While home loans and car loans are to be used for specific purposes, personal loans can be used for any reason. The choice is up to the borrower. It could be a wedding ,a vacation, home renovation, etc. In addition, getting a Personal Loan issued is hassle-free and quick. The Personal Loan, like all other loans, are repaid back using EMI. Equated monthly instalments depend on three key factors (i.e.) Principal, Interest Rate and Tenure. The principal is the amount of money required to be borrowed. Rate of interest is charged annually. Hence it is to advice to calculate the EMI with personal loan calculator an online tool to calculate the monthly EMI.

Tenure is the duration for which the EMI is to be paid in order to repay the loan. Understanding these three factors helps increase awareness among borrowers. They can calculate persona loan EMI in advance and determine the amount to borrow so that they can plan their finances accordingly.

Personal loan calculator are convenient and easy tool to calculate the payble EMI. It requires the following details:

1. Loan Amount
2. Loan Tenure
3. Interest Rate

Must Read: How Is Personal Loan EMI Calculated in India?