A Personal Loan is a great way to get money quickly whatever be the purpose of funds. You can borrow a fixed amount and re-pay in equated monthly installments (EMI).
A personal loan emi is the amount payable each month from your future income towards repayment of your loan. Try our Personal Loan EMI Calculator to find out exactly how your Personal Loan EMI gets computed. The EMI is primarily dependent on several factors – more prominently like the interest rate of borrowing and the period of loan, etc. It is these factors which contribute to the difference in EMIs charged by the various banks like SBI, HDFC, ICICI, etc.
Paying your loan EMI on time helps you build a re-payment track record. Most banks lend at a lower rate to customers with such a track record. So if you want better-than-market rates (and therefore lower EMIs) the next time you seek a loan, be sure to pay your EMI on time.
If you do not like the idea of paying a fixed loan EMI each month, you may want to consider is an overdraft facility. Unlike in a Personal Loan, here there is no fixed EMI to be paid back every month. You get flexibility in your repayment schedule. The interest charged each month is typically based on the fluctuating daily outstanding balance. There may also be a service fee that a bank may charge for managing the credit line. Also, you may have to offer a security.