Privo Personal Loan EMI Calculator

While Privo’s Personal Loan EMI Calculator is easy to use, you need to understand the logic behind this tool. Here is the standard formula used by the calculator to compute your EMI:

EMI = P × R × (1 + R)N / [(1 + R)N - 1]

Where:

• P is the principal loan amount

• R is the monthly interest rate (annual rate / 12 / 100)

• N is the loan tenure in months

For example, if you wanted a Privo Personal Loan of ₹3 Lakhs at an interest rate of 9.99% p.a. for a tenure of 36 months, then this is how it would be calculated:

• Monthly interest rate (R) = 9.99 / 12 / 100 = 0.008325

• EMI = 3,00,000 × 0.008325 × (1 + 0.008325)³⁶ / [(1 + 0.008325)³⁶ - 1]

• EMI = 3,00,000 × 0.008325 × 1.349353 / 0.349353

• EMI = 3,369.3 / 0.349353

• EMI = ₹9,645

The monthly instalment that you would need to pay would be ₹9,645.

You can access the Privo Personal Loan EMI Calculator to get an estimate of your monthly repayment obligation. Here is how the Personal Loan EMI calculator works:

1.Enter the following details or use the slider

• Loan Amount: The sum you wish to borrow

• Interest Rate: The annual rate offered

• Tenure: Your preferred repayment period 

2.Instantly view:

• Your monthly EMI

• Total interest payable

• Overall repayment amount

You can tweak the inputs as many times as you like for free to find a repayment plan suitable for your budget.

There are several factors that influence the EMI amount for a Privo Personal Loan, which can impact your overall repayment cost. Here are important factors that you should keep in mind before applying:

Loan Amount

A higher principal amount can increase your EMI since it is directly proportional to the borrowed sum.

Interest Rate

A higher loan interest rate can lead to higher EMIs, and this is determined by factors such as your credit score, repayment history, etc.

Loan Tenure

Longer tenures reduce monthly EMIs but increase total interest payout, while shorter tenures increase your EMIs but lower the total interest payout.

Credit Score

A credit score of 700 or above can secure better interest rates, reducing your EMI, while a lower score may result in higher rate of interest.

Interest Rate Type

A fixed interest rate ensures that your EMIs remain the same throughout the tenure, while a floating interest rate fluctuates based on prevailing market conditions.

Additional Fees

The processing fee and other charges applicable may affect your total borrowing cost; however, it does not impact the EMI directly.

Prepayment Options

Making any part-payments or foreclosing your loan can help lower your EMI.

Making timely EMI payments is crucial for maintaining a healthy credit score and avoiding any unnecessary penalties. Privo offers multiple convenient payment options:

Auto-debit Facility

The auto-debit facility allows you to link your bank account to your loan account and deduct EMI payments automatically on the due date. This facility helps prevent any missed payments, improve your credit score, and eliminate the need for any manual transactions.

Mobile App Payments

Use Privo’s mobile app to make your EMI payments. This mobile app supports different payment methods such as net banking, UPI, and debit card payments, ensuring that your payments can be made from anywhere. It also offers quick confirmation and an easy way to track your payments.

NEFT/RTGS Payments

NEFT and RTGS allow a direct bank-to-bank transfer of EMI payments. NEFT is more suitable for regular transfers, while RTGS can be used for high-value payments.

UPI and Digital Wallets

Make your EMI payments with the help of UPI and other digital wallets. Quickly transfer the amount with the UPI linked to your bank account, making the process seamless and easy to manage.