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Understanding EMI Calculator
The personal loan EMI calculator is the ideal tool which helps you assess your repayment capabilities and reach a loan amount which you are comfortable paying back. It works on the same parameters as other EMI calculators, such as the loan amount, tenure and interest rate. You can experiment with the EMI calculator to reach a loan amount which suits your requirements and which you can pay back with ease.
EMI stands for Equated Monthly Installment. It is the total amount payable every month until the loan has been fully repaid. EMI consists of a portion of the principal amount and interest due on the loan.
A loan EMI calculator works on three main criteria – loan amount, tenure and the rate of interest.
Here’s the Formula
EMI Calculator is very easy to use. All you need to do is enter the following information:
You can move the sliders to your left or right to adjust the value.
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