Shriram Finance Personal Loan EMI Calculator

Shriram Finance is one of India’s premier Non-Banking Financial Companies (NBFCs), which consistently provides sound financial services and financial solutions that reflect the tenets of financial inclusion. Originally founded with objective of focusing on the under-banked and un-banked segments of society Shriram Finance has evolved into a financial behemoth with a wide ranging loan portfolio. This company has strong and vast network covering more than 3,149 branches and a workforce of 77,764 making it stand as a key provider of products like personal loan, vehicle loan, business loan and deposits. As of Sept 2024, Shriram Finance has combined Assets Under Management (AUM) worth ₹ 243,042 crores. The Shriram Finance Personal Loan is one of the products used most actively, as it is suitable for various purposes – emergencies and planned ones. Accompanying this service is the Shriram Finance EMI Calculator; a versatile planning tool for users.

What is a Shriram Finance EMI Calculator?

The Shriram Finance EMI Calculator is a simple, web based application through which customers can estimate monthly instalments on the loans provided by Shriram Finance. Irrespective of whether you would like to go for a personal loan, an auto loan or a business loan, the EMI results obtained within the blink of an eye and are precise that depend on the loan amount, rate of interest and the tenor. By the help of this tool, customers are able to make a right decision and go for the loan that they qualify to take.

What is the Formula Used for Personal Loan EMI Calculation?

The formula for calculating EMI is-

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

In this formula-

EMI = Equated Monthly Installment

P = The Principal Amount

r = Monthly Interest Rate (Annual Interest Rate / 12)

n = The Tenure of Loan

This formula calculates the fixed monthly payment required to repay a loan within a specified tenure at a given interest rate.

Why Choose Shriram Finance Personal Loans?

The Shriram Finance Personal Loan is tailored to cater to the varying and diverse financial needs of individuals. The borrowers can use it for any purpose they wish, whether it is paying for education, dealing with medical emergency or for debt consolidation

• Loan amounts ranging from ₹1 lakh to ₹10 Lakhs.
• Competitive interest rates starting from 11.0% p.a
• Flexible tenures from 12 months to 60 months
• Quick loan processing and minimal documentation for hassle-free approval.

How to Use Shriram Finance personal loan EMI Calculator?

• Navigate to Personal Loan calculator and select Shriram Finance from the list of EMI calculators
• Enter the loan taken, applicable interest rate, and your tenure in the appropriate boxes
• Your EMI will be displayed along with total interest and total loan cost
• Adjust Inputs if Necessary to calculate the EMI for different scenarios

Benefits of Using Shriram Finance Personal Loan EMI calculator

Using Shriram Finance Personal Loan EMI Calculator has the following benefits:

• Time-Saving Tool: Calculate your EMIs in seconds without having to manually compute every factor
• Interest Comparison: Compare different interest rates and how it impacts your repayment
• Customized Planning: Adjust loan variables multiple times to tailor a repayment plan that fits your financial goals.
• Improved Financial Awareness: Get a clear understanding of the repayment with the amortization chart
• User-Friendly Interface: The simple and intuitive design ensures even first-time users can operate the tool without any hassles
• Enhanced Decision-Making: Make informed decisions by exploring various scenarios and understanding the long-term financial impact.

FAQ on Shriram Finance EMI Calculator

1. Is the Shriram Finance EMI Calculator applicable to different types of loans?

Yes, the calculator works for the personal loans, home loans, business loans including other types of loans.

2. Does the calculator take into consideration any early payments or partial payments?

No, it does not take partial payments or early payments However, it can help you calculate the revised EMI and revised tenure.

3. Is a personal loan available for holiday or travel purposes?

Yes. A personal loan can be availed of to cover the expenses for a vacation

4. Is the Shriram Finance EMI Calculator is free to use?

Shriram Finance calculator is absolutely free to use. You just need to input your loan details to obtain the corresponding EMI for your amount

5. What is the process to get a Shriram Finance Personal Loan?

You can either apply directly in the website of Shriram Finance or apply through our loan aggregator, Fincover.com. We would negotiate the borrower on your behalf and ensure you get the loan at best terms