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An EMI, also known as Equated Monthly Installments, is the money that the borrower has to pay to the bank. It is the total amount borrowed by an individual divided over the months over which the amount is borrowed. The total amount includes the sum of the principal and interest. This helps the person to return the entire amount of the debt in monthly installments instead of a single payment.
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What is a Personal Loan EMI Calculator?
A personal loan EMI calculator is similar to an ordinary EMI calculator. It helps the person to calculate the interest rates, loan duration, EMIs and the loan amount that one can avail from the lender. It also assists the borrower to manage their monthly budget according to the EMIs. A Personal loan EMI calculator is easily available on most of the lending institution’s website. It is very convenient to use and also easy to understand. If a person does not have enough knowledge of calculating the EMIs then, then they must use the EMI calculator to solve all the queries.
Formula of EMI Calculator
It is necessary for a person to estimate the amount of EMIs that one will have to pay, before applying for any loan. Its not that the funding institutions do not provide the amount that one will have to pay; However, knowing the EMI amount helps the person to estimate the amount of loan that one can take, the interest rate that will suit the person’s budget and so on. There are several EMI calculators available on the webs which help the borrower to make an estimate of how much EMI they need to pay. A person should be aware as to what an EMI calculator is and how does it work. An EMI calculator works on the formula
E= P x r x (1 + r) n / ((1+r) n -1)
P is the principal amount
R is the rate of interest
n is the tenure period.
Usage of Personal loan EMI calculator
Consumers can download the EMI Calculator in the form of an excel sheet from several online sources. These calculators help the customer to estimate the EMI amount payment that the person has to repay every month along with the rate of interest. If a borrower wishes to apply for a personal loan then, the borrower should make use of the personal loan EMI calculator which is accessible on the website of the loan lenders.
Types of Personal loan EMI calculator
There are several varieties of EMI calculators available online. Some calculators just ask for the amount of loan that is wished to be availed and the preferred loan tenure, whereas, some will also ask to fill all of the information including the interest rates and then runs the simple calculations.
Benefits of a Personal loan EMI calculator
- It is quick and easy to use.
- Helps in calculating the monthly installments based on the prospective loan amount that one wishes to borrow.
- The calculator can be used to obtain different quotes and compare all the lenders, before applying for any loan.
- The EMI calculator also helps the person to determine the maximum and minimum amount of the loan that one is eligible to borrow.
- Readily available on the web portals of all the banks.
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