Personal Loan EMI Calculator
- Personal loans can be availed for several reasons like paying for emergency hospitalization to purchasing the latest consumer durable items to funding a wedding or dream trip. Most banks provide instant personal loans online that can be repaid in easy EMIs within a stipulated tenure, by paying a fixed interest rate. You do not need to provide any collateral for these loans as they are unsecured loans. You can calculate your EMIs on a personal loan EMI calculator.
What is Personal Loan EMI?
- A personal loan is a loan provided by banks that can give you instant access to cash, to fund your requirements. The bank charges you an interest on the principal loaned amount and provides you a period or tenure, during which you must repay the principal loan amount with interest. You can repay the loan in easy instalments known as Equated Monthly Instalments or EMIs. The EMIs must be paid on a monthly basis and consists of both, the principal loan amount and the interest amount. This is known as personal loan EMI.
How is my Personal Loan EMI calculated?
- Your personal loan EMI can be calculated with a free online tool known as an online personal loan calculator. The EMI for the loan is calculated using the formula
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal loaned amount
R = Rate of Interest
N = Tenure (in months)
- Most banks offer personal loans for tenures of up to 5 years. You can get a personal loan of ₹50,000 to ₹10,00,000, which must be repaid within the stipulated tenure. You can input various tenures and interest rates in the personal loan EMI calculator to get 100% accurate figures about the monthly payable EMI. The tool is available freely on the internet and enables you to make quick and instant calculations, eliminating all errors caused due to manual calculations.
- You can get instant disbursal of funds
- You needn’t state any reasons for availing personal loans
- You can use the funds for any purpose
- No need for collateral
- Free, unlimited use of personal loan EMI calculator on the internet or your bank’s website
- Minimal documentation
- Loan can be repaid in pocket-friendly instalments
How to use an EMI calculator?
Follow this simple 3-step process to use the online personal loan EMI calculator:
- Enter the principal amount: Choose between the minimum and maximum principal amount and enter it in the calculator.
- Enter the tenure: Enter the tenure by choosing between the minimum and maximum tenure to repay the loan: Enter the rate of interest that you can afford against the loan. Banks assign a minimum interest rate against personal loans.
- Enter the tenure: Enter the tenure by choosing between the minimum and maximum tenure to repay the loan
Once you enter all the above mentioned figures, the personal loan calculator will compute the payable EMI amount.
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