A personal loan is an unsecured loan availed for a short period of time. It is basically availed by borrowers to fund expenses like a medical emergency, a house renovation, meeting working capital needs or higher education. You don’t need to give the reasons for availing personal loan.
A personal loan is preferred over other loans due to certain factors like minimal documentation, the online process of loan application; flexibility of using the loan amount, fast processing and shorter tenure.
A personal loan EMI calculator is an online tool used for the calculation of personal loan EMIs. The tool is simple and user-friendly where you have to offer details on the personal loan. On receiving the inputs, the EMI calculator displays the personal loan EMIs you have to pay to your lender.
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You can also calculate your personal loan EMI through the simple mathematical formula given below:
Monthly EMI: [P * R* (1+R) ^ N] / [(1+R) ^ N-1]
P represents the principal amount. The principal is the amount of loan sanctioned by the bank.
R represents the rate of interest. The rate of interest is determined by the bank considering various factors.
N stands for the number of years i.e. the tenure of the loan.
The EMI calculator uses the above formula for the calculation of personal loan EMIs. As the EMI is paid each month, the duration is calculated in months. The user can input different values in each field of the personal loan EMI calculator and get the output instantly. The personal loan EMI calculator is made for the ease of the users, so that they can make better financial decisions. Do take a look at IndianMoney.com personal loan calculator.
See Also: Avail Hassle-Free Cash Loan
A personal loan EMI calculator is a simple and handy tool which helps calculate the monthly amount payable to the bank. In order to calculate the personal loan EMI, you must enter the necessary inputs in the given fields. Follow the steps given below to calculate your EMI amount:
There are multiple factors which affect personal loan EMIs. The monthly installments depend on the principal amount, tenure and rate of interest. The output is determined based on your inputs. On entering the inputs, the user receives the output i.e. EMI payable each month, total interest and total loan payable.
Before applying for a personal loan, you must know the various factors that affect personal loan. Banks and other lending institutions consider these important parameters before sanctioning personal loans. The loan amount and the rate of interest charged on personal loan are based on the following factors:
The personal loan EMI calculator is an online tool which is easy to use and all you must do is enter the 3 values i.e. loan amount, duration in months and the rate of interest. Talking on the benefits of the personal loan EMI calculator, an EMI calculator helps calculate monthly loan EMIs or the interest amount you would be paying. In this way you know beforehand, the personal loan EMI to be paid each month. This helps prepare your budget and manage expenses. Applying for a personal loan gets really easy as you are well-informed on the loan you are about to avail.
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