Principal Amt. 100000
Interest Payable 18250
It is a fixed monthly amount that a borrower needs to make in order to repay the personal loan amount.
The Personal Loan EMI is calculated on the basis of following factors namely principal amount, interest rate & loan tenure.
The formula of Home Loan EMI calculation is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here, P stands for principal amount that is borrowed as a loan, R stands for rate of interest that is applied on the loan amount & N is the loan repayment tenure or the number of monthly installments that you will have to pay