What is a personal loan?
Personal loans are availed by salaried individuals, self employed professionals such as doctors, engineers, chartered accountants and contractors. This is your emergency loan. You avail this loan for financial emergencies such as medical treatment or marriage. You don’t need the reason for availing a personal loan.
What is your personal loan EMI?
You have to repay your personal loan in installments called EMI (Equated Monthly Installments).
The personal loan EMI’s are divided into 2 Components:
Principal component: Amount you borrow.
Interest component: Bank charges you an amount for the money you have borrowed to avail the personal loan called interest.
The amount you borrow and the total interest charged by the bank is divided by the tenure of your personal loan.
The tenure of the personal loan can be 1-7 years.
Know your online personal loan EMI Calculator
You can calculate personal loan EMI using the Personal Loan EMI Calculator for different combinations of interest, Principal and tenure. A personal loan EMI calculator can do these calculations in seconds with a high degree of accuracy.
Follow 3 simple steps to calculate your personal loan EMI's:
Step 1: You adjust the scale to select the personal loan amount availed in the personal loan EMI calculator slider.
Step 2: You then adjust the scale to select the interest rate on your personal loan EMI calculator slider.
Step 3: Finally you select the tenure of the personal loan in months on the slider of your personal loan EMI calculator.
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