Personal Loan EMI Calculator helps you perfectly understand monthly EMI and the interest that you need to pay.
You can quickly figure out the total loan amount and tenure of payment.
To calculate Personal Loan EMI, enter the loan amount, tenure, and interest rate, and you will get the result with a pie chart.
You will know how much amount needs to pay (interest +principal) within the tenure period.
Change the loan amount easily from the Loan amount box and hit the enter button to get a result.
What is EMI
According to Wikipedia, an EMI is an equated monthly installment “Each calendar month, a borrower makes a set payment to a lender on a specific day. Equated monthly installments are utilized to pay off both interest and Principle each month so that the loan is entirely paid off together with interest over a set number of years.”
The formula for EMI (in arrears) is
E= P . r. (1+r)n/((1+r)n-1)
E stands for EMI
P stands for Principle of the loan amount
R stands for Rate of Interest
What is the benefit of a personal loan EMI Calculator
Personal Loan EMI Calculator helps you understand clearly the total loan amount you need to pay through a pie chart. First, calculate quickly by Personal Loan EMI Calculator. Then, figure out total interest and tenure of payment.
How to calculate the personal loan interest rate?
You can calculate your loan interest rate through the personal loan EMI Calculator. First, you need to enter the total loan amount and tenure of payment with an interest rate, and then the EMI calculator suggests the rate of interest you need to pay.
Use our personal loan EMI calculator to know the interest rate, principal of your loan amount in India.