Amortization is the concept of dividing your loan amount into tiny bits and paying each one individually on a monthly basis. As most people in an emergency may require a huge sum of money, in a personal loan amortization, they are able to fulfill that pot by repaying a small amount every month.
In the case of personal loan amortization, you will be granted to pay your personal loan’s interest and principal in different amounts each month which together constitute your EMI. Please note that your final EMI will also include other components such as insurance and service charges, which will not be covered by this calculator.
Here is a tool from SMFG India Credit to help you understand and visualize what a personal loan amortization could look like.
|Month||Opening Principal Outstanding||Interest paid||Principal repaid||Resulting Principal Outstanding|
Disclaimer: Please note that these values are indicative. Final EMI amount, interest rate, loan amount, and other charges will depend on a number of factors including your eligibility and SMFG India Credit’s policy at the time of loan application. Please note that the above calculator’s results, are by no means a substitute for professional advice/credit sanction. T&Cs apply.
To get an idea on the kind of EMI commitments you will be liable for every month, follow the simple steps below to find your EMI plan:
The benefits of personal loan amortization calculator are:
Simply put, the personal loan eligibility calculator tool is an intuitive, smart and a free of charge tool offered by SMFG India Credit that helps you understand better how your EMIs would like in the future. It helps you through one of the most important stages of the loan application process which involves planning your future financial liabilities.
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