In India, personal loans attract the highest interest rates, when compared to home loans or gold loans. This is why you should use a Personal Loan EMI Calculator, given that a small interest variation may alter your EMI significantly. Of course, the personal loan calculator would not be able to calculate the processing and other charges, which you would need to have separately.
It is important to use the Personal Loan calculator, as it would help you to compare personal loans between different banks. Let us given an example. Say you know the interest rate of State Bank of India and Punjab National Bank on personal loans. You feed the same interest rate in the personal loan calculator and the tenure of your choice. The calculator will work our the equated monthly income or EMI. This will help you know the total cash outflow by way of the EMI. If you feel that one particular bank loans is more expensive than the other, you can just make a comparison and pick and choose the one of your choice. Personal loans are now very popular, though the interest rates on these loans are very high in India.