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Personal loans are unsecured loan so they don’t need any collateral and can be availed instantly via paperless approvals.
So, why liquidating your precious assets or borrow money from your relatives & friends when you can procure a personal loan within a short period of time only.
But before you apply for a personal loan, you need to first analyze the actual cost of borrowing money. And that is where ‘personal loan EMI calculator’ pitches in.
A personal loan EMI calculator is a very useful tool which enables you to evaluate your monthly EMIs (equated monthly installments) easily and conveniently. Here is what you need to know about the personal loan EMI calculator.
A personal loan EMI calculator is a very useful tool that helps you evaluate the EMI (equated monthly installments) of personal finance that has to be paid in the long run. With the assistance of this time-saving tool, a potential borrower can easily & quickly know his/her EMIs. Since this tool evaluates the exact monthly installments thereby helping you to take the calculative decision as per your convenience.
This magical tool also gives you detailed information about the ‘total rate of interest as well as the total amount payable (Principal + Interest)’ in the easiest manner. To know the same, you just need to fill in the loan amount that you wish to avail, select the interest/profit rate & and the desired loan tenor. In addition to this, you also have to enter your monthly salary which will be utilized to generate a list of personal finance options that you are eligible to apply for.
Personal loan EMI calculator works on a very simply algorithm. It calculates the personal finance ‘EMIs, Interest Rate Outgo, and the Total Amount Payable’ very easily and quickly. The moment you provide the personal loan details such as Loan Amount, Rate of Interest, and Loan Tenure, this amazing tool immediately fetches the value for you in a just a few seconds only.
The tool provides you the accurate & exact calculations in the best possible manner thereby making it easier for you to procure a personal loan as per your convenience. This is the reasons that this magical tool is widely utilized by the borrowers in order to know the accurate calculations of the personal loan EMIs.
Apart from using an online personal loan EMI calculator, you can also evaluate your EMI with a mathematical formula. The formula to calculate the personal finance EMI is given below:
E= [P x R x (1+R)^N]/[(1+R)^N-1)
In the above-mentioned EMI calculating formula,
E is the actual EMI that you will need to pay.
P is the loan amount that you wish to borrow.
R is the personal loan interest rate applied.
N is the tenor of loan repayment in months.
When you decide to opt for a personal loan during a cash crunch, one of the most useful tools is the personal loan EMI calculator. This amazing tool enables you to calculate the personal finance EMIs within just a few seconds only. You can easily count on this tool since it gives an accurate calculation in a hassle-free manner.