## Personal Loan EMI Calculator - Calculate Your Personal Loan Online

A personal loan is an unsecured, flexible loan that can be used as 'real money' to pay off pressing bills like hospital expenses, a family vacation, or debt consolidation. They are not secured with any collateral, which makes them accessible to most borrowers.

The procedure is short and very simple. Credit score and income are included in the list of criteria that the lenders use to evaluate borrowers. A loan does not have any specific purpose; a borrower can use the loan for virtually any reason, unlike home or auto loans, which have defined purposes.

## Using the Personal Loan EMI Calculator

Our **Personal Loan Calculator** is designed to plan your loan repayment quickly and easily. Using just three key details- the loan amount, interest rate, and loan tenure, you get an accurate calculation of your monthly EMIs and the total interest payable over the loan period.

Our calculator gives you a clear picture of how much you will pay each month, whether it is a short-term or long-term loan.

## Advantages of using our Personal Loan EMI Calculator

Here are the advantages of using the calculator.

**Quick and Easy** You can instantly calculate your monthly EMIs and total interest payable with a loan amount, interest rate, and tenure.**Accurate Results** The calculator provides precise breakdowns, thereby allowing you to plan your finances well.**Time-Saving** You save time from doing manual computations of complicated figures. Instant results in seconds.**Better Financial Planning** With your exact monthly payments, you'll be able to budget smarter and avoid financial stress.**Totally Free of Charge** Our calculator is free to use where you can calculate any number of loan scenarios that you like.

## Personal Loan EMI Calculator Formula

Our Personal Loan EMI Calculator employs a simple yet effective formula to determine your monthly installments:

Where:

**P** is the loan amount (principal)**R** is the monthly interest rate (annual interest rate divided by 12),**N** is the loan tenure in months.

This formula works to compute the loan amount as well as the interest for returning you an exact monthly EMI. The compound interest factor, as expressed by the equation (1 + R)N is a way of calculating interest applied on every month of loan tenor.

We also have Home Loan EMI Calculator with Prepayments for in-depth analysis of home loan payments and part-payment options.