Fibe Personal Loan EMI Calculator

An Equated Monthly Instalment (EMI) is the fixed amount you need to repay every month for your Fibe Personal Loan. The EMI calculation considers the principal amount, interest rate, and loan tenure to provide an estimate of your repayment schedule. This helps you plan your finances better by giving clarity on your monthly repayment obligations.

EMI Calculation Formula

You can manually calculate the EMI for a Fibe personal loan using the standard formula:

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

Where:

• P = Loan amount

• r = Monthly interest rate (Annual interest rate/ 12/ 100)

• n = Loan tenure in months 

Example EMI Calculation

Here’s an example to illustrate the EMI calculation for a Fibe Personal Loan:

• Principal Amount: ₹5,00,000

• Interest Rate: 14% p.a.

• Loan Duration: 36 months

Understanding what influences your EMI can help you plan your loan repayments better. Here are the key factors ranked by their importance:

Interest Rate

A lower interest rate reduces EMIs, whereas a higher rate increases the overall cost of borrowing.

Loan Amount

A higher loan amount results in bigger EMIs, while a smaller loan amount reduces your monthly repayment burden.

Loan Tenure

Choosing a longer tenure lowers your EMI but increases total interest, while a shorter tenure raises EMIs but reduces interest costs.

Credit Score

A good credit score may get you lower interest rates, making EMIs affordable, while a poor score often leads to higher repayments.

Monthly Income

Lenders assess your income to determine affordability, and a higher income may help you secure better loan terms with lower EMIs.

Existing Debts

If you have multiple ongoing loans, your debt-to-income ratio increases, which could result in higher EMIs or stricter loan terms.

Type of Interest Rate

Fixed interest rates keep EMIs stable, while floating rates can fluctuate, impacting your monthly repayments.

Part-payment and Foreclosure

Making part-payments or prepaying your loan can reduce EMIs and interest costs, though some lenders may charge prepayment penalties.

Lender Relationship

A good history with Fibe or an existing account may improve your chances of getting favourable loan terms and lower EMIs.

Processing Fees and Charges

Additional costs like processing fees and administrative charges increase the overall borrowing amount, indirectly affecting your EMI.

Paying your EMIs on time helps maintain a good credit score and avoids late payment charges. Here are the different ways you can pay your Fibe Personal Loan EMI:

Auto-debit Facility

Set up an auto-debit mandate to ensure your EMI is deducted automatically on the due date, preventing missed payments.

Standing Instructions

Instruct your bank to deduct the EMI amount from your account on a fixed date each month for hassle-free repayments.

Net Banking

Log in to your bank’s net banking portal and transfer the EMI amount directly to your loan account.

Mobile Banking App

Use Fibe’s mobile app to make quick and secure EMI payments from anywhere, with instant confirmation.

UPI and Digital Wallets

Pay your EMI using UPI apps or digital wallets for a fast and convenient payment experience.

NEFT/RTGS Transfer

Make EMI payments via NEFT or RTGS by adding Fibe as a beneficiary in your bank account.

Branch Payment

Visit the nearest Fibe partner branch to pay your EMI via cash, cheque, or demand draft.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.