Whenever you apply for a loan from any financial institution you have to pay the loan in the form of EMI ( Equated Monthly Installment) which may be a monthly or yearly basis. It is a monthly installment amount that you have to pay until your loan is repaid fully. Personal Loan EMI Calculator is a tool used to calculate the EMI amount of the loan.

Before applying for a personal loan you should know how much EMI amount you will have to pay for the loan. There are 2 methods by which you can calculate EMI:-

1. By manually with mathematical formula- EMI is calculated through these factors- Principal Amount, tenure and rate of interest. The mathematical formula used for this calculation is:
                 EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
here,
P is the stands for the principal amount,
R is for the applicable rate of interest, and
N is for the loan duration.

2. Personal Loan EMI calculator- You can calculate EMI by using a Personal Loan calculator, an online tool to calculate the EMI amount. Use of online calculators fewer chances of errors. It is fast and it is easy to use. It saves your time and gives an accurate result. The tool is available on the lenders’ official website. You only need to fill the details of the principal amount ( loan amount), Interest Rate, Tenure and submit it. It will show your EMI amount.

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