Ujjivan Small Finance Bank Personal Loan EMI Calculator

While taking a personal loan, knowing your Equated Monthly Instalments (EMIs) is essential to plan your finances well. Ujjivan Small Finance Bank provides personal loans for meeting urgent financial requirements and to suit borrowers with varying income groups and social segments.

Before borrowing, it is necessary to calculate your monthly EMI amount to gauge its affordability. The Ujjivan Small Finance Bank Personal Loan EMI Calculator is an easy-to-use tool that instantly and correctly calculates EMIs. In this blog, we will discuss how the calculator functions, its advantages, and how you can utilize it for informed borrowing.

What Is Ujjivan Small Finance Bank Personal Loan EMI Calculator?

The Ujjivan Small Finance Bank personal loan EMI calculator is an online tool to determine the monthly instalment amount you must pay every month after opting for a loan from the Bank. To use this calculator, you must provide basic information about the loan, such as the principal amount, interest rate and loan tenure, to get the most accurate results.

In addition, the EMI calculator for Ujjivan Small Finance Bank personal loans does not include any other charges that may arise when applying for the loan. However, you can estimate the EMI amount you must pay for the amount you borrow and the tenure at which you wish to repay your loan from the Ujjivan Small Finance Bank.

How Can Ujjivan Small Finance Bank Personal Loan EMI Calculator Help?

The Ujjivan Small Finance Bank personal loan calculator is a hassle-free and simple tool to help you analyse your monthly instalment amount. Here is how the Ujjivan Small Finance Bank’s personal EMI calculator will assist you:

• Accurate Calculations: Ensures accurate EMI calculations without manual errors, confidently helping you decide on loan repayment plans.
• Fast Comparisons: It allows you to compare loans for the same amount to get an affordable and suitable repayment option.
• Transparency: The amount repayable with interest will be shown explicitly, allowing you to know the total amount.
• Budget Planning: Facilitates the proper monthly budget planning for you with the help of an advance estimate of EMI.

Ujjivan Small Finance Bank Personal Loan EMI Calculator Formula

The calculator uses a relatively standard formula when calculating the Ujjivan Small Finance Bank personal loan EMI. The amount is primarily calculated on compound interest, as the interest gets calculated on the principal amount and the accumulated interest. The following formula is used when calculating the Ujjivan Small Finance Bank personal loan EMI:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

Ujjivan Small Finance Bank Personal Loan EMI Calculator Example

Let us take an example to understand the EMI payment calculation. For example, you have applied for a Rs. 7,00,000 personal loan from the Ujjivan Small Finance Bank at 10% interest for 5 years. Your EMI payment will be determined in the following way:

Principal (P) = Rs. 7,00,000
Rate of Interest (R) = 10/12 = 0.8333 per month
No. of EMIs = 5 x 12 = 60

Applying the above formula, EMI amount= 8,00,000 x [{0.8333 x (1 + 0.8333) ^ 60} / {(1 + 0.8333) ^ 60 - 1}]

= Rs. 14,873

For the present example, you must pay an EMI of Rs. 14,873 each month for 5 years or 60 months. 

Ujjivan Small Finance Bank Personal Loan Amortisation

The amortisation schedule, also known as the repayment schedule, contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortization schedule of Ujjivan Small Finance Bank: 

How To Use Ujjivan Small Finance Bank Personal EMI Calculator?

Using the Ujjivan Small Finance Bank’s personal loan EMI calculator is simple. You can follow these steps to use the personal loan calculator to calculate the EMI:

• Look for the personal loan EMI calculator on the page.
• Enter the page and input your loan details, like loan amount, interest rate and tenure.
• Check the EMI amount on the screen and use the pie chart to understand the breakdown of the principal amount and interest rate.

The calculator will automatically calculate the EMIs and instantaneously show you accurate answers to the EMIs you will have to pay per month throughout your chosen tenure. In this way, you can try various combinations of the values until you are satisfied with the results based on your financial situation.

Ujjivan Small Finance Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the IDBI Bank personal loan interest rate calculator:

• User-friendly: The IDBI Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. You can obtain correct results based on the variables you provide using the IDBI Bank personal loan calculator within minutes, thus saving time and effort.
• Helps in Managing Finances: Learning about your loan repayment ability is essential before making any financial commitments. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: IDBI Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay any additional charges for using them, adding to your convenience.

Ujjivan Small Finance Bank Personal Loan EMI Charges

The Ujjivan Small Finance Bank comes with a few additional charges, increasing the cost of each instalment. The following table showcases the different types of applicable charges:

Ujjivan Small Finance Bank Personal Loan Eligibility

You must check the eligibility criteria when you opt for an Ujjivan Small Finance Bank Personal Loan. Here are a few eligibility criteria you must fulfil when applying for this loan:

• Your age must be between 22 to 58 years of age.
• You must have a regular mode of income and for salaried individuals.
• The borrower's net monthly salary should meet or exceed the minimum wage criteria established by the specific state.

However, the bank reserves the right to approve the stated loan at its discretion. 

Ujjivan Small Finance Bank Personal Loan Interest Rate 

Currently, the personal loan interest rates at Ujjivan Small Finance Bank range from 11.49% to 16.49% per annum. However, the interest rates may vary from time to time according to the RBI guidelines. The exact interest rate for any loan depends on your loan amount, tenure, and credit history. Here is a table depicting the Ujjivan Small Finance Bank personal loan interest rate calculator:

With the Ujjivan Small Finance Bank personal loan EMI calculator, you can obtain clarity and precision while planning your finances. It enables you to monitor the loan interactively by doing quick and accurate calculations of EMI. With just a few clicks, you can easily understand the total repayment and compare various loan options. Hence, you may check your affordability, construct a budget, and make further arrangements concerning loan tenure and amount after you use this simple tool. The tool has been designed in such a manner as to be user-friendly and instant, equipped with an interactive surface to provide pleasant experiences. 

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7. Indian Bank Personal Loan EMI Calculator
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