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The Personal Loan EMI calculator, available on Bajaj Markets, helps you calculate the amount you must pay each month to repay your loan. To compute the EMI amount, enter the principal amount, the interest rate, and the duration of the loan repayment tenure in the calculator.
The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the personal loan.
A Personal Loan equated monthly installment (EMI) is essentially the money you pay each month to repay your loan obligation. The word ‘equated’ denotes that this amount remains the same, provided factors such as the loan repayment tenure and rate of interest remain constant.
Personal Loan EMI Calculation Formula
Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI is Equated Monthly Instalment,
P is the principal amount,
R is the monthly rate of interest, and
N is the loan repayment tenure (in months).
The Personal Loan EMI Calculator can help you compute EMIs based on the loan amount, interest rate, and tenure.
A personal loan amortization schedule is an overall assessment of your EMIs, including the principal amount and interest component of the repayment amount. The table can help you decide the right time to opt for a balance transfer or loan prepayment and foreclosure.