Personal loans, May 9 -- If you are planning to raise a personal loan, one of the first things you are supposed to do is to compute your monthly instalment, or equated monthly instalment (EMI). This can be done seamlessly by using a personal loan EMI calculator which is provided by most banks for free.

A personal loanEMI calculator is a free tool offered by banks wherein you can compute your monthly instalment based on different inputs such as total amount of loan, rate of interest and tenure of loan.

To be able to use a personal loanEMI calculator, a user is supposed to enter three key variables. These inputs are loan amount, rate of interest and tenure of loan. Let us understand the significance of each of these inputs one by one.

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