Description

It's now agreed upon and well-settled that you can have anything you have set your mind for; even if you do not have enough funds at your disposal. And the credit goes to? Yes, you’ve guessed it right! It’s the highly customized personal loans that are readily available from most of the reputed lenders these days.

But, we have observed cases where people avail of personal loans (for sheer temptation or because of their easy availability) without assessing how much they can afford to borrow. Yes, you should be able to assess your financial position to perfection before you opt for any personal loan. Ascertaining the most affordable personal loan beforehand can save you from causing any inconvenience to your regular budget.

No, you do not have to carry out all the troublesome calculations yourself to ascertain this. Now you have an easy solution at hand! The Aditya Birla personal loan EMI calculator is here to do all the tough calculations for you.

Aditya Birla Finance provides flexible personal loans to meet the unique needs of different customer segments. It covers a wide range of immediate financial requirements with quick loan approval and disbursal. You may consider availing an ABFL personal loan, bail yourself out from any temporary or sudden shortage of funds and continue to live life the way you want. 

 

What is an Aditya Birla personal loan EMI calculator?

The Aditya Birla personal loan EMI calculator is an easy-to-use tool. It displays accurate results and lets you know your possible EMI amount well before you avail your chosen personal loan. The information provided by this calculator will help you to plan the repayment over your chosen personal loan tenure. It will also help you assess your present financial position in a precise manner.

Formula used by an Aditya Birla personal loan EMI calculator

The Aditya Birla personal loan EMI calculator displays detailed information about the EMI you would need to pay at different stages of your personal loan tenure. This online tool uses the below-mentioned formula to calculate your EMI-

(1+r)n

E = P * r   ((1+r)n -1 )

  1. Where E is the Aditya Birla personal loan EMI.
  2. P is the amount of loan you want to borrow from Aditya Birla Finance
  3. ‘r’ is the interest rate on offer from ABFL. The interest rate per month is used here, instead of the annual rate. The same is calculated by the formula r = (annual interest/12) /100. If the interest rate is 11.5% p.a, then r= 11.5/12/100= 0.00958

‘n’ is the Aditya Birla personal loan tenure expressed in months. For example, instead of 5 years, 60 months is written

Inputs you need to feed to the Aditya Birla personal loan EMI Calculator?

The Aditya Birla personal loan EMI calculator requires certain inputs before it can calculate the desired result.

1#. ABFL personal Loan tenure

This is the time period before the completion of which you need to repay your personal loan amount to the ABFL. Usually, you are free to choose any tenure ranging from 12 to 60 months. A longer loan tenure results in a lower EMI.

You can use the Aditya Birla personal loan EMI calculator to good effect to determine the most affordable EMI for yourself. If you feel the monthly EMI outflow is going to give you a undue financial stress, you may tweak the loan tenure to reach up to your chosen EMI amount and fit your budget requirements accordingly. When you calculate your EMI with the Aditya Birla personal loan EMI calculator, you come to know beforehand about your exact money outflow every month towards the repayment of your EMI. This allows you to plan sufficiently ahead for your finances so that the loan repayment does not hit your monthly budget.

2#. Personal Loan amount

This is the amount of money you wish to borrow from the Aditya Birla Finance Limited and the interest payable is calculated on this amount. You will have to spend more on EMIs if you opt for a higher loan amount. The ABFL considers parameters such as your repayment history, credit profile, and income level before deciding on the loan amount to approve. But, if you want to know about the EMI you can afford, you can input your desired loan amount into the Aditya Birla personal loan EMI calculator in the space provided for the same.

3#. ABFL personal loan Interest Rate

It is the most important component of the EMI calculation process. It is the rate offered by the ABFL to you at which the total interest payable is calculated. The higher is the interest rate, the more will be your personal loan EMI.  However, these rates may vary from borrower to borrower, as per their credit profiles and other related parameters.

The below-mentioned example will help you to understand the calculations better-

Mr Aditya Bhardwaj is looking to obtain an Aditya Birla Finance personal loan of Rs 5 lakhs for a tenure of 5 years. The interest rate charged by ABFL to him is 11.25% per annum. The following table shows his personal loan EMI, the interest payable and the amount he needs to repay at the end of every year.

LOAN AMOUNT

INTEREST RATE

TENURE

MONTHLY INSTALMENT

TOTAL INTEREST AMOUNT

TOTAL AMOUNT

₹ 5,00,000

11.25%

1

₹ 44,541

₹ 34,497

₹ 5,34,497

₹ 5,00,000

11.25%

2

₹ 23,654

₹ 67,688

₹ 5,67,688

₹ 5,00,000

11.25%

3

₹ 16,727

₹ 1,02,165

₹ 6,02,165

₹ 5,00,000

11.25%

4

₹ 13,290

₹ 1,37,920

₹ 6,37,920

₹ 5,00,000

11.25%

5

₹ 11,249

₹ 1,74,938

₹ 6,74,938

Aditya Birla personal loan rates & charges

Category

Rate/Charge

Interest rate

14% to 26% per annum

Maximum Loan amount

Rs 50 lakhs

Loan Tenure

12 to 60 months

Peocessing fee

2% of the loan amount + GST as applicable

Prepayment charges

Nill , allowed after 6 EMIs

Penal Charges

2% per month

ECS failure charges/cheque return charges

Rs 750 for every instance

CIBIL report retrieval fee

Rs 50 per instance

Cancellation charges

4 % of the amount disbursed

Salient features of the Aditya Birla personal loan

Some of the useful benefits provided by the Aditya Birla Finance personal loan are as follows-

  • Hassle-free application process-The application process of the Aditya Birla Personal Loan comprises of a few simple steps. You can carry out the entire process from the comfort of your own.
  • Online approval within 30 minutes-Now you do not need to go through heaps of paperwork or to get stuck in those lengthy procedures. You can get instant online approval of your Aditya Birla personal loan within just 30 minutes.
  • No security/collaterals- You do not need to pledge any security, guarantee or collateral. Just share some basic information and get your ABFL personal loan approved.
  • Competitive Interest Rates- Aditya Birla Finance offers highly competitive personal loan interest rates starting from 14% to 26%. However, the actual personal loan interest rates offered by Aditya Birla  Personal Loan differ from individual to individual and depend on factors such as their income, eligibility, credit score and so on.
  • Flexible options- Aditya Birla Personal Loan provides you with a lot of flexible repayment options. You can decide any loan tenure from 12 to 36 months and accordingly decide on the personal loan EMI you can afford. Also, you can pay your EMIs through any mode of your choice- ECS, auto debit, post-dated cheques (PDC) etc.

The Aditya Birla Personal loan EMI calculator displays your personal loan EMI accurately and within seconds. With the help of this easy tool, you can get to know the most affordable EMI for you and save yourself from any possible financial hardship later on. Thus, you can be your own boss and can make your own informed decisions regarding the perfect personal loan product for yourself.