Applying for a personal loan? Confused about the monthly EMIs that you will have to repay? Fret not; you can easily find an online personal loan EMI calculator, which does the job for you in quick time. A Loan EMI calculator helps you calculate the monthly EMIs that you need to repay for your personal loan. This calculator uses three major components to calculate the EMI, i.e. the loan amount, rate of interest and tenor/duration of the loan.
Using an EMI calculator is highly beneficial since it gives you a clear picture of how much you can afford to repay each month for your personal loan. This saves you from future hassles and you can also apply more sensibly for a suitable loan amount instead of going over the top. The EMI Calculation is done on the basis of the following formula:
In this calculation, r and n are the rate of interest and loan tenor respectively while P is the principal amount. E is the EMI Amount that you finally obtain. Instead of threshing it out on paper, let the EMI calculator do the job for you. Using the EMI calculator is a very simple procedure. You only have to enter the following information:
- Loan tenor (in months)
- Loan Amount
- Interest rate offered by the lender
You will be shown the monthly EMI instantly. You can adjust the values in order to get different results and thereafter take a decision as per affordability and convenience. Personal loans are offered by almost all banks and NBFCs in the country. You should compare personal loan rates of interest from various lenders before making a final decision.
Watch this video to Manage Your Personal Loan EMI Repayment Efficiently.
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