What is Personal loan EMI calculator?
Today with the availability of loans, you can acquire anything that you wish to by opting for EMIs. In simple terms, EMI also known as Equated Monthly Instalment is the amount that is payable to the lender on a monthly basis. The payable EMI consist of three components- principal amount, interest rate and the loan tenure. To make it easy for you to calculate the monthly payment you have to make towards the specific loan amount you opt for, a personal loan EMI calculator can be of great help. A personal loan calculator is a financial tool that helps you determine the EMI amount you are liable to pay the lender by taking into account the loan amount, tenure and rate of interest you opt for.
How is Personal Loan EMI Calculated?
Personal Loan EMI is calculated on the basis of the following:
- Personal Loan Amount
- Loan Tenure
- Rate of Interest on the Personal Loan
Keep in mind that the loan tenure should be calculated in months before using the formula below to calculate the personal loan EMI. Here's how one can calculate the personal loan EMI with the following formula:
Here is what the letters stand for in the formula above:
P is the loan amount or principal that is borrowed
R is the interest rate that is charged on the principal (monthly rate)
N is the loan repayment tenure or the number of installments you will have to pay every month
Benefits of Using EMI Calculator
- Saves Time: Calculating your EMIs with an EMI calculator is quick and simple since you don’t need to manually calculate anything. You can also do numerous calculations in just a few minutes, simply by entering the details and letting the EMI calculator do the work!
- Accuracy: If you plan to calculate your EMI manually, you might make a mistake, which will lead to completely incorrect information. This can make a negative impact on your personal loan. That is why we recommend to use the personal EMI calculator, which automatically uses the formulas required to calculate your EMI with accuracy, just a few seconds.
- Budget Planning: When you plan to avail a personal loan, you will need to plan your budget in order to ensure you can manage your monthly expenses. With our EMI calculator, you can look at the term loan details instantly.
How does Upwards personal loan EMI calculator work?
Upwards personal loan EMI calculator is designed to help you calculate the EMI you will have to pay each month towards the loan amount you opt for a specific tenure and interest rate. The calculator is simple to use as it requires you to submit just a few details.
- For using the calculator, first enter the loan amount you plan to opt for. You can enter loan amount anywhere between ₹ 15,000- ₹ 5,00,000.
- Then enter the tenure, anywhere between 6 months-60 months
- Proceed with entering the interest rate on per annuum basis
- Then click on enter and the EMI amount will be displayed