Personal Loan EMI Calculator with Excel Sheet | Personal Loan kaise Calculate karein

Personal Loan EMI Calculator with Excel Sheet | Personal Loan kaise Calculate karein
In this video by FinCalC TV we will see Personal Loan EMI Calculator on fincalc blog in hindi. We will also see personal loan EMI Calculator excel sheet that helps you to Save Interest amount on the personal loans.

Personal Loan EMI Calculator:
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What is Personal Loan?
Personal Loan is money that you borrow from banks or Financial Institutions to cover for expenses that can include medical expenses, wedding costs, travel plans, Education Fees, Personal Debt Payments, etc. without the need of a collateral or guarantee. The fact that you don’t have to use any collateral or guarantee in this type of Loan makes it a Personal Loan.

The only drawback of Personal Loan compared to Home Loan, Car Loan or Bike Loan is that – Personal Loan is provided to you at high interest rates compared to other types of loans. So, if you can afford to pay the EMI along with interest amount, you can take Personal Loan in case you need it without having to use any collateral.

Below are some of the Key features of Personal Loans:

- Quick approval and disbursal – Banks are ready to provide your Personal Loan as soon as possible as they get maximum interest amount in this type of Loan
- No need to pledge property or assets
- Flexible usage — you can spend it on anything, No Questions Asked, but you need to pay it back in the form of EMIs
- Fixed monthly repayment schedule

How Personal Loan EMI Calculation Works?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month until the loan is fully repaid. You can easily calculate the Personal Loan EMI Amount using the above calcuator.

It helps you to understand the EMI amount and the total Interest amount you will be paying throughout the tenure.

- Personal loan EMI can be easily calculated in excel using PMT function, or you can also use the above calculator to quickly calculate home loan EMI
- PMT function takes 3 parameters: Interest Rate, Remaining months and Principal value remaining
- Interest rate provided should be the monthly Personal loan interest rate divided by 100
- Remaining months is the number of months remaining for which EMIs are yet to be paid
- Principal value is the outstanding principal amount remaining in your loan account
- Remember, your EMI consists of 2 things: Principal Amount and Interest Amount
- Interest Amount is high initially, and decreases with time
- Principal Amount is low initially, and increases with time

When buying a Car, should you take Personal Loan or Car Loan?
Both loans serve different needs:

Personal Loan:
Flexible usage (can buy a car, pay medical bills, etc.)
Higher interest rates
No collateral required

Car Loan:
Specifically for buying a car
Lower interest rates compared to personal loans
Car itself is collateral
So, it depends on your Goal – if you want freedom to use money for multiple purposes, go for a personal loan. If your only goal is buying a car, a car loan is cheaper.

#PersonalLoan #LoanEMI #fincalc

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MORE VIDEOS:
SIP Returns Calculation: https://youtu.be/dBSorr6FGyA
Income Tax Calculator: https://youtu.be/4MNnk4NFRuw
Loan EMI Calculator: https://youtu.be/FSbYoHAULh0
Loan EMI Prepayment Calculator: https://youtu.be/liGgfgMn5xg

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The YouTube Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.