How make the best use of Personal loan EMI Calculator?
EMI is known as Equated Monthly Installments. It is the fixed amount of money that borrowers pay every month, on a fixed date to the lender to repay the personal loan taken. Components of Personal Loan EMI • Repayment towards the Principal amount • Repayment towards the Interest amount How does a personal loan EMI calculator work? Mathematical formula of calculating the EMIs of Personal loan EMIs The mathematical formula for calculating EMIs is EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where E: Equated Monthly Instalment, P: Principal or loan amount R: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), N: Number of monthly installments or loan tenure in months. Online Formula Click here • Use the slider for selecting the desired loan amount according to your financial need. • Fill the interest rate offered by lenders. Do not change the value as per your preference. • After choosing the interest rate, make use of the slider to