Equated Monthly Installments (EMIs) are the monthly payments that have to be paid in order to pay off the personal loans. The EMIs consist of part of the principal amount to be repaid as well as well as the interest on loan. The interest paid for each installment is higher initially and it reduces with each payment.
The EMIs can be calculated by a simple EMI formula but calculating the EMIs for different combinations can be complex and error prone. The EMI calculator on Personal loan Bangalore.com calculates the EMIs in seconds along with visual charts displaying the total breakup of payment.
Following information needs to entered to calculate the exact EMI
When the above values are entered the calculator shows the break-up of total payment in terms of principal loan amount and total interest amount. It also gives a visual pie chart showing clearly the breakup of the total amount.