Financial services have become so accessible, that personal loan is now available for everyone with just a click. However, it is important to make this decision by proper calculations and speculations to make the right decision. 

For this, a personal loan EMI calculator will help you. 

Personal Loan EMI calculator

An acronym for Equated Monthly Instalment, EMI consist of the repayment of the principal amount, and the interest payment on the personal loan. It is a tool that helps applicants evaluate the monthly repayable amount for their personal loan. 

Advantages of EMI calculator 

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1)

where P= Loan amount, r= interest rate, n=tenure in number of months.

The various advantages of a personal loan EMI calculator are:

1. Budget Planning: Based on your monthly expenses and earnings, you will be able to calculate your repayment capacity. The EMI calculator will help you in planning your budget, by giving an idea about how much you have to repay each month.
2. Helps you experiment with the factors that affect your EMI: If your monthly savings are not matching up with the monthly repayment, then you can experiment with the loan tenure, loan amount and interest rate to find the perfect fit.
3. Saves time: Instead of wasting time planning and calculating your finances, a personal loan EMI calculator saves you time and gives you an estimate of your expenses.

Conclusion

With the help of an EMI calculator, you can assess your eligibility to avail of a quick personal loan, the repayment capabilities, and ensures your financial wellbeing.

Must Read: 5 Reasons why you should Avail a Personal Loan Online