Payday Loan EMI Calculator
Payday loan EMI calculator helps you to calculate the instalment to be paid per month towards your small cash loan repayment. A payday loan calculator is useful to understand the exact EMI, which is calculated within no time on our website. A payday loan or cash advance is the term used when the borrower writes off a cheque to the lender in return for cash for a short period of time. Here are some ways to get the exact same amount for a payday loan or small cash loan.
The borrower must know the required loan.
He/she has should know the interest rate charged by the bank.
The time provided by the lender for loan repayment.
If the individual is well aware of the above given prospects, he/she just has to use the online small cash loan calculator. With this information, one can calculate the EMI, total interest, amount and the interest to pay on the loan. On Loanbaba.com, you can use the payday loan calculator free-of-cost.
Payday loan EMI Calculation is done Keeping in Mind:
The interest rates
The job profile of the borrower
The loan amount
Other EMI loans
Where the borrower works
Borrower's credit history
Payday Loan Calculator: Formula for EMI Calculation
EMI Amount = [P x R X (1 + R) ^ N] / [(1 + R) ^N - 1]
Here, P stands for principal loan amount, R stands for interest rate and N stands for number of instalments (monthly). If the yearly interest rate is 9%, then the monthly rate of interest will be 9/ (9 x 100). The above formula is applied by the payday loan calculator on our website.
Do check our small cash loan/payday loan eligibility calculator for knowing your loan eligibility.
The personal loan EMI calculator can perform complicated calculations within a few seconds and there are many other merits of using a small cash loan EMI calculator:
All the calculations performed are accurate by the payday loan calculator. Using the online calculator is a better option than doing calculations manually, as the former saves time.
One can compare between different EMI loans provided by the financial institutions and can choose from it.
Payday loan calculator will advise the user on choosing the loan amount on the basis of his/her monthly expenses.
There is no limit set for calculating EMIs; he/she can recalculate the EMI n-number of times.
Considerations before Taking out a Payday Loan
Below mentioned are the things to keep in mind before applying for payday loans in Mumbai.
- Eligibility Criteria: The minimum salary required is Rs. 25,000. The person must have a credit score of 600 and above. The person must be employed with the employer for a period of at least 3 months.
- Documents Required: Only minimal and basic documents requires such as identity proof and current address proof in form of Aadhar card, PAN card, voter ID card, driver’s licence, passport, electricity bill, utility bill etc. You need to provide income proof such as salary slip, bank statements, and your credit score will be checked.
- Interest Rate: The interest rate on payday loans Thane is as low as 0.01% per day.
- Other Terms: You have to provide post-dated cheques as per repayment terms and conditions. Additional charges will be applied as decide per loan agreement, on delay in loan EMI payment. We have free payday loan calculator for EMI calculation and eligibility calculation so that you can take an informed decision.