Know About the Personal Loan EMI Calculation Here
The Internet has revolutionized the banking sector and you can now avail of instant personal loan in India from the comfort of your home within a few clicks. Every financial institution website has a personal loan EMI calculator which gives you the exact amount of money you need to pay every month on your loan in the form of equated monthly installments (EMIs).
Personal loan EMI calculator calculates the EMIs on your loan based on the following factors:
- Loan Amount: This is the amount that you have borrowed as a loan.
- Interest Rate: This defines as the percentage of a loan that is charged to the borrower by the bank or lender.
- Tenure: This is the loan term or duration expressed in the number of years.
Personal loan EMI calculator is also available in MS Excel which makes use of the same three variables as defined above with slightly different notations. These variables include RATE, NPER & PV. The formula that you’d need to input in Excel would be =PMT (rate, nper, PV) Rate is the monthly rate of interest, NPER is the number of periods, and PV is the present value of the loan amount.
With an online personal loan EMI calculator, you can input the amount of loan you are looking for and then analyze the options available based on the monthly EMI amount that would be comfortable for you to pay.
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