Personal Loan EMI Calculator
Personal Loan is among the most popular financial aid in India. Furthermore, out of all the loan products, it constitutes 78% of the applications. These loans are a common choice among potential borrowers because they are unsecured. Before making a final decision, those who intend to use these credits must be conversant with a number of factors. And to become aware of these factors, you can use the Personal Loan EMI Calculator by calculatoremi.com.
EMI is one prospective and important aspect of every loan for the loan repayment. A personal loan EMI calculator is the most effective tool for calculating and determining EMIs.
How Can this Calculator Assist you?
Calculating a personal loan’s EMI is a time-consuming and challenging process. For those who are unfamiliar with the intricate aspects of EMI calculation, it can be difficult to compute. Therefore, a personal loan EMI calculator might be of great assistance.
- It completes difficult calculations instantly, freeing up time that may be employed more effectively.
- It eliminates the possibility of any calculation error.
- With reliable information and stats, it helps you to plan your repayment strategy in advance.
CALCULATOREMI.COM: Personal Loan EMI Formula
A standard formula that is the same for all online calculators is used to calculate the personal loan EMI amount. CALCULATOREMI’s personal loan EMI calculator applies the same standardized methodology to determine precisely how much you’d have to pay as EMI on your loan.
The formula goes like this:
E = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P | Determines the principal amount |
N | The total tenure in months |
R | The rate of interest payable every month |
E | Total EMI payable each month |
The EMI for any loan amount can be calculated using this formula for a personal loan.
For instance, let’s say you intend to take out a loan for Rs. 15 lakh with a 5-year term and a 10% annual interest rate. He can use the formula above to determine his payable EMI.
As you can see, it is a difficult equation that may take a regular person a long time to solve. One can quickly find the answer using an online personal loan EMI calculator. The EMI amount payable is Rs. 31,871 for the example.
Amortization Table
The principal and interest that you pay are the two parts of the EMI. Furthermore, the majority of the payback amount is assigned to paying interest at the beginning of the repayment plan. It gradually gets smaller as the principal gets bigger.
Year | Principal (A) | Interest (B) | Total (A+B) | Outstanding Balance |
2022 | 38,903 | 24,839 | 63,742 | 14,61,097 |
2023 | 2,47,475 | 1,34,970 | 3,82,445 | 12,13,622 |
2024 | 2,73,390 | 1,09,057 | 3,82,447 | 9,40,232 |
2025 | 3,02,018 | 80,429 | 3,82,447 | 6,38,215 |
2026 | 3,33,641 | 48,804 | 3,82,445 | 3,04,572 |
2027 | 3,04,572 | 14,134 | 3,18,706 | 0 |
Using Calculatoremi’s Web Calculator
The Calculatoremi website offers a user-friendly EMI calculator for personal loan. It will be simple enough to use for the average person. For that, simply enter the loan amount, repayment period, and interest rate in the appropriate fields. Following that, click calculate to get instant results.
Advantages of Personal Loan EMI Calculator
The easy-to-use personal loan interest rates EMI calculator is useful in a variety of ways.
- First, it informs potential borrowers of the precise EMI amount they will be required to pay for a given loan amount. Therefore, the amount of credit a borrower can securely receive without endangering their financial stability can be planned using this knowledge.
- Note: It is strongly encouraged in financial circles that the debt to income ratio does not go above 50%. It should ideally be less than 30%.
- Second, this calculator is available for use as often as necessary without any fees. You can compare the EMIs for different loan amounts and apply for one that works with your budget.
- The last digit of this calculator’s accuracy is zero. Ambiguity has no place anywhere else.
In conclusion, employing an EMI calculator has substantial advantages for any potential borrower. When you provide the lender with accurate information, you get real benefits on your auto loan.
