When you are looking to borrow urgent funds, a personal loan is a popular choice for most needs. You get quick and easy access to funds for all purposes – wedding expenses, tuition fees, home renovation, etc.
To make the most out of it, apply for a personal loan that is best tailored to your needs. The easiest way to identify the ideal personal loan offering is by using a personal loan EMI calculator.
The free-for-use EMI tool uses different personal loan features such as tenure, interest rate, and preferred loan amount to give an estimated EMI. These factors give you an overall picture of your loan amount and repayment plan which will influence your decision. To know more about the benefits of using a personal loan EMI calculator, read on.
Quick and easy to use
Most banks provide an EMI calculator on their website, and it is easy to use. These personal loans EMI calculators are accessible on smartphones, as well. You just need to input the basic information to get an instant result. Using these calculators doesn’t require you to furnish personal information to compute the results and you can use it for as much iteration of calculations as per tenure, amount, and rate of interest. Furthermore, these calculators are available at no cost to everyone.
No manual calculations
Many bank websites provide easy-to-use EMI calculators. For instance, IndusInd Bank’s website’s EMI calculator helps you avoid complex calculations. You just need to enter the amount you desire to borrow, the interest rate, and the tenure you are comfortable with to check your repayment option. This process allows you to get rid of doing manual calculations which are time-consuming and tedious.
Do note that using basic MS Office excel calculations will also need additional effort as you will have to convert values to meet the parameters of the formula in use which leaves much room for error. Therefore, you can completely rely on a personal loan EMI calculator to get accurate results as it helps you determine the total repayment amount for different personal loan amount options with precision within seconds.
Detailed repayment process
An EMI calculator will provide you with information on your payable EMIs and also help you understand the repayment process. When you enter all the required details, you get an amortization table for your chosen tenure which showcases the loan amount breakup you will need to repay.
This chart will also showcase different components of the repayment – the interest and the principal amount component and how they contribute towards the EMI. This information comes in handy when deciding your repayment option of the EMI you are comfortable paying.
Compare different options
It’s so easy to use the personal loan EMI calculator, that you have the freedom to compare different personal loan offerings. For instance, using it, you can check the repayment details for different combinations of loan terms until you find a sweet spot! If you know the rate of interest offered to you, then all you need to do is check EMI for different tenure options to shortlist the EMI based on your affordability.
You can rest assured that this instrument works in your favor as it helps you identify the right personal loan offer. While applying for a personal loan, disciplined financial habits can help you immensely with your repayment process. Evaluate your EMIs as per your affordability to ensure your good credit history stays intact.