Easy EMI options
DigiMoney brings together best of both worlds, Ethical Conduct and the means & medium to facilitate easy credit-availability.
Easy EMI options
DigiMoney brings together best of both worlds, Ethical Conduct and the means & medium to facilitate easy credit-availability.
Diminishing Balance Interest
The interest under this type of loan is calculated every month on the outstanding loan balance. The monthly payments called EMI payable every month consists of the interest payable for the outstanding loan amount for the month + a part of the principal. In this system with each EMI payment, the outstanding loan amount reduces, meaning the interest for the next month is calculated only for the outstanding loan amount.
What is EMI?
EMI stands for equated monthly instalments. It is the principal and interest you make as a monthly payment until your loan amount and applicable interest is paid off in full.
What does this EMI Calculator do?
This Personal Loan EMI Calculator can help estimate an approximate amount that you will pay towards your loan on a monthly basis.
If you are a first time borrower, this calculator can help you estimate the EMI with the loan amount, interest rate and loan tenure you choose in this calculator. Use the sliders to set the required fields as per your requirement.
If you are a first time borrower, this calculator can help you estimate the EMI with the loan amount, interest rate and loan tenure you choose in this calculator. Use the sliders to set the required fields as per your requirement.
How is EMI calculated?
Your EMI is calculated using the formula: P*R*(1+R)^N] / [(1+R)^N-1], where:
P= Principal
R= Rate of interest
N= Tenure/Duration of the loan till re payment (in number of months)
The two components EMI includes is the Principal amount and Interest. The interest amount will be higher during the start of the loan tenure and it decreases every month. Towards the end, your principal amount forms a larger part of your EMI.
P= Principal
R= Rate of interest
N= Tenure/Duration of the loan till re payment (in number of months)
The two components EMI includes is the Principal amount and Interest. The interest amount will be higher during the start of the loan tenure and it decreases every month. Towards the end, your principal amount forms a larger part of your EMI.
Monthly EMI
₹ 0
Principal Amount
₹ 0
Interest Amount
₹ 0
Total Amount Payable
₹ 0
Disclaimer
This is only an estimate, actual rates may vary. Try the app to get a customised quote
Why Choose DigiMoney Personal Loan?
The intuitive DigiMoney app has been developed with users’ loan requirements in mind
100% Online Process
The entire process from approval to disbursement is online.
Ethical Code of Conduct
We maintain a high level of professional ethics.
Seamless Redressal
A dedicated grievance redressal cell if you ever face the need for one.
Lowest Processing Fee
Starting at as low as Rs 300.
Lowest Interest Rates
Even less than the top banks starting at as low as 10% per annum, diminishing method.
Easy Documentation
Just use your AADHAR and PAN number.
Quickest Processing
Registration to disbursement in less than 10 minutes.
Flexible Term & EMI
Choose a Loan Term and EMI to suit your requirement.