Loan EMI Calculator
Total Down Payment (TDP)
(TDP = D + P)
Loan EMI (LE)
(PLA= A – D)
(PLA = Principal Loan Amount)
(LE = [PLA x R x (1+R)^T]/[(1+R)^T-1] )
Total Interest Payable (TIP)
(TIP = LE * T)
Total Payment (TP)
(TP = LA + TIP + P)
The personal loan EMI calculator is a financial-related tool that navigates to calculate monthly EMI. Personal loans may be used to pay the EMI, medical expenses, debt consolidation, education expenses, etc. Before committing to a personal loan, borrowers should have a clear understanding of repayment obligations.
24hr Loan provides easy navigation features for personal loan EMI calculator. Everyone can navigate easily with a click solution.
Components of the EMI Calculation
3 necessary components you should enter to calculate EMI. We are discussed below:
Whenever you are going to calculate, you have to enter the loan amount in the loan amount box. It is the approval loan amount that borrowers get from lenders.
Lenders provide a loan with an interest rate that borrowers need to pay with monthly EMI. The interest rate is charged on the loan amount and the EMI calculation depends on this factor.
Your personal loan tenure is chosen by borrowers to commit to paying the loan EMI. The longer repayment term gives you the lowest monthly EMI and the shorter repayment term provides a higher EMI.
Mathematical Formula for EMI Calculation
Calculate EMI following the EMI calculation formula:
EMI=P×r×(1+r)n /((1+r)n −1)
- E is called EMI
- P is called the principal loan amount,
- R is called the monthly interest rate
- N is called a number of monthly installments (loan tenure in months).
Advantage of Personal Loan EMI Calculator
Planning of Finance
Get a clear picture with a personal loan EMI calculator and make a financial decision. EMI calculator ensures the borrowers that they can comfortably afford the loan EMI or not.
Calculating the EMI budget gives you extra precaution to pay the EMI. You should check the EMI calculator to avoid the loan defaulter.
Compare Loan Offers
As a borrower, you are always looking for a cheap interest rate. 24hr Loan EMI calculator provides the opportunity to calculate the loan EMI and compare it with lenders’ interest rates.
EMI calculator tools give you instant results. So, you can make the decision quickly.
FAQs on Personal Loan EMI Calculator
How personal loan EMI calculator help the borrowers?
Personal loan EMI calculator showing the accurate result of Total loan amount and monthly EMI that have to be paid by the borrowers.
How to use a Personal Loan EMI calculator?
Provides the three pieces of information to get the EMI calculator result.
1) Loan Amount
2) Rate of Interest
3) Loan Tenure (Total Months)
Whenever going to calculate the loan EMI, borrowers need to provide the above information. After entering the details, click on the “Calculate” button.