What is Personal Loan?

We all are aware of the term “Personal Loan”. It is the loan amount which is taken by the person from either a bank or a non-banking financial company (NBFC). The individuals take personal loans for their own use like for weddings, home renovations, vacations, private school tuition, trips, and tour etc. The person is free to use the amount of personal loan as per like.

What is EMI?EMI stands for Equated monthly installments. It is the loan amount which is to be repaid to the financing institution with some interest amount. The amount to be repaid on a fixed duration either it is in month or years. The EMI is depended upon the principal loan amount borrowed, Rate of interest, Tenure of the loan, Monthly resting period. An online tool EMI calculator is available to calculate the loan EMI amount. 

What is Personal Loan EMI?

The Personal Loan EMI is the loan amount which is repaid to the lending institution or banks with some interest. The EMI of the personal loan is depended upon the principal borrowed, Rate of interest, Tenure of the loan. One should need to pay the loan amount along with the interest associated in monthly installments. Personal Loan EMI Calculator is an online tool used to calculate the exact amount of EMI tenor which you have to pay.




Why personal loans are so popular?

The main reason for the popularity of the personal loan is that one can apply for the loan only on the basis of the individual’s regular income. It doesn’t require any looking for the financial worth. 
Another reason is it takes minimal time for approval compared to the other loans like home loan, education loan, car loan etc. 

What is a Personal Loan EMI Calculator?

Personal Loan EMI Calculator is an online tool which is used to calculate the exact loan amount you have to pay. It is a free tool available for all. All the requirement is that to enter the personal details in the calculator like the rate of interest, Principal, and duration of the loan and you get the equated monthly installment (EMI) for the tenor. 

What are the Benefits of using Personal Loan EMI Calculator?

The benefits of Personal Loan EMI Calculator are as follows:-
  • It calculates the loan amount in seconds.
  • It also displays the list of the best loan offers to its users.
  • It makes the calculation easy and accurate.
  • It shows the graphical representation which is understandable to all.
Also Read: Things Need to Know About Home Loan EMI Calculator

https://myspace.com/anoop.bansal
https://profiles.wordpress.org/anoopbansal/