An EMI is an amount that borrowers need to pay periodically for a loan they take. If a borrower fails to pay their EMIs on time, the lender can charge a penalty or take legal action to recoup the loan amount.
Borrowers can use the personal loan EMI calculator to compute the EMIs to ensure that they will be able to pay their EMIs on time.
What Is A Personal Loan EMI Calculator?
It is a calculator for calculating the equated monthly installments (EMI) on a personal loan and is free of cost.
How To Calculate Emi For Personal Loans?
The EMI calculator is based on a straightforward mathematical calculation.
However, one does not need to do it manually; the application will calculate the EMI and provide the result automatically.
The formula is: EMI = P* r* (1+r)^n / ((1+r)^n – 1)
The steps to compute the EMI on an EMI calculator are:
- First, enter the required loan amount
- Next, enter the interest rate
- Finally, enter the loan tenure for which you want to take a loan
After applicants have completed these steps, the EMI they will have to pay will be computed automatically.
Also Read: Personal Loan EMI calculator: Know How it helps optimize your loan
Applicants can also experiment with different interest rates and payback terms to get an idea of the EMIs they would be responsible for.
With Fullerton India, borrowers can get instant personal loans at competitive interest rates, with quick processing, and personal loan without documents or minimal documents.
Borrowers can also use their free personal loan EMI calculator to know how much they will have to pay on EMIs every month.
Finance News 