Now, since the rate of interest and loan duration given above are in different units, we need to first convert these into months. 10 lakh for 2 years at a rate of interest of 20% p.a. Let's take an example to understand this better. N stands for the loan duration meaning the time period in which the loan amount must be repaid (to be used in terms of months) R refers to the rate of interest on the loan amount (to be calculated monthly) P refers to the principal amount, or the actual amount borrowed The personal loan EMI calculator makes use of the factors such as the actual loan amount, loan tenure and the applicable rate of interest on the borrowed amount to calculate your EMI amount.Ī personal loan calculator actually works on the following formula to calculate EMI for personal loan-ĮMI stands for Equated Monthly Installment How does Online Personal Loan EMI Calculator Calculate Loan EMI?Ī personal loan calculator helps you calculate the amount of monthly installments that you'd be paying on your personal loan. The amount borrowed from a personal loan can be put to multiple uses, such as sponsoring a vacation, hosting a wedding or any other event, paying for education, renovating or building a property, etc.
Considering the multiple uses of personal loan, there is no doubt in the fact that there has been an ever increasing demand for personal loans in the Indian debt industry.
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