Medical emergencies, house repairs, or an additional expenditure in wedding planning can come up anytime despite having everything planned out. These financial requirements often need a significant amount to be fulfilled. Hence, meeting them from your monthly income or savings is tough, especially if you are a middle-class working individual. Personal Loans have become a popular financing option recently.
The reason being they are affordable. You can apply for the required amount at a competitive interest rate and repay it in equated monthly instalments. If you wish to calculate your EMI payable, you can easily do so using the Personal Loan calculator. It is an online tool you can find readily accessible on any leading bank’s website. You can use the tool any number of times free of cost. Various ways in which Personal Loan calculator comes in handy are:
Determine the EMI payable
The online calculator primarily lets you arrive at the EMI payable. If the derived EMI amount is within your budget, you should not hesitate to apply for the Loan. If the EMI is not affordable, you can always adjust and opt for fresh calculations. The calculator also gives a clear break of the EMI amount. It gives you a fair idea of the principal and interest component payable with every EMI.
A significant advantage of using the online Personal Loan calculator is it does away with the hassles of manual calculations. With the calculator, you only need to enter the key variables and get accurate results in no time. Manual calculations are vulnerable to errors and are time-consuming. The online calculator handles these challenges.
Every bank offers Loans at different interest rates. Hence, you should compare all offerings to find the best deal for yourself. The online calculator lets you make suitable comparisons. Feed in the interest rate variables in the calculator and determine the EMI payable. Opt for the bank that has the lowest EMI payable. This makes the Loan repayment affordable for you.
The interest rate offered also varies based on the applicant’s profile. In that case, using the Personal Loan eligibility calculator proves to be very helpful.
Plan your repayment
The online calculator enables you to plan your Loan repayment. Once you are aware of the EMI payable, you can plan your repayment accordingly. This ensures you can repay the Loan amount without any defaults and feeling burdened. Furthermore, it allows you to plan your other finances. For instance, if you are left with a handsome amount after repayments, you can channel those funds to profitable investments.
Neha Sharma, a finance student, loves to write in her free time. She has spent a considerable time researching on Personal Loan calculator. Through her work, she lists ways through which the tool is helpful