Personal Loan EMI Calculator: a Step-by-step Guide to Using One

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Personal Loan EMI Calculator

A personal Loan EMI (Equated Monthly Installment) calculator is used to find the monthly payment for a loan. A personal loan's EMI is typically calculated using three inputs: the loan amount, the loan term, and the interest rate.


Here is a step-by-step guide to using a personal loan EMI calculator:

1. Enter the loan amount: Enter the sum you wish to borrow for personal use.

2. Establish the loan tenure: Choose how long you want to make loan repayments.

3. Specify the interest rate: Specify the interest rate that the lender is prepared to offer.

4. Click on calculate: The calculator will calculate the monthly installment or EMI you need to pay.

5. Review the results: You can then review the EMI amount, the total interest to be paid, and the total amount repayable.


Note: personal loan EMI calculator are estimates, and the actual EMI may vary based on the lender's terms and conditions.

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