Applying for a personal loan needs proper information and decisions. Furthermore, you need to find each detail exactly as any incorrect information could end up as a permanent blot on your credit history.  Therefore, it is imperative for you decide the exact value of your EMIs. The EMIs are the amount of money that is owed to the lender in order to repay the loan with interest. So, if you miss even a single EMI, then it could affect your credit score negatively. To ensure that it does not happen when applying for a loan you should always check the amount of EMI. You should use the EMI calculator to determine how much can you afford on a monthly basis without straining your financial situation.

However, there are many who do not trust the EMI calculator that is available online. You should know that the EMI calculator for personal loan is not rigged. Moreover, you can find the right type of EMI calculator depending on the type of personal loan you are applying for. However, if you still feel that you cannot trust EMI calculator for personal loan, then you can use a formula to calculate the EMI manually.

## EMI Calculator Formula

There are two methods through which EMIs are calculated: reducing balance method and flat interest rate method. The EMI calculator formulas for both are given below:

The formula to for flat interest rate method is:

EMI = (Principal + Interest)/Period in Months

The formula for reducing balance method 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

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