What You Should Know About Personal Loan Emi Calculator

By Author: Anil Sukhchandani
Total Articles: 9
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The personal loan is the most convenient facility offered to the lenders. You can avail of this loan within hours of applying for it, including minimal documentation. The lenders disburse the sum in your account after verification of documents. You can utilise them for paying for all kinds of things such as funding vacation, weddings, paying for financial or medical emergencies, buying widgets, etc. There is indeed no limit on how you can utilise this loan. But before applying for the same, you should use the personal loan EMI calculator.

Definition

This tool is freely available online, which helps you calculate the exact payable EMI against the loan taken for persona use. Such a calculator is specially designed to help you understand how much your loan would cost, until it gets completely repaid. It also enables you to understand the monthly payable EMI based on the interest rates charged by different lenders and tenures of loan repayment.

Usage of calculator

Using the EMI calculator for personal loan is simple. You need to input the principal loan amount you need, the interest rate you can afford, ...
... and the monthly tenure within which you wish to repay the loan. Once you have added these figures, click submit. The calculator instantly computes the EMI payable against these figures, providing an insight about the amount you will pay if you get the loan at specific interest rates and tenure. If the EMI appears high, you can click on rest and add other figures until you arrive at the EMI amount, which fits your budget.

Availability

The calculator can be easily found online. You can also download the calculator through mobile apps on your iOS or Android phones. However, the best place to find the calculator is on the chosen lender portal. You should shortlist a few lenders to seek to approach the loan and use the instrument on their website. This way, you can determine the minimum and maximum interest rates charged by the specific lender and the maximum loan amount and repayment tenure.

Things to remember

While using the personal loan calculator, remember to include the additional costs associated with the loan. These include loan processing fees, sanction charges, prepayment charges, etc. Also, not you may not get the same loan amount and interest rates you desire. Hence, it is better to check the loan amount you are eligible for with another online tool called the eligibility calculator.

Benefits

There are plenty of benefits of using the personal loan EMI calculator before approaching the lender. For example, it makes you aware of the payable EMI with 100 per cent accuracy. This is something you can further readjust for accommodating the EMI. It also eliminates any manual calculation errors. There are no limitations on the number of times the calculator gets used and compare the EMI payable based on varied lenders' interest rates.

Author Bio: Anil Sukhchandani is a financial expert with over 5-plus years of experience in investment banking. In his free time, he writes on personal loan calculator. Here, he has explained how the Personal loan is beneficial