Personal loans due to their very nature have become a more common means to fund any immediate financial need. EMI or equated monthly installments are an important part of any loan. This is the amount one has to repay the bank on or before a specified date every month. Being regular in EMI repayment makes a borrower credit worthy and on the contrary missing any EMIs can invite penalty and stricter repayment conditions.

The amount of loan taken, interest rate and tenure all go into determining the exact amount of EMI one has to pay for his personal loan. Knowing the precise amount of EMI helps a lot in formulating the budget and plan in advance. A great calculator like the Rupeetimes Personal Loan EMI Calculator makes this task very easy.

This simple calculator requires minimum inputs and gives a detailed month by month account of the repayment schedule.

Every EMI paid to the bank has two components in it, a part of the EMI is used to pay the interest while rest goes towards servicing the principal. Generally during the early part of repayment tenure most of the EMI is used to service interest.

This calculator shows the EMI amount, the interest part of the EMI, the principal part of the EMI and the balance due after EMI payment. Some lenders take one EMI in advance, if this is the case with your personal loan, this Personal Loan EMI Calculator from Rupeetimes has the option to specify this also.

The procedure for calculating the EMI for your personal loan is very simple and is detailed in the following steps:

Step 1: Go to the Personal Loan EMI Calculator page
Step 2: Enter the loan amount
Step 3: Enter the rate of interest charged on the loan
Step 4: If your lender charges one EMI in advance tick the relevant checkbox.

That's it! The Personal Loan EMI Calculator from Rupeetimes needs only this much information. Press the calculate button when you are done.

Checking the results:
The calculator instantly displays the EMI results in a neat looking tabular form on the same page.

The first column denotes the number of month, the second column displays the total EMI amount. This is the money you'll have to repay the bank every month. The third column shows the amount used to service the interest and the fourth column shows the amount used to service the principal. These two are a part of your EMI and are shown here to give you a better insight on how your bank uses the EMI to reduce your debt burden.

As it is clearly visible the interest rate serviced decreases from the first EMI to the last and the principal serviced increases from the first EMI to the last. This effectively means that banks services the interest first and principal later. The fifth column in the results table shows the balance due next month after paying the EMI. Finally at the bottom of the page the calculator presents the total amount and total interest you've paid to the Bank as EMI and interest respectively.

This simple and effective calculator from Rupeetimes takes the pain and guesswork from the process of Personal Loan EMI calculation. So go ahead, take control over your EMIs.