In simple terms, Personal Loan is a loan taken by any person from a bank or a non-banking financial company (NBFC). The individuals take such loans for their own use i.e, for weddings, home renovations, vacations, private school tuition, etc.  
Equated Monthly Installment (EMI) on Personal Loan: EMI is the loan amount to be repaid to the lending institution with an interest. The EMI is depended upon the principal borrowed, Rate of interest, Tenure of the loan, Monthly resting period. Personal Loan EMI Calculator is an online tool used to calculate the personal loan EMI. 

The things you must know about the Personal Loan EMI Calculator are as follows:
  • Personal loan calculator helps to calculate the personal loan EMI in seconds.
  • It calculates the monthly EMI and explains how much values can be financed.
  • Personal loan EMI calculator is an online tool to calculate the exact loan amount.
  • It also displays the list of the best loan offers to its users.
  • EMI calculator calculates the EMI on the basis of the mentioned formula below:
E = P x r x (1+r) ^n/ ((1+r) ^n – 1
Here,   E= The actual EMI amount that you need to pay monthly.
           P= The actual Principal that you want to borrow.
           r= The rate of interest.
it is given annually, so to convert it into monthly bases to use in a formula. So, divide the yearly R by 12 and then multiply by 100. r = (annual interest/12) x 100.
           n= The duration of the loan in a year.

  • The calculation result of the EMI calculator is accurate.
  • EMI calculator helps the users to assess the repayment capacity and also helps to plan the finances well.
  • EMI is always calculated on the basis of the fixed interest rate. But sometimes there is a case of floating interest rate, the EMI calculation fluctuates on the basis of the market rates and change in base rates if required.
Read Reference: Take Better Financial Decisions with the Help of an EMI Calculator