NBF 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
Taking your family on vacation, going for further studies, expanding your business, arranging funds for a wedding, furnishing your new home – whatever your plans are, a personal loan in UAE could prove helpful in realising them. Instead of managing all these expenses and having them chip away your savings, you can turn to any of the top personal loan providers in the UAE.
One such lending institution in the UAE is the National Bank of Fujairah (NBF), which offers personal loans to individuals to help them meet their financial goals. To make the entire digital process for getting the loan streamlined, the bank has also introduced the NBF personal loan calculator to plan your loan comfortably.
NBF Personal Loan EMI Calculator
Before looking at the personal loan calculator, it’s essential to understand the structure of personal loans, where the monthly instalment is the amount the borrower has to pay to the financial institution to repay the borrowed funds along with the interest amount. To compute the monthly instalments, the total principal amount and the interest payable are divided by the loan repayment period taken in months. Each successful monthly payment reduces the total interest and the principal amount.
NBF personal loan calculator is an innovative automated tool that can help users compute the monthly instalments for their personal loan. If you wish to take a personal loan for yourself, you should make use of the NBF personal loan calculator available on the homepage of the NBF official website.
Using this calculator to get the results is fairly easy, as you would need to enter a few details related to the loan amount, the interest rate, and the loan repayment period to determine the monthly instalments of the personal loan. By tweaking the values of any of the variables, you will be able to quickly assess all the scenarios and find the best plan for yourself.
Benefits of NBF Personal Loan Calculator
Here are the key benefits of using checking your monthly instalments using the NBF personal loan calculator –
- Time and Effort Saved – NBF personal loan calculator has a user-friendly interface and is easy to use. In just a second or two, this calculator computes how much loan instalment you would be required to pay every month. This can help you save considerable time as well as effort that would otherwise have been exhausted in undertaking tedious calculations for the instalment.
- Accuracy and Consistency of Results – NBF personal loan calculator gives out the monthly instalments without any errors, which may result from manual calculations. Moreover, another advantage of using this online personal loan calculator is that you can test multiple combinations of the variables (like changing the loan amount or the tenure). This can help you select the best one for yourself without hurting your credit Score by applying for multiple plans.
- Comparison of Personal Loan Plans – You can easily compare various personal loan plans and pick the best loan offer after finding the applicable instalment for it using this personal loan calculator.
- Plan Your Budget Wisely – Ultimately, the most notable benefit of the NBF personal loan calculator is that it helps you find out all the crucial details about the loan transparently and create a monthly budget as per the same. This way, you can make an informed choice and get a loan plan that will not hinder your day-to-day expenses, lifestyle, and monthly financial obligations with hefty instalments.
How Does the NBF Personal Loan Calculator Function?
NBF personal loan calculator functions on a straightforward algorithm. You don't even have to be much technical-savvy to use the NBF personal loan calculator. All you need to do is to access the NBF personal loan calculator on the official website of the NBF and provide it with the required details like the finance amount and more. Once you provide it with this information, the calculator will generate the results in just a few seconds and show you the monthly instalment amount.
The following information must be provided to the NBF personal loan calculator to compute the monthly instalments –
- Loan amount
- Loan repayment period in months
- Date of first monthly instalment
Factors Affecting the Calculation of the Personal Loan EMI
The NBF personal loan calculator mainly considers three factors, i.e., the loan amount, the rate of interest, and the loan repayment period to give the output in the form of monthly payments. Discussed below are all the components in brief –
- Loan Amount – It is the amount of money that the borrower gets from the lender in the form of a loan. The loan or finance amount is decided by the lender depending on the borrower's repayment capacity and has to be repaid by the borrower to the lender along with the interest charged by the bank. The loan amount is proportional to the monthly instalment of the loan. If you borrow a high loan amount, the monthly instalments will be on the higher side and vice-versa.
- Loan Tenure – The loan repayment tenure is the time in which you have to repay the loan amount along with the interest in its entirety. In the UAE, the minimum loan repayment tenure is generally six months, extending up to 48 months on the maximum side. Unlike the loan amount, the loan repayment tenure is inversely related to the monthly instalment. Thus, the monthly instalments will be high if you opt for a short repayment period.
- Rate of Interest – This is the rate (percentage) at which the interest amount is calculated (based on the loan amount). The interest rate varies as per the lender as well as the applicant’s income, credit score, credit mix, and more. The rate of interest has a direct relation with the monthly instalment. So if the rate of interest is high, the payable instalment amount would also be high.
Policybazaar UAE Personal Loan Calculator Online
To assess the monthly instalments, you can also use the personal loan calculator available on policybazaar.ae. As an intelligent online tool, the calculator can be accessed from a smartphone or any smart device from anywhere.
Policybazaar.ae personal loan calculator takes inputs like the loan amount, the interest rate, and the loan repayment period to generate the monthly instalments of your personal loan. A remarkable feature of Policybazaar UAE personal loan calculator is that the output page shows various lenders offering plans with the same monthly instalments and the loan amount provided.
To get your EMIs calculated through Policybazaar.ae personal loan calculator, you can
- Visit policybazaar.ae and click the 'Banking Services' tab, where one will find the 'Personal Loan' option
- Select that option to be directed to the personal loans page, where you will find the automated personal loan calculator
- Enter the precise amount of loan, loan term (months or years), and the rate of interest in percentage.
Once these details are provided, this calculator will show the total instalment amount as well as the break-up of the total amount payable (interest amount and principal amount).
Key Takeaways
NBF personal loan calculator is simple to use, easy to understand, and an excellent option to get accurate results to make a well-informed decision. If you plan to take an NBF personal loan, it is highly advisable to use the NBF personal loan calculator to find the instalment amount for your loan and plan a budget accordingly for a hassle-free and easy borrowing experience!
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