How Does Fullerton India Personal Loan Interest Rate Determine Your EMI Amount?
Any individual can need urgent money at some point in his or her life. Fullerton India personal loan can help people to fulfill their needs in a hassle-free manner. Available for salaried and self-employed individuals, this personal loan can help in different types of needs such as travel, child’s education, wedding, etc. But before choosing this loan facility, it is important to understand the importance of the Fullerton India Personal Loan Interest Rate. Starting from 11.99% per annum, this can be a crucial factor determining your repayment amount.
As you know personal loan offers individuals flexible repayment tenures up to 60 months within which they can repay the loan amount in easy installments or EMI. Do remember the EMI amount consists of two things — Principal amount and interest amount. This is why it is important to keep an eye on the Fullerton India Personal Loan Interest Rate because the higher the interest rates, the higher will be your repayment amount. In this article, we will be discussing the impact of the Personal Loan Interest Rate from Fullerton India on your repayment amount along with the use of the Fullerton India personal loan EMI calculator. Keep reading to know more!
Impact of Fullerton India Personal Loan Interest Rate on the Repayment Amount
As we mentioned earlier that how Fullerton India Personal Loan Interest Rate directly affects your repayment amount, you must want to understand the same with an example. We are doing the same below that you can check!
Suppose an individual wants to opt for a personal loan of INR 10 lakh for a tenure of 60 months. To understand how the personal loan interest rate affects the repayment amount, we are considering two different rates of 13.99% and 18.99% per annum.
When we are choosing the 13.99% per annum, he would be paying a monthly installment of INR 23,262 towards the repayment of his loan along with an interest outgo of INR 3,95,784.
On the other hand, if he chooses 18.99% per annum, the EMI amount will be INR 25,935, while the interest amount for this loan amount will be INR 5,56,103.
So, you can see that on choosing a lower interest rate of 13.99% per annum, the EMI amount is lower as compared to a higher interest rate of 18.99% per annum. The difference stands at INR 2,600 per month. Similarly, the interest outgo is higher when you choose a higher Fullerton India Personal Loan Interest Rate.
Also, you should know that the personal loan interest rate depends on several factors such as your age, monthly income, employment type, job history, existing obligation, and credit score. Fullerton India Personal Loan Interest Rate ranges from 11.99% to 36% per annum. So, the final rate could vary from one individual to another.
How to use Fullerton India Personal Loan EMI Calculator?
If you are wondering how to choose the best personal loan interest rates for yourself, Fullerton India personal loan EMI calculator can help you. With this tool, you only need to fill in a few details — Required loan amount, personal loan interest rate, and tenure (upto 60 months). One of the important things that you need to remember is you can get up to a loan amount of INR 25 lakh with this personal loan facility.
As soon as you fill in all these details into the tool, you will get the EMI amount (monthly installment) along with the interest outgo and total amount payable over the chosen tenure. With this efficient tool, you can also choose the suitable tenure for yourself and have an estimate about the savings when going for a personal loan balance transfer facility.
