Personal loans are "all-purpose loans," which ensures that you can receive personal loans for whatever reason, such as transportation or medical expenses, etc. The interest cost is relatively low, as an unsecured loan, so the period is shorter. The EMI Personal Loan Calculator is the ideal tool to help you evaluate your ability to repay and reach the amount of the loan you’re willing to repay. It operates with the same principles as other EMI calculators, such as the volume of the loan, the period, and the interest rate. You can research with the EMI calculator to reach a loan amount that suits your needs and that you can easily payback.

Personal loans have set a period of interest, monthly regular repayments defined as EMI (equated monthly instalments) to be taken for the whole term of the loan. EMI calculator is a device that allows you to measure your EMI loan based on some main data such as the loan number, interest rate, and tenure. You can use EMI calculator at every time of the day and infinite amount of times to measure an actual EMI loan that suits your budget.

Procedure to Use Paisaexpo Personal Loan EMI Calculator

On Paisaexpo page, the personal loan EMI calculator uses certain crucial details received by the customer to display the EMI balance immediately. The following is a step-by-step tutorial on how to use the calculator:

Step 1. If you have signed in to the personal loan EMI calculator page of Paisa expo, type your personal loan number you like.

Step2. Provide the expected interest rate on personal loans

Step3. Provide the tenure you wish to repay your loan for

Your personal loan EMI is presented immediately upon completion of the above measure. You will also display specific information including gross interest payable and the cumulative sum payable (loan principal + interest).

Personal loan EMI Calculation Formula

The formula used by EMI calculator for a personal loan is:

EMI = [P x (R/100) x {1+(R/100)} ^N]/ [{1+(R/100)} ^ (N-1)]

Where,

EMI = equated monthly instalments
P = loan principal i.e. amount borrowed
R = loan interest rate (monthly basis) = annual interest rate/12
N = Loan tenure in months

The formula above works to calculate all types of EMI loans, and not just personal EMI loans. With the availability of an online EMI calculator, this tedious calculation is no longer necessary by hand, as the result can be obtained instantly by providing the required data.

This is common knowledge that the EMI payable ranges according to the amount of the debt, interest rate and duration of a loan.