Get The Details For The Personal Loan EMI Calculator

Personal loan EMI stands for Equated Monthly Instalment, which you must pay on the personal loan until it is paid off. The EMI includes both the principal and interest payments. Throughout the loan term, the EMI will remain the same. You may calculate your EMI using an online Personal Loan EMI Calculator.

How to calculate EMI on a personal loan?

On online sites like Afinoz.com, you can use a personal loan EMI calculator to determine your EMI. The calculator is free to use and can be accessed at any time and from any location. Online calculators are always preferable to manual calculators since the results are more accurate and dependable, with fewer risks of errors.

Follow the steps below to calculate the personal loan EMI with Afinoz:-

• Afinoz.com is a website worth visiting.

• Navigate to the Personal Loan page, then to the Personal Loan EMI Calculator.

• Fill in the required information, such as the loan amount, interest rate, and loan term.

• Email ID is a non-required field for receiving results via email.

• Enter your phone number and a one-time password (OTP) (One Time Password).

• Click the ‘Submit button.

• The EMI for the loan amount, period, and interest rate that you entered will be displayed.

• You will also receive an email with a full EMI calculation.

Benefits of using Afinoz EMI Calculator

• It's simple to use and provides accurate EMI results right away.

• For each EMI Calculation, you can get a complete amortization plan.

• Afinoz EMI Calculator has a unique feature in that it compares EMIs in an excel format for various loan amounts, interest rates, and tenure. You can choose to get your inbox as a PDF or as a link through SMS.

Factors affecting Personal Loan EMI

• Loan amount: The amount that a borrower decides to borrow from the bank in the form of a loan is directly proportionate to the EMI. The EMI will be higher the larger the personal loan amount.

• Interest Rate: This is the amount of interest that is charged on the borrowed loan amount. The smaller the EMI, the lesser the interest payable.

• Loan Tenure: The length of time you have to repay a loan.
  

How do a Personal Loan EMI Calculator Work?

A Personal Loan Calculator calculates your EMI using a simple mathematical method. The following is the formula for calculating loan EMI:

[P*R* (1+R)N/([(1+R)N]-1) EMI

P = The loan amount you want to borrow, r = The monthly interest rate, and n = The loan payback period in months in the calculation above.

Conclusion

You may get the list through which a bank calculates interest has an impact on the EMI payable on a personal loan. Here you can check out the calculation of interest on the total loan principal amount over the duration of the loan. As a result, get the information for the EMI amount for the loan. You can also check the top banks providing personal loans in Kolkata and for more help, you can get help through Afinoz.com.