SMFG India Credit Limited
Personal Loan EMI Calculator

The SMFG India Credit Personal Loan calculator available on our website comes with sliding options that enable users to enter any amount up to Rs. 40 Lakhs. Similarly, you can choose the applicable rate of interest and loan tenure (in years) to determine the EMI. 
This example will clear everything. 
For example if you enter the following values:

• Loan amount - Rs. 5 Lakhs
• Rate of interest - 11.99%
• Loan tenure - 5 year

You get the following EMI automatically: 
Rs. 11,120 
The calculator will also provide the following results:

• Total interest: Rs. 1,67,182
• Total payments: Rs. 6,67,182 

Calculating your personal loan EMI amount requires a specific formula: [PXRX(1+R)^N]/[(1+R)^N-1]   
Wherein: 
P = The Principal Amount 
R = Rate of interest on loan amount  
N = Tenure of loan repayment  
To calculate SMFG India personal loan EMI using the formula, you will need three loan details, i.e. the principal loan amount, rate of interest, and repayment tenure in months.

The SMFG India Credit Personal Loan EMI Calculator is beneficial to customers in various ways.

• It is easy to use and available for free. Customers can access the calculator from any device.
• This calculator bids goodbye to the complicated mathematical formulas that one has to contend with when calculating the EMI.
• The Personal Loan EMI calculator eliminated human error while delivering accurate and quick results.
• Customers can use this calculation with various combinations. It can help them to calculate the
• EMI of other loans having similar specifications as the personal loan.
• This calculator is all-inclusive. Customers can add the processing fees and other charges to the loan account to determine the EMI.
• One can calculate the EMI for a range of maturities ranging from 12 months to 60 months.

You can enter various combinations of the principal loan amount, rate of interest and repayment tenure in the calculator. Entering different values will provide different EMI results, based on which you can check for the available options of lenders that provide EMIs suitable to your budget. For instance, if you want low EMIs, you can opt for a bank that offers low-interest rates for a longer tenure. That way you can use the SMFG India Credit personal loan EMI calculator to estimate an EMI that suits your budget.

Following are some of the ways of using the SMFG Credit personal loan EMI calculator to plan out your EMI payments: 

• Prepayment: The EMI calculator enables you to check how much you can save if you prepay your loan before the tenure ends. Prepayment is an easy way to reduce the EMIs to be paid each month.  
• Extending tenure: Another way to lower your EMIs is to extend your repayment tenure. Using the calculator, you can increase the tenure until your EMI amount comes down to a figure that suits your budget.  
• Opting for variable interest rate: You can also opt for a floating rate of interest over a fixed one to reduce your EMI payments. By doing so, you can get the benefit of the changes in lending rates. Use the EMI calculator to see the fixed rate for your loan and compare it to the floating rate of interest.

Below is the EMI calculation for Rs. 10 Lakhs Personal Loan amount at an 11.99% rate of interest for the tenure of 60 months:

• EMI: Rs. 22,239
• Total interest: Rs. 3,34,364
• Total payments: Rs. 13,34,364