New Delhi, April 11 -- Personal Loans have become one of the most sought-after financial products for those who seek quick access to funds. The loan provides the borrower with an efficient means of accessing funds during financial constraints. However, a Personal Loan should be availed only after carefully considering each influencing factor. Therefore, using a Personal Loan EMI calculator becomes imperative.
Personal Loan EMI calculators make you understand the amount of EMI that you need to pay over the period of the loan and how it can affect your monthly budget.
Why use a Personal Loan EMI calculator?
A Personal Loan EMI calculator is a cost-free calculating tool that allows you to compute the interest you need to pay for this specific type of loan. The EMI calculator enables you to calculate how much loan you can borrow and the amount you can save for your monthly loan repayment. It displays the rate of interest payable on the principal loan amount for various repayment tenures.
A Personal Loan EMI calculator employs parameters such as your loan amount requirement, the provided interest rate, and the desired loan tenure. You can enter various interest rates between the range limit provided and observe how much EMI is to be paid for each interest rate.
What are the advantages of the PL EMI calculator?
Easy to operate
A Personal Loan EMI calculator is simple to use and enables you to enter the amount of the loan, interest rate, and tenure to get instant results. Some lenders also provide apps with in-built calculators for convenience. It allows you to know your repayment date without visiting a bank or having to depend on agents.
Time-saving
An online Personal Loan EMI calculator spares you the trouble of going to a bank and standing in a queue for EMI calculations. It does away with the requirement of too much paperwork or the help of an agent, so the process is fast and easy. You just need a good internet connection to calculate your EMI instantly.
Correct results
One of the most significant advantages of applying the PL EMI calculator is obtaining correct results. With the Personal Loan EMI calculator, you avoid wasting time and receive instant and precise results for different loan plans in a matter of minutes or seconds. Further, the algorithm is such that you can alter the variables determining your EMI and try different loan amounts without impacting your credit score.
Easy comparison of plans
Using a Personal Loan EMI calculator can help you compare how much interest and principal is to be paid for different loan amounts and tenures without any impact on your credit score whatsoever. You can make soft inquiries with ease. Additionally, you do not need to pay any agent or intermediary to perform these calculations and comparisons on your behalf. Thus, you are able to try out different loan options with ease.
Makes loan planning easy
A Personal Loan EMI calculator assists you in calculating your monthly repayment, which consists of the principal and interest portions. It also gives you an amortisation schedule, indicating a step-by-step breakdown of your loan repayment. With this, you can budget your finances appropriately, making payments on time without causing any financial stress.
Wrapping up
In conclusion, applying a Personal Loan EMI calculator is now the go-to option for borrowers. You can take a Personal Loan after considering aspects such as the amount of the loan, your ability to repay, interest rates, loan terms and so on. A Personal Loan EMI calculator helps you ensure transparency while seeking a Personal Loan.
No Techcircle journalist was involved in the creation/production of this content.
Published by HT Digital Content Services with permission from TechCircle.