Loans are probably the best tools to help you out of financial prison. They enable you solve your current financial problems. Additionally, they also allow you to repay the amount over a period of time to ensure that you create a new financial issue. Check out the banks that offer the best personal loan interest rates. But before applying for loans, it is always prudent to check the interest rate that you may have to incur. You should also determine the value and number of EMIs that you have to repay the loan. The best way to do so is through a loan calculator. All lenders, banks, and NBFCs provide online loan calculators to help you in planning your repayment of the loan.

How Does a Loan Calculator Work?

It is easy to just go online and use an EMI calculator for personal loan to determine everything you need. But, you should also know how a loan calculator works and the formula it uses. The formula to calculate EMI without using an EMI calculator online is:

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

Here, P stands for Principal Loan Amount, R denotes Monthly basis Rate of Interest, and N denotes Tenure of the loan

There, now you know what to do if you want to calculate manually or if the internet is not working. It is also beneficial to know the formula if you dislike mathematics like Swaminathan from Malgudi Days.

EMI Calculator for Personal Loan

If you are thinking of applying for a personal loan, then you need to consider several things. One of the most important things that you will need to consider is the eligibility criteria. You should always check whether you meet the minimum criteria for applying. If you do meet the eligibility criteria then you need to decide on the amount of loan you require. After deciding the amount, use the EMI Calculator for personal loan to ascertain the number of EMIs that you will have to incure to repay the loan. It will also help you in determining the interest rate. However, you should be careful about deciding the EMIs, too many EMIs and the interest will be higher but amount per EMI would be low. Inversely, if the EMIs are less in number then you will have to pay higher amount per EMI. So, decide carefully and apply to PaySense, if you do not wish to wait in lines for hours and days to get an approval for your loan. PaySense offers instant loans with attractive interest rates.