It is obvious to search for EMI options when it comes to claiming or applying for loans. And here, understanding and calculating EMI is everything, as one single mistake can spoil the entire calculation. That’s why here you have the “Personal loan EMI calculator” that can help you calculate the EMIs, whether monthly or annual. It does not matter; whether you applied for a long-term or a short-term loan; using the Personal Loan EMI Calculator can help you to calculate the personal loan interest rate smoothly.

If you don’t know about the EMI, then it is a principal amount that the loan claimer needs to pay every month. It is relevant to submit the EMI to pay back the loan they have taken from a financial institution or a bank. To bring more clarity, EMI has two parts first, the Interest amount, and second, the Principal amount. And using the personal loan calculator or personal loan interest calculator can help you to calculate both.

Furthermore, the **Personal Loan EMI Calculator **calculates the interest, which is applied to the principal amount that loan tenure has on a monthly basis. Now before you calculate the personal loan interest rate or EMI via the personal loan calculator. You need to consider or keep some things in mind; those are given below.

## What are the Factors to Consider in Calculating the Personal loan EMI?

### 1. Loan Amount

Considering the loan amount is important as you claim it is the amount you took as a loan for a short or a long time. Primarily, learning about it is relevant for deciding the monthly or annual installments. But, at the same time, whenever the loan amount increases, the EMI paid automatically will also increase. Therefore, using the Personal Loan EMI Calculator is the safest option for making calculations and avoiding mistakes.

### 2. Rate of Interest

The next important thing to consider is the interest rate, which the bank usually charges on your claimed personal loan. Thus, it is advised to use the personal loan interest calculator to sort things easily. Moreover, the bank or any financial institution is responsible for determining the rate of interest. And to do this, they make a number of calculations, including your income, credit history, repayment capacity, etc.

### 3. Tenure

The third and last thing that you need to consider is the time taken to repay the entire loan amount, including the interest. And to make it easier, use nothing but the Personal Loan EMI Calculator to avoid any mistakes and to calculate it correctly. Moreover, it majorly impacts your EMIs; it doesn’t matter how long you have taken it. Also, remember that an increase in tenure will automatically increase the interest amount that you need to pay to the bank or financial institute.

#### When Does the Personal loan EMI Amount Change During the Loan Tenure?

- First and foremost, it can happen; whenever you claim an online personal loan with a floating interest rate. And it shows the result of the fluctuation of interest rates. Thus, it will also change the EMI amount; whenever the interest rate changes. And to resolve this issue, you need to contact the bank or lender not to make any changes to the EMI. And also to make changes only in the tenure. Now, if you want to escape from this, do all the calculations by yourself via Personal Loan
**EMI Calculator**.

- The next possibility of changing the EMI is making a prepayment of the loan amount during the tenure. And once you make the prepayment, the principal amount of the loan will automatically go down. And the interest amount will also change as per the new principal amount.

- The last one can happen if a few lenders give an option of repaying the claimed personal loan through constant or progressive EMIs. In that case, being a loan borrower, you need to pay fixed EMIs for a specific period of time. And once the time period is complete, you can pay larger EMIs. Remember, this option can work best for you if you are starting a fresh business startup and need help to afford larger EMIs. And in this new business startup journey, you can make the Personal Loan EMI Calculator your best friend.

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