As the name suggests, a personal loan EMI calculator is there to help you calculate the EMI amount on your personal loans. With this tool, you can easily plan your finances. It is designed to help you balance the inflow and outflows of money so that you don’t have to go through any kind of financial burden or setback. With this tool, you will never face any kind of issue as far as money management is concerned.
E is EMI
P is Principal Loan Amount
N Loan tenure in months
R Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
For example : Let’s say you took a personal loan worth INR 6,00,000 at an interest rate of 15% for 2 years, this is what you will need to pay as EMI.
EMI = ₹6,00,000 * 15/100/12 * (1+15/100/12)24 / (1+15/100/1224 - 1)
A Personal Loan EMI Calculator is a very useful tool that can help you get a clear picture of your financials and fetch you a number of the EMI that you would need to pay on a monthly basis. Plus, it helps you gauge your repayment capacity as well.