What is a Personal Loan EMI Calculator?
If you are a resident of Pune and looking to apply for a personal loan, this article will give you some meaningful insights. To start with, calculating your EMIs in advance will help you plan an affordable monthly outgo without stressing your finances. Choosing a manageable EMI will enable you to pay your loans back on time, assure the lender of the same, and hence sanction the loan swiftly. You can calculate your monthly EMIs easily using a personal loan EMI calculator.
What is a personal loan EMI calculator?
A personal loan EMI Calculator is a free online tool that helps you calculate your monthly loan commitments on your loan. you will need to input your principal amount, tenure and interest rate your lender offers to calculate your EMI instalments
The calculator computes the formula EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] to calculate your monthly instalment in an instant.
How to use a Personal Loan EMI Calculator?
Calculating your personal loan is as easy as personal loans. Go to the online calculator page on the website and adjust the sliders to choose the fields.
Choose the loan amount you are seeking.
You can select an amount of up to `25 lakhs.
Next, select the tenure. You can choose a repayment tenure of up to 5 years or 60 months for a personal loan.
Finally, set the ‘Rate of Interest’
After this, your monthly instalments will be displayed automatically on the page in a split second. The calculations are accurate and faster than manual calculations too.
Must Read: 5 Useful Tips to Manage your Personal Loans
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