New Delhi, June 10 -- Personal loans: At the time of borrowing a loan, it is vital for borrowers to ascertain the right EMI (equated monthly instalment). It is highly recommended, therefore, to use the personal loan EMI calculator. To be able to use it, one must first enter the three inputs which are loan amount, loan tenure and the rate of interest. Here we describe these three inputs for the EMI calculator in detail.

Rate of interest: This is the annual interest charged by the bank from the borrower forlending the loan. This is inversely proportional to the loan instalment. In other words, higher theinterest rate, lower the EMI. Conversely, lower the interest rate, higher the EMI.

Loan amount: This is the total amount of loan given by...