A personal loan, while an important option, presents a lot of challenges. Deciding upon a personal loan and its numerous aspects need a lot of calculation and research. Still, all of this is easy through the Bajaj Personal loan EMI calculator, ICICI personal loan EMI calculator and EMI calculators by other lenders. As suggested by the name, personal loan assists in deciding the EMIs that you require to pay every month to the lender to repay your personal loan. Note that it can be used for more. In fact, this calculator has a lot of uses that will lower your headache. So, how can an EMI calculator help you?
EMI calculator importance
There are various uses and benefits of using a calculator. Each of the parameters placed in the calculator helps you to figure out whether you are eligible for a personal loan. Crucial aspects that you understand through the calculator are:
EMIs
The first aspect is obviously EMI. You can figure out in advance the EMI before availing of the personal loan. It allows you to understand whether you can afford the loan or not. Moreover, it even endows you with insight on how you can manage your expenditures during the loan tenure.
Loan tenure
You also can find out the prudent and best-matched loan tenure from the EMI calculator. If you look to pay a massive EMI to lower your loan interest rate, then your repayment tenure would be higher and vice versa. You can alter the EMI value to ensure you avail the best repayment tenure for your loan.
Rate of interest
The rate of interest is one of the crucial aspects of a personal loan. But interest is based on a number of parameters, including the loan EMI and repayment tenure. As you can decide on a suitable tenure and EMI of your loan from the EMI calculator, you can determine the best rate of interest by altering the inputted value as per your repayment capacity.
Loan eligibility
You even can use the EMI calculator to know whether you are eligible for a loan. As the EMI calculator asks for the info like your annual or monthly income with it, you can find out your loan eligibility.
Credit rating
Knowing your credit rating from before can help you understand the interest rate you are eligible for. Once you know the approximate interest rate as per your personal loan, you can place the interest rate along with the required loan amount and suitable tenure to know your EMI. If your credit rating is poor, then ensure to improve it to avail a better interest rate. Applying for a personal loan with a poor credit score will either result in loan rejection or approval of the personal loan at a higher interest rate.
Comparison
As you avail a lot of info on different loan aspects from the EMI calculator, you easily can use the same for comparison. EMI calculator can be used to compare different results based on the selected value to avail the suitable rate of interest, repayment tenure, EMI etc.
Customizable
As values of all the aspects in the EMI calculator are customizable, you can easily alter the values until you are completely satisfied that you have received the best result. Thus, it will assist you in availing yourself of the best loan for you with suitable values.
Convenient loan with digital apps
The pace of the present-day world is such that it is tough for you to manage your time. Thus, you cannot waste it on meagre matters that can simply be streamlined if required. However, when it is about a loan, you might think that as it is a complex procedure, the time consumed will for sure be on the higher end. Well, you must know that selection & approval of loans hardly consume time. However, if you place an application for a personal loan through a bank, you are bound to wait for a while. Bureaucracies and unnecessary processes of the bank take a lot of time to complete. Thus, it might not be a great idea to apply to a bank for a loan if you require it instantly. Moreover, if you apply for the loan at the bank, then you will require visiting the bank many times not only for approval but also for documentation and get an update about the progress.
Why choose a personal loan EMI calculator for EMI calculation?
A personal loan is an important credit option that recently has gained great appeal because of its unsecured nature. It means you do not require submitting or pledging any security or assets to avail personal loan. The best part about such credit options is that the funds from them can be used for any purpose. Personal loan disbursement usually is very quick, i.e., it can be processed and disbursed within 2 to 7 days after the loan approval.
Whenever you avail of a personal loan, you require paying the principal component and generated interest. Thus, it is massively important to calculate the EMI or the equated monthly instalment accurately before you avail of the personal loan to avoid any kind of inefficiencies. In place of computing the EMI manually, owing to the ease of computation, many are getting inclined towards personal loan EMI calculators to calculate the EMI. Various banks also offer free to use a personal loan EMI calculators on their websites. Few of these calculators include ICICI personal loan EMI calculator, Bajaj Personal loan EMI calculator and others.
When you use the online personal loan calculator, you require to get an idea about the monthly amount you must repay during the repayment tenure. It is very useful for you as an applicant because it gives you an idea of the loan’s influence on their lifestyle and spending.
Note that personal loan interest rates can differ from one bank to another. Thus, you must ensure to compare the interest rate before selecting the loan plan which matches best with your long term crucial financial goals.
