A personal loan is the most sought after loan pertaining to the many benefits it has. From being unsecured in nature to the flexibility of using the loan amount with the borrower, personal loans are attractive in more ways than one. Being available at a competitive rate of interests and at the click of a button, personal loans ensure you don’t find yourself strangled amidst the financial emergency for too long. One can use the personal loan amount to finance one’s wedding, education, medical emergency, vacation, home renovation etc.
Personal Loan EMI Calculator
With technology seeping into the banking sector, many lenders are now offering their loan products through their online portals. One can visit the website of the lenders and apply for the personal loan by inputting their KYC and financial credentials. One can also check eligibility which is utmost important to avoid getting their loan application rejected. The digital platforms have ensured the whole loan processing process is fast and seamless.
Procuring a personal loan
Procuring a personal loan has become a cakewalk. But what entails is the personal loan EMI which if not defined correctly from the beginning can result in burdening the pocket of theborrower. Personal loan lenders approve your loan application on account of your income and repayment capacity. Some lenders don’t even give much heed to the credit score and approve the personal loan application if he finds the repayment smooth. To ensure comfortable repayments, one must choose an EMI amount which is comfortable to pay without compromising on other life goals and lifestyle. A higher EMI takes a good chunk of your monthly income which in the long run can be burdensome. A lower EMI amount resonates with longer loan tenure and hence the borrower will be paying extra interest. Thus, it is very important to choose an EMI which is neither too high nor to low and helps you attain a good credit score over a period of time.
Personal loan EMI calculator is an excellent tool to judge the monthly instalment which you will be able to pay on account of your income and current liabilities. Everyone opting for a personal loan must use this tool to avoid getting into the trap of wrong EMI calculations.
Here are some beneficial facts about a personal loan EMI calculator:
1. Simple and easy to use:
Digital platforms offering the personal loan EMI calculator tool asks the borrower to enter the following details viz.
- Loan amount to be borrowed
- Loan tenure for which you wish to avail the loan
- Rate of interest
The EMI calculator calculates the results instantly. It will define the monthly instalment you are liable to pay, the total amount to be paid and total interest to be paid.
Using these figures, you can estimate whether you can afford the loan or not and take an informed decision.
2. Considers key factors:
A personal loan EMI calculator takes into account the loan amount which you have applied for, the rate of interest charged by the lender and loan tenure. The loan amount acts as the key factor determining the EMI. Higher the loan amount higher the EMI paid. The rate of interest charged by the lender further takes into account aspects such as the income of the borrower, repayment capacity, credit score and credit history. Good credentials ensure better interest rate deals and vice versa. Loan tenure is the period wherein you are liable to pay the loan amount along with the interest. Higher the loan tenure means more amount chucking out as interest. All these factors can be confusing and may result in the wrong calculation of EMI if done manually. EMI Calculator makes the calculations quickly and accurately.
Prior calculation of EMI gives you a clear picture of whether the loan is suitable or not. You can amend loan amount or loan tenure to get an EMI which you can repay comfortably. This goes a long way as it minimises the chances of default in repaying the monthly instalment. The tool is highly beneficial and can be used on own. There is no need of visiting the bank or lender for the same. Using the digital comparative platform of LoansJagat, you can simply input the required credentials and check the EMI with the click of a button.