EMI (Equated Monthly Instalment) is the amount a loan borrower has to pay through the loan time period to payback the borrowed amount. Each EMI is a chunk of the amount due in addition with the interest due. So, the tool that can be used to determine your EMI payments is the Personal Loan EMI Calculator.
Generally, in the initial tenure of the EMIs of a personal loan contribute more to the payment of the interest due in comparison to the principal sum. However, in the due course of time of the loan, following EMIs will lead you towards paying back the principal sum.
Calculating EMI yourself?
Most of us would wonder why they should calculate the EMI. Most of us will be like,” Are you really kidding me, I a pathetic at my math and you expect me to calculate my personal loan EMI?”
One should be very aware of what he has to pay and why is he paying that amount. So, put an end to the tedious task of calculating your EMI with the EMI calculator.
How do you calculate the EMI?
EMI calculator for calculating personal loan is a very user friendly tool for calculating the per month instalments. This EMI calculator is user friendly tool and involves the following steps:
- To start with chalk out a plan, regarding the loan you want.
- Fill in details like the amount you want to borrow, Loan time period and rate of interest.
- The next screen will display the Interest rate and time period of a specific amount that you what to apply for.
- Now, use the sliders to modify. By doing this you reach to an EMI which is suitable for your pocket.
- Click “Get quotes” tab which is located below the EMI you have calculated for yourself.
- By clicking this you get redirected to a page where you will be required to fill a questionnaire which would have questions related to you.
- Fill in the details and see what loans are you eligible for.
- Now, simply choose a loan which suits you the best from the customised list you just got and you are good to go.
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