Loan EMI Calculator
Personal Loan EMI Calculator – Calculate Your Loan EMI
This is a personal loan EMI calculator online tool. Through which you can calculate the EMI for your personal loan accurately.
EMI stands for monthly installments of your personal loan. That is, EMI is the amount that you have to pay every month to repay your personal loan. Along with this, the EMI includes the interest amount and the principal amount.
What Is an EMI Calculator?
EMI is a fixed monthly payment that a borrower pays to the lender to repay both the principal amount borrowed and the interest on the loan. Here the online calculator used by the borrower to know his monthly installment is called the EMI calculator.
In short, “an online calculator that calculates the EMI monthly installment amount, interest rate and loan tenure is called EMI calculator”.
How To Use This Online Personal Loan Emi Calculator?
This online EMI calculator can be used to calculate your monthly EMI payment on a personal loan.
To use this calculator, you need to enter the following information:
- Loan Amount: Insert the total amount of money you have borrowed from the lender.
- Interest Rate: Insert the annual or monthly interest rate percentage on the loan.
- Tenure: Select the loan tenure, in months or years.
Once you enter this information, click on the “Calculate” button to see your monthly EMI payment.
Personal Loan Emi Calculation Formula:
The EMI on a personal loan can be calculated using the following formula:
EMI = P x r x (1+r)^n/((1+r)^n-1)
P = Principal amount borrowed from the lender.
r = monthly interest rate.
n = number of monthly installments (loan tenure in months).
EMI = Monthly installment amount.
Example: Suppose, you take a personal loan of Rs 1 lakh for a tenure of 3 year (36 months) at 10% annual interest rate, Then, How much your EMI?
EMI = 1,00,000 x 10% x (1+10%)^36/((1+10%)^36-1)
= Rs. 3,172
How is the personal loan EMI paid?
The EMI on a personal loan is usually paid through post-dated cheques or ECS (Electronic Clearing Service). The borrower needs to provide the lender with post-dated cheques for the entire tenure of the loan.
The ECS mandates that an amount equal to the EMI be deducted from the borrower’s account on a fixed date every month and credited to the lender’s account.
Does this personal loan EMI calculator give you the right information?
Yes, this EMI calculator is designed to give you accurate information about your monthly EMI payments.
Is this calculator developed by the correct formula?
This calculator uses the correct formula. This online calculator uses the formula [EMI = P x r x (1+r)^n/((1+r)^n-1)] to calculate your monthly or yearly EMI payments.
This is a personal loan EMI calculator that is a useful tool to calculate your personal loan monthly EMI payment. This calculator takes into account factors like loan amount, interest rate, and loan tenure. So you can bookmark this calculator if needed.