| Monthly EMI | ₹2,174 |
| Principal amount | ₹1,00,000 |
| Total interest | ₹30,455 |
| Total payment | ₹1,30,455 |
A personal loan is an unsecured, flexible loan that can be used as 'real money' to pay for any purpose. They are not secured with any guarantee, which makes them accessible to most borrowers.
The procedure is short and very simple. Credit score and income are included in the list of criteria that the banks use to evaluate borrowers. A loan does not have any specific purpose. A borrower can use the loan for virtually any reason, unlike home or auto loans, which have defined purposes.
EMIWala Personal Loan Calculator is designed to plan your loan repayment quickly and easily. Using just three key details- the loan amount, interest rate, and tenure, you get an accurate calculation of your monthly EMIs and the total interest payable during the loan period.
Our calculator gives you a clear picture of how much you will pay each month, whether it is a short-term or long-term loan.
Here are the advantages of using the calculator.
EMIWala Personal Loan EMI Calculator uses a simple and effective formula to determine your monthly installments:
Where:
This formula works to calculate the loan amount and interest amount that you have to pay every month.
EMIWala also offers Home Loan EMI Calculator with Prepayments for in-depth analysis of home loan payments and part-payment options.