New Delhi, Feb. 17 -- If you have raised a personal loan and are still struggling to decide the tenure in which you need to repay the loan, then you should use a personal loan EMI calculator. So, what is a personal loan EMI calculator?

It is an online tool that helps you find out the actual instalment that you need to pay if your loan amount, rate of interest and tenure are already decided.

Typically, there are three variables of a personal loan EMI calculator. Let us suppose, you plan to borrow Rs.5 lakh over a period of three years and the bank is offering it for 11 percent per annum.

I. Interest rate: This refers to the interest which the bank proposes to charge. For instance, when the rate of interest is 11 percent. Then you need t...