Significance of Personal loan EMI Calculators in making loan offer comparisonsby Mohit Saxena Apply and Get Instant Personal Loan Approval
We all know that a Personal loan is one of the easiest and convenient option to access funds. But before applying for a Personal Loan, there are some factors that need consideration such as tenure, repayment capacity, and analysis of how a loan might affect your lifestyle. With the help of a Personal loan EMI calculator, you can easily say goodbye to all these concerns.
How EMI is paid?
Equated Monthly Instalment or EMI is the fixed amount a borrower must pay monthly to repay the loan amount. It has two components - the principal and the interest- and is usually paid on a fixed date every month.
During the initial years of loan tenure, it is mainly the interest payments that are being made while the principal repayments are much less. Towards the end of the repayment tenure, repayments are made towards the principal amount.
The basic formula that works in calculating Personal loan EMIs
This EMI calculator helps in easy comparison of the bank personal loan offers. As a result, it will show you the total cost of each loan along with their respective EMIs. This will help you narrow down on the most feasible option.
Benefits of using the EMI calculator for Personal Loan
• Easy to access: All you are required to enter the loan amount, interest rate, and tenure
• The most important benefit of using a personal loan calculator is that it calculates the interest rate that you are required to pay to the lender. Since the loan interest rate offered by the lender is based on a variety of factors, you can alter the numbers and select the best interest rate for you.
• Quick answers to all your questions related to the loan amount eligibility. Since the loan calculator asks for information such as your income, credit rating, etc., it will also be able to know about your loan eligibility before applying for the loan.
• Helps you access how much will be the Personal loan EMI outgo.
• Makes loan planning easier for you
Process of online Personal loan Calculator
• Use the slider for selecting the desired loan amount according to your financial need.
• Fill the interest rate offered by lenders. Do not change the value as per your preference.
• After choosing the interest rate, make use of the slider to choose the tenure of your loan. Higher is the tenure, the lower will be the EMI value.
Use the EMI calculator for Personal loan makes comparison easier of loan offers from various banks. It will calculate for you the total cost of your personal loan along with their respective EMIs.
Created on Oct 1st 2020 06:58. Viewed 622 times.
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