What is the EMI for a 1.5 lakh personal loan?

With digital innovations and emerging fintech companies, a personal loan has become quite an approachable method to avail money when your need for cash is urgent. The financial industry has completely adapted digital loan procedures for faster loan approval. People no longer have to stand in a queue and apply for a personal loan or calculate manually.
 
SimplyCash, an instant cash loan app was launched by Hero FinCorp, a leading financial company in India to provide a one-way solution to all your financial needs in one go. The loan app is designed with an in-built EMI calculator for an accurate reading of your EMIs up to 1.5lakhs.

SimplyCash instant loan app is user-friendly and flexible in use. The maximum loan amount offered is Rs.1.5 lakhs on an attractive interest rate to salaried and self-employed individuals. So, when you require urgent funds, SimplyCash can be downloaded from Google Play Store and ready to use within seconds. Loan EMI calculator being a useful feature, it gives borrowers the required confidence to go ahead with the loan application.

An EMI calculator gives a clear vision of the required instalment to be paid every month. Moreover, variables in the EMI calculator such as a loan amount and tenure can be flexibly changed till the borrower is not satisfied with the EMI amount. Therefore, before applying for a personal loan, it becomes necessary to calculate your EMIs and plan your finances accordingly.

Loan EMI calculator

SimplyCash personal loan EMI calculator allows you to calculate your monthly EMIs on Rs.1.5 lakhs. You get the option to customize the loan amount if the EMI doesn’t fit your budget, before applying for the personal loan. The EMI will differ based on your loan amount and tenure. The longer the tenure, the lower the EMI, the shorter the tenure, the higher the EMI. 
 
For example, suppose you take a loan of Rs.50,000 on a tenure of 12 months. You will be repaying Rs.4,752 per month on an interest rate of 25%, which is pretty affordable for an individual earning a minimum income of Rs.15,000 per month, whether a salaried or self-employed person, both can afford to repay the loan amount.

EMI for 1.5 lakh personal loan via SimplyCash

The EMI may differ from lender to lender as the interest rate varies. If you are applying for a personal loan through SimplyCash, the EMI you have to pay will be customizable, and you can repay the loan amount as per your convenience.
 
When taking a 1.5 lakh of personal loan, you have the option to calculate the loan amount, EMI, and tenure for a planned personal loan so that in the future, you don’t have to struggle with your monthly budget. Therefore, tenure and loan amount matter, when you evaluate your EMI on the loan EMI calculator. 
 
If you are taking a loan of 1.5 lakhs on a tenure of 24 months your EMI will be Rs.8,006. As a result, you will have to pay a monthly equated instalment of Rs.8,006 every month. Moreover, the readings derived via a loan EMI calculator are accurate and there is hardly any chance of errors.
 
With the above-mentioned method, you can apply for a personal loan once you get a clear picture of your EMIs with the help of a loan EMI calculator.  SimplyCash loan process gets simpler after you have decided the loan amount tenure and EMI.  SimplyCash loan app is a complete digitized process ensuring paperless documentation, quick disbursal within a few minutes.

Bottomline

It is best to use the EMI calculator before you apply for a personal loan to achieve 100% accuracy in EMI results and organize finances wisely to be repaid in the near future.