What is the meaning of the Personal Loan EMI?
The Equated Monthly Instalment or better known as EMI is the amount that is payable every month by the person who takes a personal loan. This personal loan is generally a certain amount that is taken for some time. And when it comes to calculating the EMI, there are 3 major factors that come in to the picture.
The 1st factor is the Personal Loan Amount & it is means that the Rupee value of the loan that an individual takes. While the 2nd factor is the Personal Loan Interest Rate which is nothing but the interest rate that a bank usually charges for Personal Loan. And finally the 3rd one is the Tenure of the Personal Loan that means the duration for which the Personal Loan has been taken.
What is the EMI calculator of the Personal Loan?
EMI calculators help in determining as to how much amount is to be paid on a monthly basis. And the same rule is applicable to the Personal Loan EMI calculator where one can know as to how much amount is to be paid when you have taken or planning to take the personal loan. Apart from this, the best part of the Personal Loan is that most of the banks do not ask for a specific reason as to why this loan is taken for & there are also those banks which can give quite a huge amount when it comes to approving the Personal Loans.
Before one goes ahead to calculate the Personal Loan EMI, you will have to know loan amount besides the processing fee & the rate of interest. And if you have any ideas to pre – pay the home loan amount, then it would be better if you know as to when you can pay the amount & how much would it be.
How can I use this Personal Loan EMI calculator?
One can without any trouble use the Personal Loan EMI calculator & all you will have to do is follow the steps mentioned here to calculate the EMI. In the 1st step, you will have to enter the Loan Amount that you wish to borrow from the financial entity. After this, enter the Tenure of the Personal Loan & later enter the Interest Rate. Finally click on the tab that reads ‘submit’.
With the tool of the Personal Loan EMI calculator at Software Tools, an individual will be able to get to know as to what will be the EMI for the personal loan that they have taken. In addition to this, one can be assured of using a tool which is accurate enough to have the right calculation displayed on the screen. Even with the help of this EMI calculator, you would not only be able to save time but also know as to how much time as well as amount is to be paid for the personal loan taken by you.
What is the formula to calculate the personal loan EMI?
In the above equation, E = EMI, principal loan amount is represented by P, r is the rate of interest & n is the loan term or the tenure.
In this loan payment calculation formula, M is the payment amount, P is the principal or the amount of money which has been borrowed, J = interest rate (not annual interest rate), total number of payments is n.