Whenever you avail a loan, you need to repay it with interest. You as a borrower need to repay the loan in the form of EMI. EMI stands for equated monthly instalment. EMI, as the name suggests, is fixed payment amount made by a borrower to a lender to clear off an outstanding loan within a stipulated tenure. EMI is used to pay off both the principal and accrued interest components of the outstanding loan.
Suggested reading Tips to Choose Right Personal Loan for You
After going through this article, you will come to know must-know aspects of EMI and Personal Loan Calculator:
EMI depends upon following factors:
There are two types of interest charged on loan i.e. Fixed Interest and Floating Interest. It is your choice as to which type of interest you want to opt for. If you avail loan on fixed interest then the EMI remains fixed for whole tenure of the loan and does not vary with any changes in interest rate. While in case of floating rate loan, EMI changes with change in interest rate.
It is always advised to first calculate your EMI of any loan to be taken by you so that you come to know in advance about the amount of EMI required to be paid by you every month and whether you are able to pay that amount with ease.
For helping the borrowers, Personal Loan EMI Calculator is very helpful through which you can calculate Personal Loan's EMI. It is an online tool. You need the inputs such as principal amount, rate of interest and tenure of your loan in order to make use of this calculator.
Suggested reading How much Amount should you Borrow in Personal Loan?
EMI is calculated using EMI Calculator. Following formula is used to calculate EMI:
EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
Whenever you take a loan, you need to pay off the loan in the form of EMIs. For knowing the amount what you are required to pay every month as EMI, EMI calculator is used.
Suggested reading Personal Loan EMI Calculator
Benefits of using Personal Loan EMI Calculator are:
EMI calculator is an automated tool which facilitates all your calculations regarding personal loan and you don't need mechanical devices anymore like physical calculator to calculate your EMIs. You can find many Banks, NBFCs, FIs, etc. providing online EMI calculator on their website. You can use any of these calculators without paying any cost/ fee and can easily calculate your EMIs accurately.
26 Mar 2024
26 Mar 2024
26 Mar 2024
26 Mar 2024
26 Mar 2024
26 Mar 2024
20 Mar 2024
20 Mar 2024
01 Jan 2024
01 Jan 2024