Personal Loan Calculator is a valuable online tool that helps you determine your Equated Monthly Instalments (EMI) and plan your loan effectively.
When you take a loan, the Equated Monthly Instalment (EMI) is a key factor in deciding the loan amount and tenure. Fintra’s online Personal Loan calculator makes it easy for you to instantly figure out your pay-outs and, therefore, plan your loan and repayment better.
To obtain accurate results you need to provide the following data:
When all data has been filled into the Fintra's House Rent Allowance HRA Calculator click on “Submit”, and instantly results will be displayed.
Now with the new innovations in the banking sector, various banks do provide the facility of availing loans at affordable rates and flexible EMIs. For example, to know more about IndusInd Personal Loan, please click here.
What does EMI stand for and what does it mean?
The full form of EMI is equated monthly instalments, and it is the amount a borrower must pay every month till the end of their loan tenure.
How is EMI calculated?
EMI is calculated using the formula: P x R x (1+R)^N] / [(1+R)^N-1]
P= Principal or your loan amount
R= Rate of interest
N= Tenure (loan term in number of years)
How to use the personal loan EMI calculator?
Fintra’s personal loan calculator has been designed in a way that it can be used by anyone without even knowing the complex formulae to calculate monthly payments. All that is required is to enter three key inputs – loan amount, term and interest – and the calculator will automatically do the calculations for you.