If you want to calculate your EMI online, take the help of a personal loan EMI calculator. It is the best way to calculate the personal loan EMI of any unsecured loan. Moreover, there are ways by which you can calculate either manually or online. It can help you to get the accurate value of your loan EMI. You need to select the amount, interest rate and tenor to achieve the exact payable amount of EMI with an interactive chat.
Factors that affect the calculation of loan EMI
Several factors affect the calculation of loan EMI. Some of these factors are mentioned below.
Loan amount
The loan amount is directly proportional to the monthly installments payable. The higher loan amount will fetch you a higher EMI.
The applicable rate of interest
The rate of interest is the percentage that the lender charges you on your loan amount. If you have to pay a higher rate of interest, then it will increase the EMI.
Tenor
It is the duration of the loan repayment period of the loan. It is inversely related to the EMI. If you opt for a longer tenor, then you can expect a reduction in the monthly installments. Whereas if you look for a shorter tenor, then it would increase the monthly installment.
How does a personal unsecured loan EMI calculator work?
The personal loan EMI calculator has a simple mathematical formula. The formula uses:
E as the EMI
P as the principal loan amount
r as the rate of interest that needs to be calculated every month
N as the duration or tenor in month
Formula: E=P*r*(1+r)^n/((1+r)^n-1)
What are the benefits of using a personal loan EMI calculator?
There are various advantages that one may face while using the personal loan EMI calculator.
It tends to enable the quick calculation of EMI.
It minimizes the chance of any error.
It helps to evaluate the suitable repayment schedule with the help of EMI calculation.
It helps to choose the best amount to repay over time without causing any terrible effects on the borrower's financial health.
.png)
%20(1).png)
No comments:
Post a Comment