New Delhi, Feb. 6 -- A personal loan is a convenient and quicker way to fund diverse financial requirements. Borrowers who require urgent funds without collateral often opt for a personal loan. However, some may borrow more than they can repay in the future, leading to a debt cycle or loan leveraging.

Loan overleveraging occurs when a borrower borrows too much money and is unable to pay interest, principal, or other related costs due to the debt burden.

Borrowers often end up in a loan overleveraging situation when they do not estimate the total cost of the loan correctly. In order to calculate the actual cost of a loan an EMI calculator is necessary.

An EMI calculator is a financial tool for calculating the monthly payments, or Equate...