Personal Loan Calculator
If the individual is planning for vacation, thinking about their higher studies, emergency medical issues, planning for marriage and does not have funds for the expense then he can avail a personal loan to fulfill their personal requirements. There are several banks, NBFCs (Non-Banking Financial companies), or any financial institutions.
The financeseva offers loan amount for personal loan is up to Rs. 25 lakhs at an attractive interest rate of @10.25% with a flexible repayment period of 60 months (about 5 years).
An EMI calculator is an User friendly device that calculates the monthly amount payable to the lenders every month. The borrower needs 3 factors such as loan amount, rate of interest, and loan tenure to calculate the monthly amount of EMI.
Given below are the steps to calculate your monthly EMI: -
- Drag the slider to select the amount of loan
- Then, drag the slider and select the rate of interest.
- After that, move the slide to select the tenure.
Numerical formula for EMI calculator
E = Pxrx(1+r)n/(1+r)n-1
Here,
E = Equated Monthly Installment
R = Rate of Interest
P = Loan amount
n = Duration of the loan