EMI (Equated Monthly Installment)
Equated Monthly Installments (EMIs) are the monthly fixed payment amount that has to be paid in order to pay off the personal loans. Equated monthly installments are used to pay off both principal and interest each month over a specified number of years. The initially the interest paid for each installment is higher and gradually it will reduce with each payment.
What is Personal Loan EMI
EMI is short form “Equated Monthly Instalment” or the Amount that is payable per month. The personal loan of a certain amount for a certain period depends on three major factors.
Personal Loan Amount – The significant rupee value of the loan the borrower is applied for
Personal Loan Interest Rate – The bank interest rate for the Personal Loan
Tenure of Personal Loan – The duration or period for which borrower as take the Personal Loan
Personal Loan Bangalore EMI Calculator
The EMIs can be calculated by using a simple EMI formula. The Bookmypersonalloan EMI calculator calculates the EMIs in fraction of seconds and also analyse interest and outstanding principal repayment.
Following information needs to entered to calculate the exact EMI
- Principal loan amount (rupees)
- Loan Tenure (months/years)
- Rate of interest (percentage)