AU Bank Personal Loan EMI Calculator

How does the AU Bank Personal Loan EMI calculator help you?

The AU Bank Personal Loan EMI Calculator helps you ascertain the monthly instalment that one has to pay in order to repay the loan. The EMI calculator asks for three inputs: loan amount, rate of interest and loan tenure.

Once you have these three details, you can find out how much monthly instalment you need to pay in order to repay the loan. This is quite useful to streamline your finances i.e., it will give you an idea as to how much should be the tenure of loan in order to get the EMI of a value that you can afford to pay.

https://www.aubank.in/personal-banking/personal-loan

Formula of Personal Loan EMI Calculation

The formula to calculate personal loan EMI calculation is as follows:

E = P x R x (1+r)n/(1+r)n-1, wherein

P stands for principal amount

R refers to rate of interest

N equals loan term or tenure

When you use this formula, you can calculate monthly EMI with accuracy. This would help you plan your finance in a proper way, and make some informed decisions to avail a personal loan.

Amortisation schedule

A personal loan amortisation schedule shows in a tabular format the EMI chart for personal loan repayment against a sanctioned loan amount. The schedule gives a summary of EMIs payable during the entire loan tenure. It also gives a breakup of the principal and interest components of each EMI.
Lastly, it shows you the closing balance of your loan every month provided you pay the EMIs on time. Along with the EMI calculator online for a personal loan, the loan amortisation schedule can help you understand the breakup of your EMI that you pay every month to help you plan your repayment better.

AU Bank personal loan eligibility:

These are the eligibility criteria for raising personal loan from AU Small Finance Bank:

1. Applicant has to be an Indian resident.

2. Applicant should be aged 23 years at the time of personal loan application and a maximum of 60 years at the time of loan maturity.

3. The applicant can avail a personal loan for a minimum repayment tenure of 12 months and a maximum repayment duration of five years.

4. The applicant may apply for ₹10,00,000.

AU Bank personal loan fee and charges:

The interest rate is up to 30 per cent with an average rate of 18 percent (as on Sept 24, 2024).

Processing fee: Up to 4 per cent of approved loan amount plus applicable taxes

No charges for administration and documentation

Overdue interest: 3 per cent per month on the outstanding amount

Prepayment/foreclosure charges: If paid before 12 months of the last disbursement date, then 5 percent of the balance amount at the time of closure.

If paid after 12 months from the last disbursement date, then 3% of the balance amount at the time of closure.

How to use Livemint EMI Calculator:

You can use the Livemint EMI calculator to find out the monthly EMI by entering the details such as loan amount, rate of interest and loan duration.

For instance, when you enter loan amount as ₹3 lakh, rate of interest as 10 percent and loan duration as 36 months, you will find out that the monthly EMI you will have to pay is ₹9,680 in order to repay the loan.

You can tinker with one or all of the inputs to see how it impacts the EMI. For instance, you will realise that as the loan amount or interest rate is raised, the monthly EMI rises and as the tenure increases, the EMI falls.

Conversely, as the loan amount decreases, the EMI increases and as the tenure shortens, the amount of EMI increases.

https://www.livemint.com/loans/personal-loan-emi-calculator

Advantages of Using LiveMint EMI Calculator

Right planning: The Personal Loan EMI calculator gives you an accurate estimate of what your monthly EMI is going to look like. This helps in effective budget planning so that one is well-prepared for the financial commitment on a monthly basis.

Making an informed choice: Knowing your repayment schedule is important in making informed decisions that are good for your financial life. Using the EMI calculator will present you with a clear view of what your repayment looks like, enabling you to make better decisions on loan options. This will ensure that you select loans that are in line with your financial goals and capacity.

Saving of time:The calculator calculates your EMI, thus relieving you from doing it manually. This saves time and effort toward other priorities in your financial planning.

Different options:The calculator is designed to enable easy comparison between different loan scenarios. You can tinker with the loan amount, interest rate, and tenure to check how these changes affect your EMI, thereby allowing you to find a loan option that works out best for your financial needs.

Cost effective:It costs nothing to use a calculator, and as many times as one wants to use it for evaluating the various loan options, it is a cost-effective tool for anyone looking to avail a personal loan.

Awareness:The calculator helps the borrower become more conscious of the money to be paid. This awareness could dissuade one from over-committing oneself with loans, for which he could build a system of repayment within his budget.

Good financial management:The calculator helps in the efficient management of finances since it gives clear details of loan repayment. With a clearer view of the monthly financial obligations, one can plan other expenses and investments.

Can be used easily:The calculator is user-friendly and requires only basic information such as the amount of loan, rate of interest, and tenure. This makes it usable for all, irrespective of financial acumen.