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Personal Loan EMI or Equal Monthly Instalment is the amount that you need to pay every month for repaying your principal loan amount at the applicable rate of interest over the chosen loan tenure. It is the sum of the principal component and interest component.
The 3 How’s of deciding the right EMI
How soon do you want to pay off the Personal Loan?
How much can you afford to pay in a month?
How much of an interest rate are you comfortable with?
To be able to make the right choice among personal loan EMI options – standard
EMI and flexi personal loan, you need to consider the following questions -
One of the most critical factors to consider while choosing an EMI option is your budget. Jot down all your monthly commitments and deduct them from your monthly income to deduce the residual income. Based on what is left over, you can decide whether the standard or flexi personal loan EMI option works best for you.
Flexi personal loans usually come with lower interest rates as compared to standard EMI options. But, under standard EMI, you can withdraw and use up the entire loan amount borrowed whereas under flexi personal loan EMI, this cash outflow is capped. Depending on whether or not you are comfortable paying a higher rate of interest and your unique needs, you should choose between the standard and flexi personal loan EMI option that serves you best. You should choose flexi personal loan interest rates if you're looking for low EMIs.
Choosing the right EMI option is a critical decision that you’ll have to make while taking a Personal Loan. But, we’ve made it easy for you. Just choose from one of our available EMI options that cater to your needs, your timeline and your budget.
Your Equated Monthly Instalment depends on the principal loan amount, the interest rate charged and the period for which the loan is taken.
You can choose your personal loan EMI amount that is comfortable for you by using the Personal Loan EMI calculator.
Your EMI amount will depend upon your chosen Principal Amount, the Loan Tenure, the Rate of Interest, and the repayment option you choose- standard or flexi personal loan EMI option. Using a personal loan EMI calculator, you can choose the EMI amount you are comfortable with.
Yes, it is possible to select a personal loan that offers a flexible EMI option. This type of loan is particularly advantageous if you have a sudden salary increase or expect one. In such situations, the flexibility provided by flexi personal loans proves to be advantageous for convenient repayment. Moreover, it allows you to adapt EMIs based on your financial capabilities.
Yes, for personal loans, financial institutions provide a variety of flexible options. On personal loans, you can choose between a monthly, quarterly, or annual EMI. With a personal loan EMI calculator, control your loan payments by selecting the appropriate EMI plan.
Yes, if you are financially able or are expecting a future salary hike, you can opt for a higher EMI amount to pay off the loan early. You can use a personal loan EMI calculator to choose a tenure and EMI amount that best fits your needs. Plus, if you opt for higher EMIs, you can enjoy a lower interest rate.
No, you cannot change your personal loan EMI option once your loan has been sanctioned your loan and disbursed to your account. However, you can make changes to the EMI before the application processing stage.
The total interest paid on a personal loan can vary based on the EMI options you select. For instance, if you anticipate a salary increase in the future, you can choose a shorter loan tenure. This is because a longer tenure results in a higher interest rate for the loan. On the other hand, opting for a shorter tenure reduces the interest rate and allows you to repay the loan sooner.
In general, flexi personal loans offer lower interest rates than standard options. However, the choice of EMI option depends on your comfort level and specific needs. You can use a personal loan EMI calculator to determine the best EMI option for you. This tool helps you evaluate different scenarios and select the most suitable option based on factors such as your repayment capacity, financial goals, and the overall interest payable.
By carefully considering these factors and using the calculator, you can make an informed decision that aligns with your financial situation and requirements.
You can make changes to the EMI option before the application processing stage. But you cannot change your personal loan EMI option once the loan has been sanctioned and disbursed into your bank account.
Before choosing an EMI option, adjusting the loan tenure in a personal loan EMI calculator is advisable to arrive at a more comfortable EMI value.
At Tata Capital, there are no specific eligibility criteria for different EMI options for personal loans. However, individuals can avail of a personal loan if they meet the following eligibility criteria:
#1. Age: The applicant must be between 22 to 58 years old.
#2. Monthly income requirement: The minimum monthly income should be at least Rs. 15,000.
#3. Job stability: The applicant must have been in the same job for the past six months.
#4. Work Experience Requirement: The applicant must have at least one year of work experience.
In addition to these requirements, a good credit score of 700 and above is preferred for the approval of personal loans.
Yes, you can choose a particular EMI option depending upon-
#1. How soon do you want to pay off the Personal Loan?
#2. How much can you afford to pay in a month?
#3. How much of an interest rate are you comfortable with?
Both standard and flexi personal loan EMI plans serve unique purposes and cater to individual needs. Use a personal loan EMI calculator and decide a suitable option.
You can change your EMI option before the application process. But once the loan amount has been sanctioned and disbursed to your account, you cannot change it.
The EMI (Equated Monthly Installment) option for personal loans operates differently depending on the chosen plan.
The Standard EMI Plan involves consistent payments of both the principal amount and the interest throughout the defined tenure of the loan. Under this plan, the EMI amount remains the same for the entire personal loan period. This plan is suitable for individuals with a regular income who prefer a fixed repayment structure.
Alternatively, the Step-up Flexi Personal Loan EMI Plan offers greater flexibility. With this option, borrowers can start with lower EMIs and gradually increase them as their salary or income increases over time. This plan is particularly beneficial for individuals who anticipate income growth or expect higher financial stability in the future.
By assessing your current financial situation and future income prospects, you can decide whether a standard EMI plan or a step-up flexi EMI plan suits your needs and preferences.
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