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LoansJagat Team
‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
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Key takeaways:
Bonus tip:
Choosing a short repayment tenure can save you from paying high interest rates. Try to choose 6-12 months of tenure in the calculator because even a small change can save thousands in your interest without a major change in your EMI.
IOB Personal Loan EMI calculator is an interactive tool that helps you to understand and know your monthly loan commitment in just a few seconds. You just have to provide some basic information about your loan like the principal amount and interest rate. One of the biggest advantages of an EMI calculator is that it shows whether the loan fits income or not which helps you to manage your monthly budget.
IOB Personal Loan EMI Calculator is a simple user-friendly tool in which you adjust the sliders or enter the value to find out the best options of EMIs according to your loan criteria.
Think of the calculator as a trial room, just like a trial room allows you to try different clothes and helps in choosing an option that fits you better. The calculator allows you to try different loan amounts and compare before committing.
For example, Parul entered a loan amount of ₹3,00,000 at 11% interest for 3 years. The calculator instantly shows your monthly EMI, total interest payable, and total repayment amount. This will further help Parul to decide if the loan is affordable for her or not according to her monthly budget.
Example 1- Ramesh works in a private company and earns ₹50,000 per month. He wants a personal loan to manage family expenses.
Ramesh’s EMI is under 20% of his salary which makes the loan affordable and safe for him.
EXAMPLE 2- Neha is planning her wedding and wants a personal loan without changing her monthly budget.
This example shows that longer tenure keeps EMI low but increases total interest in a longer run.
Following the below steps will help you use the calculator more easily:
Step 1- go the https://www.loansjagat.com/personal-loan-calculator. l
Step 2 - adjust the slider or enter the principal amount
Step 3- Then, give the tenure that you choose to repay the personal loan from IOB by entering the value or adjust the slider.
Step 4- Finally, you have to provide the interest rate that the Indian Overseas Bank offers you over a personal loan that you chose.
After following these steps, your estimated EMI amount and the interest amount will be updated within a few seconds.
The IOB Bank personal loan calculator uses a standard formula to make calculations, and that formula is “E = P x r x (1+r)^n/((1+r)^n-1)”. To understand this formula, we need to break this as:
P for principal, N for tenure, and R for the rate of interest of the personal loan from IOB Bank. We can understand the process through an example:
Mr Karan wants to take a personal loan from IOB Bank, and the personal loan amount that he requires is Rs. 8,00,000, and he chooses to repay the loan over a period of 5 years. The bank charges him an interest rate of 10%.
3 years
5 years
*T&C Apply
10%
From the above example, it can be concluded that by using the formula, monthly EMIs are calculated based on the loan amount, tenure and interest rate.
There are several benefits of using the IOB Personal Loan EMI calculator and some of them are:
Overall, it is a user-friendly tool that helps you to plan your financial budget.
The IOB Personal Loan EMI calculator is a powerful tool that helps you to make your financial decisions more easily and in confidence before applying for a loan. Instead of just guessing numbers of how much you will be required to pay every month, the calculator will give you clarity instantly. By entering the loan amount, interest rate, and tenure, you can instantly see your EMI, total interest cost, and overall repayment amount. One of the biggest advantages of using the calculator is that it promotes responsible borrowing. It also helps you to compare and understand different loans that the bank offers. Using it before applying for a loan can help you take financial decisions wisely, manage loan repayments smoothly throughout your loan journey.
1-Is the EMI calculator useful for comparing lenders?
Absolutely. You can enter different interest rates and tenures to compare EMIs across banks and choose the most cost-effective option.
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2- what are the 5 Benefits of using a Personal Loan EMI Calculator?
It shows the estimated EMI according to your monthly budget. Financial decisions are easily made by changing the factors affecting the EMI. ensure a healthy credit score. The tool is easy to use. It is a time saving tool which gives you accurate results.
3- What is the use of an EMI calculator?
An EMI calculator helps you find out your monthly EMI for a loan by entering the loan amount, interest rate and repayment tenure.
4- Does a personal loan EMI calculator help in choosing the best loan option?
Yes it helps you choose the best loan option if you have accurate inputs available with you like the loan amount, repayment tenure and interest rate.
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