What is a Loan EMI Calculator?
A Loan EMI calculator is a simple tool which calculates the EMI that you are required to pay every month for the repayment of your loan. All you need to do is enter the Loan Amount, Rate of Interest, and the desired Loan Tenure and the calculator will instantly calculate the EMI Amount and the Interest Payable.
How to Use a Personal Loan EMI Calculator?
A loan EMI calculator has the following three important components –
Loan Amount or Principal –It the total amount that a you borrow as loan and are required to pay back at the end of the term along with the interest
Rate of Interest – Expressed as a percentage, the rate of interest is the rate at which interest will be charged on the principal loan amount for a loan duration
Loan Tenure or Loan Duration – Expressed either in years or months, tenure is the time period within which you are liable to pay back the total loan amount with interest
You can use our calculator to calculate your loan EMI. Just follow the steps mentioned below -
Step 1 – Using the first slider, set the desired Loan Amount. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the amount or enter the amount manually in the box
Step 2 – Use the second slider to set the Rate of Interest. You can use the ‘+’ and ‘-‘ symbols to increase or decrease the interest rate or manually enter it in the given box
Step 3 – The third and final slider will help you set the Loan Duration, in months or years. You can even use the ‘+’ or ‘-‘ symbols to increase or decrease the loan duration or you can manually enter the same in the box.
The personal loan EMI calculator will automatically show you the EMI amount that you need to pay every month.
What are the Benefits of Using a Loan EMI Calculator?
By using the loan EMI calculator, you can experience the following advantages -
Know the EMI in Advance – Using the personal loan EMI calculator, you can know beforehand the amount that you need to shelf away on a monthly basis for the repayment of your loan
Manage your Budget – By knowing in advance the amount that you need to pay on a monthly basis, you can manage your finances around your EMI and spend accordingly
Find the Right Loan Tenure – Since you can know the total Principal amount and the total interest payable, a personal loan EMI calculator will help you in choosing a loan tenure you are comfortable with as per your budget
Time-Saving and Accurate – Calculating EMI via the traditional manual method is not only time-consuming but also a complex process, often prone to errors. A personal loan EMI calculator gives you the accurate answer within seconds
How does a Loan Calculator Work?
A personal loan EMI calculator is easy to use. You just need to select the Loan Amount you wish to borrow, Rate of Interest, and Loan Tenure using the different sliders and the calculator will automatically calculate the EMI amount and Total loan Interest Payable for you.
