FAB Personal Loan Calculator
Calculate Your Personal Loan EMI Easily!
Minimum Salary 5000 AED
EMI Tenure up to 48 Months
Lowest Interest Rates
Get personal loan at Lowest Interest Rate
A personal loan is one financing solution that offers instant financial support for your requirements with minimal eligibility criteria and documentation. Several banks in the UAE provide personal loans, with the First Abu Dhabi Bank (FAB) being among the top providers for the same. FAB is a popular choice for borrowers in the UAE, with the bank offering a high loan amount of up to AED 5 million.
However, when discussing personal loans, the first thing that comes to mind is the monthly instalments that one would need to pay for the selected personal loan. For this, the bank has made available the FAB personal loan calculator on its website to make the entire process easy.
FAB Personal Loan EMI Calculator
The FAB personal loan calculator is a digital tool that computes the monthly instalments of the loan based on your input. This tool is of key importance here, as the monthly instalments for your loan are impacted by several factors like loan interest rate, the loan repayment period, and the loan or finance amount.
If you fail to plan your finances appropriately, you may need to compromise your lifestyle, which can turn the loan into a burden. However, with the help of the FAB personal loan calculator, you can tweak the values for the components until you get the monthly payment that fits your budget appropriately.
Listed below are the key benefits of the FAB personal loan calculator –
- You can quickly find out the applicable monthly instalment without being involved in tedious and time-consuming calculations
- Once the bank provides you with the applicable interest rate and the loan amount, you can use the FAB personal loan calculator for a cross-reference
- By tweaking the values of personal loan components using the FAB personal loan calculator, you can compare multiple personal loan plans and select the most pocket-friendly one
- You can be aware of the instalments beforehand and plan your expenses before the loan starts
How Does the FAB Personal Loan Calculator Function?
FAB personal loan calculator is highly efficient and easy to use. The digital tool flashes the results related to monthly instalments for your loan within seconds when you put in details like the finance amount, the loan repayment period, and the interest rate.
FAB personal loan calculator is noted for its accuracy and quick and error-free results. Moreover, it has a user-friendly interface and is accessible on any digital device. This is a free tool – you can use it as much as you want till you find a cost-effective solution with respect to your personal loan in UAE.
Given below are the steps to be followed to use the FAB personal loan calculator-
- Visit the official website of the FAB
- Under the ‘Loans’ section, select the ‘Loan Calculators’ option
- Select the ‘Personal Loan’ option here
- Use the sliders and provide information like -
- Your monthly salary
- The loan amount (depending on your salary, the maximum loan amount varies)
- Loan repayment period (Starting from one month to up to 48 months)
- Annual interest rate
Once you provide the mentioned details, the monthly instalment amount and the total repayable amount for your loan will be displayed on your screen. Notably, you will also have the option to view the loan amortisation schedule. Simply put, a personal loan amortisation schedule is a tabular representation of the break-up of the loan between two components of monthly instalments - the principal component and the interest component.
This schedule contains the following information -
- Monthly instalments distributed between principal and interest payments
- Loan duration
- Outstanding loan (on a monthly basis)
Factors Affecting the Calculation of the Personal Loan Monthly Installments
The factors chiefly determining the monthly instalments of the personal loan are discussed below:
- Loan Amount - The loan or finance amount is the loan amount sanctioned by the loan provider. It has a direct impact on the amount for the monthly instalments of your personal loan. With a higher loan amount, you can expect higher monthly instalments and vice-versa.
- Rate of Interest - The interest rate indicates the rate (as a percentage of the loan amount) at which the interest will be charged by the bank. The relation of the rate of interest with the monthly instalment is similar to that of the loan amount. If the applicable interest rate on your personal loan is higher, the monthly instalments will also be higher.
- Loan Repayment Tenure - The loan repayment tenure simply means the period in which the borrower would be required to repay the loan amount. Unlike the previous two factors, the loan repayment tenure is inversely related to the instalment amount. With a longer loan repayment tenure, the monthly instalment would be lower as the number of instalments would increase. At the same time, it must be noted that the loan repayment tenure is directly related to the total amount. So if you opt for a long loan repayment tenure, the total interest amount on your loan would be higher even if the instalment amount would be low.
- Other Factors - If you pre-pay the loan, make partial payments, or opt for a higher down payment, the instalment amount for your loan would be low.
Policybazaar UAE Personal Loan Calculator Online
You can also use the Policybazaar UAE personal loan calculator to plan the repayment of your personal loan by calculating the monthly payments for different parameters. With the Policybazaar UAE personal loan calculator, calculating monthly instalments is quick and hassle-free. You will simply need to visit policybazaar.ae, head to the 'Personal Loans in UAE' section, and use the calculator given on the page.
Conclusion
Using the FAB personal loan calculator is always recommended if you wish to take control of your finances before opting for a personal loan in UAE. The FAB personal loan calculator helps users find out the monthly instalments applicable for different loan amounts, interest rates, and more – all with just a few clicks and without needing any tedious calculations from the user! By getting a fair estimate of the monthly instalments, borrowers can make informed decisions and apply for the best personal loan for their requirements.
Personal Loan Categories
Personal Loan Bank Wise
More From Personal Loans
- Recent Articles
- Popular Articles
