Unsafe loans provided by the banks without taking any indemnity are known as personal loans, though some banks may insist on a guarantor. Personal loans are taken for various purposes going from marriage to holidaying or to buying a luxury product of your choice or any sort of medical crises. Bottom line, the reason is not important to the banks as long as it doesn’t involve speculative trading.
Emi is the abbreviation for Equated Monthly Installment. The amount you pay back in installments to the financial institutes towards the repayment of loan is your EMI. Your Loan EMI consists of a principal and interest component. In the beginning the principal is lesser than component and over a period of time the interest component is higher than the principal.
We offer you an easy to use Personal Loan EMI Calculator that helps you quickly determine the monthly installments that you are likely to pay on the repayment of your loan. This EMI calculator lets you designate your funds resourcefully, so as to facilitate the management of your budget every month. Please take a look at our Amortization Chart as given below.