Personal EMI calculator


 

Apply Online Click Here:- EMI Calculator

What is a personal loan?

A Personal Loan is an Unsecured Loan that is used for a specific purpose like financing a holiday, renovating a home, planning a dream wedding, purchasing a vehicle, or consolidating debt. Such loans can be offered by Online lenders, banks, or credit unions. It is a type of installment debt that permits the borrower to acquire a lump sum of financing.

Personal loans differ from installment loans i.e., mortgage loans, Used Car Loans, and Student Loans. Personal loans might be secured or unsecured loans.

A secured personal loan needs a type of MSME Collateral as a security to borrow money.

An unsecured loan does not require any collateral as a condition of borrowing.

Mathematical EMI formula:

A personal loan EMI calculator uses a mathematical formula to evaluate the monthly installments:      

Where, i = Rate of Interest

           PV = Loan amount

           n = Tenure (years or months). For example,   If the borrower applies for a personal loan of Rs. 2 lakhs at an interest rate of 10.25% p.a. for the tenure of 3 years?

Principal amount

2,00,000

Rate of interest  

10.25%

Tenure in the no. of months

36

EMI

6,477

EMI = PV×i×[(1+i)n(1+i)n−1]

Location: Delhi, India

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