If you applied for a loan of around 100000 and are facing difficulties calculating its EMI? Then, don’t worry until and unless you loan an EMI calculator that easily calculates your monthly and yearly EMIs. If you don’t know, the loan EMI calculator is error-free and an online tool that quickly calculates your EMIs for any loan amount. There are a number of EMI calculators you can access in its dashboard. And these are Personal Loan EMI Calculator, Home Loan EMI Calculator, Housing Loan EMI Calculator, Car Loan EMI Calculator, etc.
Applying for a specific loan provides financial assistance and helps fulfill your desires and long-term goals. Suppose you are looking for a small business or start-up, planning for a home or car, and want to pursue foreign education. In that case, claiming a loan in lakhs will prove to be extremely helpful for you. But sometimes, we make mistakes in calculating our loan EMI that increase the chances of fraud and fraudsters. And here, the loan EMI calculator comes into use as a resolution to avoid making any mistakes.
Furthermore, if you choose the EMIs option for loan repayment, some factors determine your EMI amount. And these are the principal amount, loan tenure, interest rate, net worth or income, and current company. The best option you can opt for is the personal loan EMI calculator on the website calculatoremi.com to calculate your 1 lakh loan on your own.
EMI for 100000 Loan
Today, a number of banks and financial institutions are present to claim loans. But only a few provide accurate calculations to their clients. Therefore, it becomes important to make calculations on your own via Home Loan EMI calculator accessible smartphone app. Moreover, claiming a 1 lakh loan is simple and fast to meet your short-term goals and financial requirements. If you are new to it and need to learn about eligibility criteria for the application process? Then below are some points that you can follow to bring clarity regarding the process:
Collateral-Free Loan
The first thing you need to remember is that your applied 1 lakh loan comes under the category of an unsecured loan. The best part is repaying such an unsecured loan amount without worrying about losing your assets.
Eligibility Criteria
- Under eligibility, your age should be between 21 to 60 years.
- Next, your monthly income should be 20,000 to 25,000 if you reside in metropolitan cities like Mumbai or Delhi.
- Also, the applicant must have one year of work experience.
- If you are a salaried person, you must have completed the time period of 6 months in your current company.
- 750 is the minimum CIBIL score you need.
- Lastly, the maximum EMI as a percent of income should be 65%.
Instant Approval
Once you fulfill all the pre-defined eligibility criteria, submit all the required documents for approval. Your online personal loan application will automatically come under an instant approval feature. The bank or financial institution will approve your 1 lakh personal loan application within 24 hours. And credit your 1 lakh loan amount to your bank amount within 30 minutes after the successful verification.
Documentation Process
- Aadhar Card, PAN Card, and any valid residential proof or ID Proof.
- Another document is your last 3 months’ salary slips(if Self-employed).
- Last, your last 6 months’ bank account statements.
Flexible Repayment Tenure
Most commonly, the personal loan duration ranges from 12 to 60 months. But you have the option to select loan repayment tenure based on your repayment capabilities. Moreover, it is advised to use Personal Loan EMI Calculator or Home Loan EMI Calculator to accurately calculate loan tenure and your Rs 1 lakh Personal Loan EMI amount.
Interest Rates
Generally, India’s personal loan interest rates start at 11.99% for both salaried and self-employed persons. If you don’t know, the final interest rate depends on the applicant’s requirements, credit score, and financial profile. Hence, you can enjoy Rs 1 lakh Personal Loan EMI at Rs 2,275 for a 60-month loan tenure.
Visit Here :- What is the EMI for a 400000 Loan
