillment of the basic eligibility criteria, Herofincorp disburses the loan directly to your bank account, within a few working hours.
The Herofincorp Personal Loan EMI calculator is a handy tool for borrowers seeking an instant personal loan. It would help a borrower accurately estimate their monthly loan installments (EMI) well in advance. A borrower would thus be able to apportion a certain amount towards EMI from their monthly income and ensure regular EMI repayments to avoid penalty charges.
Eligibility Criteria for Personal Loan at Herofincorp
Both salaried individuals and self-employed can avail of a personal loan at Herofincorp provided they meet the basic minimum eligibility criteria mentioned below:
- Indian citizenship proof
- Borrower’s age should be between 21 – 58 years
- Minimum monthly income/monthly salary required Rs.15,000
- If salaried they should be working with private or public sector
Below are the mandatory documents that are further required for real-time verification:
- KYC documents - Aadhar card and PAN card
All you have to do to avail of a loan from Herofincorp is to download the loan app from the Google Play Store or visit their official website and get the personal loan of your choice and repayment capability. Herofincorp provides a seamless and enriching loan experience for its numerous borrowers.
