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A Personal Loan EMI calculator is a simple tool which calculates the EMI that you are required to pay every month for the repayment of your loan. All you need to do is enter the Loan Amount, Rate of Interest, and the desired Loan Tenure and the calculator will instantly calculate the EMI Amount and the Interest Payable.
A personal loan EMI calculator has the following three important components –
Loan Amount or Principal –It the total amount that a you borrow as loan and are required to pay back at the end of the term along with the interest
Rate of Interest – Expressed as a percentage, the rate of interest is the rate at which interest will be charged on the principal loan amount for a loan duration
Loan Tenure or Loan Duration – Expressed either in years or months, tenure is the time period within which you are liable to pay back the total personal loan amount with interest
You can use our calculator to calculate your personal loan EMI. Just follow the steps mentioned below -
Step 1 – Using the first slider, set the desired Loan Amount. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the amount or enter the amount manually in the box
Step 2 – Use the second slider to set the Rate of Interest. You can use the ‘+’ and ‘-‘ symbols to increase or decrease the interest rate or manually enter it in the given box
Step 3 – The third and final slider will help you set the Loan Duration, in months or years. You can even use the ‘+’ or ‘-‘ symbols to increase or decrease the loan duration or you can manually enter the same in the box.
The personal loan EMI calculator will automatically show you the EMI amount that you need to pay every month.
By using the personal loan EMI calculator, you can experience the following advantages -
Know the EMI in Advance – Using the personal loan EMI calculator, you can know bef