Year | Principal (A) | Interest (B) | Total Payment (A + B) |
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A personal loan EMI calculator is helpful for you as it facilitates:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
where,EMI | is the Equated Monthly Instalment |
P | is the principal loan amount |
R | is the monthly interest rate (annual interest rate divided by 12) |
N | is the number of monthly instalments or the loan tenure in months |
The best thing about our Personal Loan EMI Calculator is that you can use it even if you haven’t taken out a loan before.A loan EMI calculator is ideal for first-time borrowers, as it will present a clear picture of their EMI.You just need to enter three key elements – the loan amount, repayment tenure and interest rate. The EMI calculation will automatically be done for you. There are also sliders, through which you can increase or decrease any of these elements as per your requirements.
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