Emirates NBD Personal Loan Calculator: How it calculate loan EMI?
With Emirates NBD personal loan, you can get quick financial support for various needs like education, travel, emergencies, business expansion, and much more. However, while getting the loan, you will need to make an informed decision to manage your finances with predictable monthly instalments in a convenient and structured way.
This is where the Emirates NBD personal loan calculator comes in. With this tool, you can easily estimate your monthly instalments and make wise decisions in terms of the loan amount, repayment terms, and much more.
What is Emirates NBD Personal Loan Calculator?
A personal loan calculator is a free financial tool designed to help you know your monthly loan repayments before applying. You can get a clear picture of how much you’ll need to pay each month by simply entering the loan amount, interest rate, and repayment tenure.
This calculator ensures better budgeting and smarter financial decisions. In fact, one of its key benefits is that you can compare various loan options, making it easier to choose the most suitable and affordable option.
How is the Personal Loan Monthly Instalment Calculated?
While online personal loan calculators are easily available, you can check the formula for calculating instalments manually for your reference below —
E = [P x R x ((1+R) ^ N)] / [((1+R) ^ N) – 1], where
E: The monthly instalment amount to be paid
P: The principal or the loan amount
R: Rate of interest
N: Loan repayment tenure
However, this formula can be confusing and may result in errors. The NBD personal loan calculator, on the other hand, is quite easy to use and generates accurate automated results.
How Does the Emirates NBD Personal Loan Calculator Function?
To utilise this Emirates NBD loan calculator, all you need to do is set the sliding bar up to the amount you want to borrow. Next, set up the loan repayment tenure.
The right side of the screen will display the monthly payments and total payments.
Image Source: Emirates NBD Personal loan
IMPORTANT NOTE: The generated result may not be precise due to the variation in the applicable interest rate. This is because based on your profile, loan tenure, and other criteria, the bank decides the interest rate charged on your loan. As a result, the rate can be different for each borrower.
Here are some of the primary aspects that decide your interest rates:
Salary
Employment Status
Creditworthiness
Relationship with the Lender
How to Use the Emirates NBD Personal Loan Calculator?
You can easily access this personal loan calculator UAE through the official website of Emirates NBD. Here are the steps for your reference:
Step 1: Navigate to the ‘Personal loan’ section from the ‘Loans’ menu.
Step 2: Select your preferred loan and access the calculator on the next page.
Alternatively, you can use the personal loan calculator on our website in simple steps:
Step 2: Locate the calculator and enter the relevant details to view the result.
Factors Affecting the Monthly Instalments of an Emirates NBD Loan Calculator
Here’s an overview of the factors affecting your loan's monthly instalments —
et’s understand the top three factors that influence your personal loan monthly instalments in the UAE-
Loan Amount - A higher loan amount results in larger monthly payments since the total borrowed sum is divided over the loan tenure. While getting a personal loan in UAE, it’s essential to consider the loan amount so that the resulting monthly instalments are within your budget.
Loan Tenure - A longer tenure decreases the monthly payments over several months. However, this increases the total interest paid over time. On the other hand, a shorter tenure results in higher monthly payments but reduces the overall interest cost.
Loan Interest Rate - The interest rate on a personal loan determines the cost of borrowing. Higher interest rates increase the monthly instalments, as more interest is charged on the borrowed amount. Lower interest rates reduce the monthly instalments, making the loan more affordable.
The Emirates NBD personal loan calculator is a smart, hassle-free way to plan your finances before applying for a loan. It provides instant clarity on monthly repayments, helps you compare options, adjust loan terms, and choose what suits your budget best, thus helping you make informed and stress-free decisions.
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