Personal Loan Calculator
Key Terms Explained
- ▸ Principal: The original loan amount borrowed
- ▸ Interest Rate: Annual cost of borrowing (as a percentage)
- ▸ Loan Term: Duration of the loan in years
- ▸ Amortization: Gradual repayment through regular installments
- ▸ Amortization Schedule: Table showing payment breakdown
5 Smart Borrowing Tips
- Always compare loan offers from multiple lenders
- Choose shorter terms for lower total interest
- Never borrow more than 40% of your income
- Check for prepayment penalties before signing
- Use EMI calculators to plan your budget