How is the Personal Loan EMI amount calculated?
The EMI for the personal loan is calculated using the personal loan EMI calculator. You will need the principal amount, the rate of interest and the repayment tenure to calculate your EMI. The calculation is done using a simple formula-
P * R * [(1+R) ^ N] / [(1+R) ^ N-1]
Here, 'P' is the principal amount. 'R' is the rate of interest and 'N' is the repayment tenure