Do you want to renovate your home, buy expensive new appliances, or just go on vacation, but are you looking for money to cover these short-term expenses? A personal loan may be an easy answer for you. But the question you may be wondering is, how much will this loan cost you and is it the best deal you can get? Well, you don't need to worry anymore. You can use CreditMantri's Personal Loan EMI Calculator to see exactly how much your loan will cost in terms of interest payments and determine the best loan you can get for your needs.
Short EMI for equal monthly installments. This is a fixed amount you will pay each month, on a fixed date, to your lender, to pay off your entire loan (including interest). Your EMI consists of two components: principal repayment (the original amount borrowed) and interest repayment. A loan EMI calculator will help you determine how much money you will need to set aside every month for your EMI payments.
It can be confusing to analyze the many loan offers out there but it is good to get reliable help to analyze all the numbers to determine how much each loan will cost you. CreditMantri's Loan EMI Calculator can be the easiest way to compare various loan offers and choose the best loan for your needs. Using a personal loan EMI gives you a simple and easy way to compare different loans and find out what the EMI will be with different lenders.
When you are considering applying for a personal loan, you need to think about how much you will borrow, how long you want to borrow, and what it will cost. Using this tool, you can try different loan combinations - for example, how much EMI will be for a higher amount or with a shorter repayment period. It helps to know the exact EMI amount you will have to pay for the different combinations you try. All you have to do is enter the loan amount, interest rate, and loan term. You can choose to enter different combinations and permutations of the three parameters to see which combination best suits your personal financial needs. Once you have decided on this sum, you can analyze the different offers available and choose the lender that offers you the best loan.
You can calculate your EMI amount with the help of the mathematical formula given below:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables.
It also means that the EMI value will change every time you change any of the three variables. ‘P’ stands for the ‘Principal Amount’. The principal amount is the original loan amount given to you by the bank on which the interest is calculated. ‘R’ stands for the rate of interest set by the bank. ‘N’ is the number of years given for the repayment of the loan.
As EMIs are paid each month, the duration is calculated in the number of months. So, if you take a Personal loan of Rs 10 lakh at an interest rate of 15%, the approximate EMI will be: P = Rs 10 lakh, R = 15%, N = 2 years or 24 months.
EMI = [10,00,000 x 15/100/12 x (1+15/100/12)^24] / [(1+15/100/12)^24-1]
EMI = Rs 48,487.