This is the Personal Loan EMI calculator tool, You can use this Personal Loan EMI Calculator to calculate the Personal loan equated monthly installment amount (EMI), Total Interest Amount, and total payable amount.
The full form of EMI is Equated Monthly Installment. This means you have to repay the loan amount in a monthly installment. The installment amount consists of interest amounts and Loan amounts.
If you want the Personal loan then using this Personal loan calculator you can calculate the Personal loan monthly Payable amount, total payable interest amount, and total payable amount (Which means total interest amount + Personal Loan amount).
Also using this Personal loan calculator you can 1 to 5 years Personal loan tenure EMI details. So that you can correctly choose tenure according to EMI amount.
The formula of EMI is : E= P.r.(1+r)^n/((1+r)^n-1) [Where E = EMI, P=Loan Amount (Here Personal loan amount), r= rate of interest amount (r is calculated on monthly basis. r= rate of annual interest/12/100., Example: annually 9% interest rate., So r= 9/12/100, r=0.0075%), n = Loan tenure in month's.]
Example of EMI calculation: For example, you want 3 lakh of a Personal loan at a 15% interest rate for 5 years. Then P=300000. r=9/12/100=0.0041%. n=5×12=60 months. Then calculation will be: E=300000×0.0041×(1+0.0041)^60/((1+0.0041)^60-1) E=7136.98