Personal loan Interest Rate Calculators
Personal loan Interest Rate Calculator
We use a personal loan interest rate calculator to calculate the EMI with loan amount which you can borrow, with prescribed interest rate. EMI (Equated Monthly Installment) is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off.
It consists of the interest on the loan as well as part of the principal amount to be repaid. The sum of the principal amount and interest is divided by the tenure, several months, in which the loan must be repaid. This amount must be paid monthly. The interesting part of the EMI would be larger during the first months and gradually reduced with each payment. The exact percentage distributed towards the payment of the principal depends on the interest rate. Even though your monthly EMI payment changed the proportion of principal and interest components will change with time. With each successive payment, you will pay more to the principal and less in interest.
formula to calculate EMI:
P is Principal Loan Amount
r is the rate of interest calculated monthly.
n is loan term / tenure / duration in number of months
How to Use EMI Calculator?
EMI Calculator is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator.
Enter the following information in the EMI Calculator:
Principal loan amount you wish to avail (rupees)
Loan term (months or years)
Rate of interest (percentage)
EMI in advance OR EMI in arrears (for car loan only)