How To Easily Calculate Your Personal Loan EMI

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e. number of months, in which the loan has to be repaid. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate.

Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you will pay more towards the principal and less in interest. The calculator helps you to plan your borrowings and loan payments as per your requirements.
Use this flexible online Personal Loan EMI Calculator to arrive at the EMI you are comfortable with.

EMI Formula to Calculate Personal Loan:

Where,
‘E’ is EMI
‘P’ is Principal Loan Amount
‘r’ is rate of interest calculated on monthly basis
‘n’ is loan term / tenure / duration in number of months
EMI calculator is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator. Personal loan EMI calculator is very essential among all the EMI calculators as people use it more often.

Steps to Use the Personal Loan EMI Calculator:

Enter the following information in the EMI calculator.
* Principal loan amount you wish to avail (rupees)
* Loan term (months or years)
* Rate of interest (percentage)

Use the slider to adjust the values in the personal loan EMI calculator form. If you need to enter more precise values, you can type the values directly in the relevant boxes provided. As soon as the values are changed using the slider, personal loan EMI calculator will re-calculate your monthly payment (EMI) amount. You can calculate your EMI smartly using the personal loan EMI calculator.