A personal loan is a type of unsecured loan that you can use for various personal needs, such as medical emergencies, weddings, home renovations, or consolidating debt. Unlike secured loans, personal loans do not require any collateral. The Equated Monthly Installment (EMI) is the fixed amount you pay to the lender every month for the duration of your loan. It comprises both the principal amount borrowed and the interest charged.
Understanding your EMI beforehand is crucial for budgeting and financial planning. Our Personal Loan EMI Calculator is designed to simplify this process. By inputting the loan amount, the interest rate, and the loan tenure (in months), you can instantly calculate your monthly installment. This tool helps you compare different loan offers and choose one that best fits your financial capacity.
How to Use the Personal Loan EMI Calculator:
Loan Amount: Enter the total amount of money you wish to borrow.
Annual Interest Rate (%): Input the annual interest rate offered by the lender.
Loan Tenure (Months): Specify the duration for which you want to borrow the money, in months.
Once you fill in these details, the calculator will provide your estimated monthly EMI. This can help you make informed decisions about taking out a personal loan.
function calculateEMI() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTenure = parseInt(document.getElementById("loanTenure").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTenure) || loanAmount <= 0 || annualInterestRate < 0 || loanTenure <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var emi;
if (monthlyInterestRate === 0) {
emi = loanAmount / loanTenure;
} else {
emi = loanAmount * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTenure) / (Math.pow(1 + monthlyInterestRate, loanTenure) – 1);
}
var totalPayment = emi * loanTenure;
var totalInterest = totalPayment – loanAmount;
resultDiv.innerHTML = "