Personal Loan EMI Calculator

What is EMI?

EMI is an abbreviation for equated monthly installment. It is the amount of money payable by you against a personal loan you have taken of a certain amount and for a certain period of time.

EMI is calculated taking three factors into consideration, which are, the personal loan amount, the personal loan rate of interest and the tenure of the personal loan.

An EMI calculator calculates EMI for personal loans and also compares offers of personal loans from top banks.

Furthermore, it calculates personal loan EMI payments as well as payment schedules.

Added to that it also calculates the compound interest.

Benefits of Personal loan EMI calculator

• Flexible online calculator that calculates EMI for personal loans
• Aids user to deduce an EMI that is most suitable
• Enable user to plan loan repayments using customized values

What does the EMI calculator consist of?

The EMI calculator consists of the principal amount and the interest component.

The monthly EMI remains constant while the proportion of the principal amount payment and the interest payable gets updated with each payment.

At the onset of the tenure, the interest component governs the amount of EMI payable.

The principal amount governs the EMI payable towards the latter part of the loan tenure.

What input does the EMI calculator require?

The EMI calculator requires the following inputs from the user-

• Loan amount
• Interest rate
• Loan tenure

Features of the EMI calculator

Following are the key features of the EMI calculator-

• It is easy to use
• It performs quickly
• It produces instant results
• It is simple to understand
• It aids using colorful charts
• It is churns out easy to read diagrams
• It provides a full amortization table of the personal loan

How to use the EMI calculator? 
The EMI calculator can be used by either keying in the values you require.

For added precision, you could type in values into relevant boxes provided.

For the rest, the EMI calculator offers you with specific directions of the fields that you need to fill up as you are in the process of using the calculator.

What does the EMI calculator provide?

The EMI calculator provides:

• Pie chart

The EMI calculator provides a pie chart depicting the breakup of the total payment.

It assigns values for the following -

• Total principal
• Total interest payable
• Percentage of total interest
• Percentage of principal loan amount

• Amortization table. The amortization table offers the following information-

• Payment schedule-
• Payment made every month against the loan
• Payment made every year against the loan

• Chart showing principal and interest component of
  payments made each year/month

• Immediate outstanding balance for each year

How does EMI calculator aid persons opting for a floating rate of interest on their personal loans?

EMI calculator allows you to plan for all possible future scenarios. It helps you consider both best as well as worst case scenarios in the following ways-

• Calculate EMI for scenario where rate of interest comes down
• Calculate EMI for scenarios where rate of interest goes up

Based on the results of the above calculations, you can choose what loan amount and tenure is best suited for your specific situation with Personal loan EMI calculator, you can plan for the best and also prepare for the worst.