Everything You Need To Know About Personal Loan EMI Calculator In 2022
Loans are the best way to meet your financial requirements, have leverage, and gain monetary independence. Personal loans, of all types of loans, can be used for a variety of reasons.
You can apply for a personal loan without being accountable to the lender about the way you want to use the money. You can use it to buy a house, make a down payment, finance higher education, etc. However, managing the finances the right way can be tough at times.
In such cases, a personal loan EMI calculator can come to your rescue. You can use it to calculate your interest rates, loan amount, loan tenure, and EMI amount. This will help you compare different offers. You can choose the one that is best for you.
In India, most of these personal loan EMI calculators are available on several websites online. The interface is quite easy. You can conveniently use it without any constraints.
However, there are certain things you should know before using a personal loan EMI calculator. This article will let you know about personal loans, EMI calculators, their features and benefits, and how to use them.
What is a personal loan, and what is it applied for?
A personal loan is a financial aid. It helps you borrow money from a lending institution to meet your requirements. You can use the loan amount for a wide range of needs. These could be buying a house, making a down payment, or even financing higher education.
The lender, in return, charges you a specific rate of interest. This is mostly about 8% to 24% per annum. According to your credentials and financial capacity to repay the loan, the EMI amount and the interest rate are charged. You have to repay the loan within a period of 12 to 84 months. This depends on what your lender charges.
These loans are unsecured. This means you won’t have to pledge your assets as collateral to get a loan. You are also not dictated to in the way you use the loan amount by your lender. In addition to that, you have the liberty to choose the loan amount, loan type, and other EMI options.
However, to manage your loan EMI amount, interest rates, and updates, you need to use a personal loan EMI calculator.
What is a personal loan EMI calculator, and what is its significance?
A personal loan EMI calculator is an online device. You can use it to calculate your EMI amount for the loan you have taken. It is a free, easy-to-use, handy calculator. It lets you put in all the required information and get the desired result in no time. The device is programmed with a mathematical formula. It gives you instant results with accuracy.
You can use the personal loan EMI calculator to calculate and compare different offers from different lenders. This will help you get the best EMI option according to your choice and suitability. You should go through the terms and conditions of the loan before applying for one.
Now that you know what a personal loan EMI calculator is, it is time to learn about some of its benefits.
What are the advantages of using a personal loan EMI calculator over other calculators?
There are several merits to using a personal loan EMI calculator:
- Easy to use:
The loan EMI calculator is easy to use. You only need to put in the information and get the result in no time. This makes the personal loan EMI calculator handy for you when calculating different interest rates.
- Time-saving:
It is powered by artificial intelligence. So you can get the computed result in no time. When it comes to fast calculations, nothing can beat an online calculator.
- Accuracy:
The results that are provided to you by the personal loan EMI calculator are accurate and precise. This prevents you from experiencing its complexity. It tells you the exact number that you need to know.
- Comparing different offers:
A personal loan EMI calculator is diligent. So you can do as many calculations as you want and compare all the offers of different lenders. You can choose the loan with the best interest rate and EMI amount. This will help you plan to repay the debt easily.
How to correctly use a personal loan EMI calculator?
As mentioned earlier, you can easily use a personal loan EMI calculator even if you have not used it earlier.
- In the first bar of the EMI calculator, add the loan amount you have taken from the lender.
- In the second bar, you have to enter the interest rate charged by the lender based on your credentials and the terms of the loan.
- In the third bar of the personal loan EMI calculator, you have to enter the tenure of the repayment of the loan, and then you have to click on “Calculate.”
After following these steps, you can easily get the desired EMI amount that you have been looking for. Likewise, you can perform as many calculations as possible until you find the one that suits you.
In conclusion:
A personal loan can cover all your needs and requirements without much financial strain. But the real deal lies in managing it. While managing your loan, you can use a personal loan EMI calculator to calculate your remaining EMI amount.
Before applying for the loan, you can get updated with the pending instalment amount that you have to pay. In addition to that, you should not depend only on the calculator.
You should visit the terms and conditions of the lending institution, talk to your advisor, improve your credentials, and prepare your financial plan before going for it.
In case, you want to know more about personal loans and personal loan EMI calculators, you can visit Piramal Finance.