Everything you need to know about personal loan EMI calculator.
Equated Monthly Installment (EMI’s) constitute the repayment of loans. The first thing that an individual worries about while opting for any loan is the EMI that they have to pay for the loan. The EMI has to be paid to the bank every month on a particular date, failing which the applicant might have to shell out money for extra penalty charges.
Personal loans are granted to fund personal expenses and other miscellaneous expenses that won’t be covered in business and commercial loans. Banks grant personal loans without seeking any collateral. The EMI for personal loans are calculated based on the loan amount, interest charges, tenure term and processing fee.
Personal Loan EMI Calculator:
The personal loan EMI calculator can be found in the official websites of the banks and also on third party financial websites. The personal loan EMI calculator is a finance tool that will help one determine the EMI of their personal loan very easily just by entering a few details into the specified fields.
- Loan amount
- Interest charges
- Tenure term
- Processing charges if any
After entering the required details one can calculate the EMI of their personal loan by clicking the ‘Submit’ button on the EMI calculator. The EMI calculator not only displays the payable EMI of the personal loan but it also displays a few other details.
Results provided by the EMI calculator
- It displays the EMI payable to the bank or the lender by the borrower.
- It also displays the break-up of the total loan amount payable to the bank or lender which includes the principal loan amount, interest charges and processing fee.
Advantages of using a Personal loan EMI calculator
- Personal loan EMI calculator helps you determine the EMI of your personal loan very easily by just providing certain details.
- Easily accessible. Available on all the bank websites and third party financial websites.
- Provides the EMI of the personal loan and also the break-up of the total loan amount.
- Helps you chose your loan plan by providing you with the EMI details of the personal loan beforehand.
With the introduction of personal loan EMI calculator, one doesn’t have to worry about calculating EMI’s anymore.