Personal Loan EMI Calculator: When you apply for a personal loan, there are many factors you need to consider. In this, different interest rates and processing fees of different banks have to be compared. Apart from this, the most important thing is to calculate the monthly installment using the personal loan EMI calculator. For example, when you use a personal loan EMI calculator, you will know how much monthly installment (EMI) you will have to pay at which interest rate to repay the loan in a pre-determined time frame.
What is Personal Loan EMI Calculator?
Personal Loan EMI Calculator helps you calculate the exact EMI (Equated Monthly Installment) to repay the Personal Loan at a fixed interest rate in a pre-determined time. Therefore, three things are essential in an EMI calculator. First is the loan tenure, second is the interest rate and third is the loan amount. The interest rate and loan amount are directly proportional to the EMI, which means the higher the interest rate or loan amount, the higher the EMI will be. On the other hand, the longer the loan tenure, the smaller the EMI and the shorter the tenure, the larger the EMI.
How to withdraw personal loan EMI? For this, it is very important to know the loan amount, interest rate and loan tenure.
Loan Amount: This indicates the total amount of loan taken by a borrower. Suppose you decide to take a loan of Rs 5 lakh, then the loan amount will be Rs 5 lakh.
Interest Rate: This is the interest rate charged by the bank on personal loan. This can typically exceed 10 percent annually. For convenience, assume the interest rate is 10 percent.
Loan Tenure: This is the time period it will take you to repay the loan. Suppose you took 36 months to repay the loan. So the period will be 36 months. Now you put these three figures into the personal loan EMI calculator, and you will get the exact monthly EMI. In case of Rs 5 lakh, EMI is Rs 16,133.
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You can use Livemint as the most convenient EMI calculator. Personal Loan EMI Calculator Can be accessed from here. Additionally, you can also use various personal loan EMI calculators shared by the respective banks on their websites. For example, you can use EMI calculators offered by HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, AU Small Finance Bank and Bank of Baroda.
