How to calculate EMI of Personal Loan? How to calculate or calculate EMI for a personal loan?
I know that you guys are very intelligent, but still, when it comes to financing, our mind gets confused at that time and we are not able to solve this problem.
I have been thinking of taking a personal loan for some time now, but since I do not know the personal loan, I could not take a personal loan till now.
Then I researched a lot about him and gathered some information about him. I am going to present this information to you, so that if you ever have to take a loan, then it does not bother you to take any kind of loan.
So without taking any more time for you, I start this article….
In today’s era, many people take loans that they have to repay in EMI. But, hardly any of them will try to understand how the cost of his loan is converted into EMI.
Because of his attitude, he has to face many problems while taking the loan or while repaying.
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If you are also thinking of taking a loan in the future, then you should get the right information about all its elements like EMI Calculator so that you do not face any kind of trouble.
Maybe EMI Calculator is a brand new term for you, which you have no idea about. But, now you do not have to worry about it because by reading this article you can know in detail about loans and EMI Calculator.
What is a Personal Loan called?
There are many types of loans, including personal loans.
Personal loan, as the name itself, implies, means a loan that a person takes to fulfill his needs like traveling, taking home, taking a car, etc.
The loan is named on the basis of all these requirements, which are called House Loan / Home Loan, Car Loan, Education Loan, etc.
Where can a personal loan be taken?
If you want to take a personal loan, then you can take it from any bank like SBI, HDFC, ICICI, etc. Apart from this, some finance companies can also provide loans, including the name of Aditya Birla.
For this reason, you can take a personal loan from them, but before going to any place, you should know about their loan plan so that you can decide from where you have to take a personal loan.
What is EMI?
EMI is a means of repaying any loan, which in common language is called installment. It depends on the cost of the EMI loan, which has to be repaid in a few months.
The formula for determining the EMI of any loan is –
(P x I) x ((1 + r)n)/ (t x ((1 + r)n)- 1)
In this, P means the cost of the loan, I means Annual Interest Rate, R means Interest Rate for each month’s installment, N means Installment for all months, T is total months of the year, etc.
How is EMI calculated?
What is the EMI of any loan, which is determined by the EMI Calculator? If it is done on a personal loan then the installment is also done through EMI Calculator.
Let us try to understand the same thing through an example, assuming you have taken a loan of 5 lakh, whose annual interest is 8%, then your EMI of every month will be 4500 / -, which you will have to repay in 5 years.
What is EMI Calculator?
EMI Calculator is a tool by which the price, interest, repayment period, etc. of a loan is determined. All this work is done online and EMI Calculator saves time and effort.
At present, all banks (both government and non-government) like HDFC, SBI, ICICI, etc. give all types of loans along with personal loans. In such a situation, understanding the mathematics of EMI becomes very important for all people.
Thus we hope that reading this article will be helpful for you because in this we have tried to give the necessary information related to a personal loan, EMI and EMI Calculator.
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