DO YOUR SHOPPING WITHOUT ANY HASSLE

Quick Loan Disbursal | Easy Repayment | Simple Application

Our feelings of happiness are closely related to shopping. There are times when you may not be able to replace your old appliances due to a lack of funds. With My Mudra Shopping Loan, you can buy anything at any time while paying your dues later. A customer's most valued service is receiving their loan approval in the shortest possible time. 


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Shopping Loan

 


Loan Amount is

10k

10L

No. of Month is

12M

84M

Rate of Interest (ROI) is

5

35

Monthly EMI

Total Interest

Payable Amount

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Elements Affecting Your Shopping Loan EMIs


The interest rate on shopping loans is affected by a variety of factors. Knowing about these factors will help you get the most competitive interest rate on a shopping loan.

 

1. Age: - Applicants must be at least 21 years old and below 65.

 

2. Credit Score: - Applicants have a credit score of 750 and above.

 

3. Occupation: - Applicant must be a salaried individual or self-employed individual.

 

4. Repayment History: - Having an excellent repayment history helps you to increase your shopping loan eligibility and help you to get a lower interest rate.

 

5. Stable Income: - Having a steady income makes it easier to pay back the loan. With a higher income, you have a greater chance of getting low-interest shopping loans.

 

There are two methods for calculating a shopping loan’s EMI.

 

The simplest, quickest, and most straightforward approach to figure out monthly installments is to utilize a shopping Loan interest rate calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.

 

Flat Interest Rate Calculation

 

EMI = (principal + total interest payable) / loan tenure (Months)

 

Total interest payable = P x R x N / 100

 

Floating Interest Rate Calculation

 

EMI = [P x R x (1 + R) ^ N] / [(1 + R) ^ (N - 1)]

 

‘P’ is the principal loan amount.

 

‘R’ is the interest rate.

 

‘N’ is the loan tenure in months.

emi-calculator
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How To Reduce EMIs On A Shopping Loan?

There are a few ways to reduce the professional loan EMI amount.

  • Opt for a smaller sanction
  • Choose a longer tenure
  • Negotiate for a lower interest rate
  • Prepay the professional loan at least once during the tenure.

Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.

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