Personal Loan Calculator – SBI, HDFC, AXIS, ICICI, YES Bank, BAJAJ Finance, Punjab Bank, Bank of Baroda, TATA capital, Canara Bank, Union Bank, Federal bank, PAYTM Bank Personel Loan EMI Calculator. If you have taken a personel loan or planning for loan, the Personal Loan EMI Calculator is a useful online tool to calculate your EMI (Equated Monthly Installment). It is very easy to use. All you have to do is enter the loan amount, interest rate and select the tenure of your loan. The online EMI calculator will provide you the answer within a second. Personal Loan Calculator makes loan planning easy for you.
Personal Loan Calculator
Note: Numbers are in Indian rupees.
How to use personal loan EMI calculator?
Simply enter your loan amount, interest rate, loan tenure and press enter. In a split of second you will get details of – loan EMI, total interest payable and total of payments (principle + interest). You can Adjust the variables as per your requirement.
How loan EMI is calculated?
EMI (Equated Monthly Installments) is the amount you will have to repay every month till the end of your loan term. Your EMI includes two main components – principal and interest.
Mathematically, the EMI is calculated using the formula:
P x R x (1+R)^N] / [(1+R)^N-1]
P= Principal or your loan amount
R= Rate of interest
N= Tenure (loan term in number of years)
EMI means Equated Monthly Installments. It is the amount you will have to repay every month till the end of your loan term.
Personal loan is an amount that you can borrow to be used for various purposes. A personal loan does not require collateral or security and is offered with minimal documentation.
You can use this calculator to calculate personal loan EMI from any bank or financial institution.