# Personal EMI Calculator

Personal loan EMI calculator to calculate the total payment, interest rate and monthly EMI for car, home or any type of loans. Equated monthly installment (EMI) is a fixed payment made by the borrower to the lender at a particular date of each month. Banks and other financial corporation offers EMI loan option to fulfill the financial needs of the people. Use our personal EMI calculator to find the total loan amount for the specified interest rate.

## Personal Loan EMI Calculator | Equated Monthly Installment Calculation

Personal loan EMI calculator to calculate the total payment, interest rate and monthly EMI for car, home or any type of loans. Equated monthly installment (EMI) is a fixed payment made by the borrower to the lender at a particular date of each month. Banks and other financial corporation offers EMI loan option to fulfill the financial needs of the people. Use our personal EMI calculator to find the total loan amount for the specified interest rate.

Code to add this calci to your website

#### Formula:

Monthly Loan Equated Monthly Installment (EMI) = P x r x (1 + r)^{n} / ((1 + r)^{n} - 1)

**Where,**
n = Duration (Period or no.of year or months for loan repayment.)
P = Prinicipal Amount
r = Rate of Interest / 1200
### Example:

Calculate personal loan EMI for 5 months with the amount of Rs. 5000 and rate of interest as 5%.

#### Solution:

EMI = P x r x (1+r)^{n} / ((1+r)^{n} - 1)

Personal EMI = 5000 x 5 x (1+5)^{5} / ((1+5)^{5} - 1)

= Rs. 1012.53

Total Interest Rate = 62.67%

Total Payment = Rs. 5062.67