# Personal Loan EMI Calculator

# Personal Loan EMI Calculator

A Personal Loan EMI (Equated Monthly Installment) Calculator is a tool that helps you calculate the monthly payment that you need to make towards repaying a personal loan. The EMI amount is calculated based on the loan amount, interest rate, and tenure of the loan.

**To use a Personal Loan EMI Calculator, follow these steps:**

**Go to any EMI Calculator website.****Enter the loan amount that you wish to borrow.****Enter the interest rate that is applicable to your loan.****Enter the loan tenure or the duration of the loan in months or years.****Click on the “Calculate” button.**

The Personal Loan EMI Calculator will display the EMI amount that you need to pay towards repaying your loan. It will also show you the total interest payable and the total amount payable over the loan tenure.

The formula used to calculate the Personal Loan EMI is as follows:

**EMI = [P x R x (1+R)^N]/[(1+R)^N-1]**

Where:

**EMI: The Equated Monthly Installment amount.**

**P: The loan amount borrowed.**

**R: The interest rate applicable to the loan (monthly interest rate).**

**N: The loan tenure or duration in months.**

For example, if you borrow a personal loan of Rs. 1,00,000 at an interest rate of 12% for a period of 3 years, the Personal Loan EMI would be calculated as follows:

**EMI = [100000 x 1%(12/12) x (1+1%(12/12))^36]/[(1+1%(12/12))^36-1]**

**EMI = Rs. 3,316**

Therefore, the EMI amount for a personal loan of Rs. 1,00,000 at 12% interest for 3 years would be Rs. 3,316. It is important to note that the EMI Calculator provides an estimate, and the actual EMI may differ based on various factors such as the processing fee, prepayment charges, and other fees and charges that may be applicable to the loan.