One of the most important functions of a bank is to provide loans to its customers. Loans are of various kinds depending on the reason for which they are being taken such as home loans, business loans, car loans and personal loans.
A personal loan is a loan which is given to an individual to meet his financial needs for personal reasons, such as funding a wedding or a vacation or even supplementing the current income. Each kind of a loan is provided at an interest rate. This interest rate is calculated by considering several factors making its calculation slightly tedious. A personal loan calculator simplifies this task.
A personal loan calculator is a tool which helps you in calculating the EMI for a given loan amount, which depends on several variables. Before using the calculator, one should know about the loan amount required, the tenure of the loan and the interest rate which you will be able to pay on a monthly basis. After knowing these three answers one will be able to use the personal loan calculator efficiently.
The main features of a personal loan calculator are as follows:
• Two important areas need to be considered while opting for a personal loan – the monthly interest rate and the EMI or the equated monthly installment. It is relatively easy to calculate the monthly interest rate but calculation of EMI is a little difficult. The personal loan calculator helps in calculating both.
• This tool will help in calculating the EMI amount accurately. This is because the calculation is precise and based on the variables entered into the tool by the prospective borrower.
• Using the tool will definitely prove to be more time saving than using pen and paper, which will take a lot more time to reach the final result. Moreover it may or may not be as accurate as the one provided by the calculator.
• This calculator may be used again and again to test various combinations till one arrives to the result that suits them the best.
• A personal loan calculator is a useful tool because it will help one know about the amount they need to set aside each month to pay the EMI. One may use this tool even at the planning stage before applying for the loan, as the calculator is easily available online.
It is simple to use a personal loan calculator. One should have some information including principal amount, tenure of the loan and interest rate. By feeding this data into the calculator the EMI can be obtained.
A personal loan is a loan which is given to an individual to meet his financial needs for personal reasons, such as funding a wedding or a vacation or even supplementing the current income. Each kind of a loan is provided at an interest rate. This interest rate is calculated by considering several factors making its calculation slightly tedious. A personal loan calculator simplifies this task.
A personal loan calculator is a tool which helps you in calculating the EMI for a given loan amount, which depends on several variables. Before using the calculator, one should know about the loan amount required, the tenure of the loan and the interest rate which you will be able to pay on a monthly basis. After knowing these three answers one will be able to use the personal loan calculator efficiently.
The main features of a personal loan calculator are as follows:
• Two important areas need to be considered while opting for a personal loan – the monthly interest rate and the EMI or the equated monthly installment. It is relatively easy to calculate the monthly interest rate but calculation of EMI is a little difficult. The personal loan calculator helps in calculating both.
• This tool will help in calculating the EMI amount accurately. This is because the calculation is precise and based on the variables entered into the tool by the prospective borrower.
• Using the tool will definitely prove to be more time saving than using pen and paper, which will take a lot more time to reach the final result. Moreover it may or may not be as accurate as the one provided by the calculator.
• This calculator may be used again and again to test various combinations till one arrives to the result that suits them the best.
• A personal loan calculator is a useful tool because it will help one know about the amount they need to set aside each month to pay the EMI. One may use this tool even at the planning stage before applying for the loan, as the calculator is easily available online.
It is simple to use a personal loan calculator. One should have some information including principal amount, tenure of the loan and interest rate. By feeding this data into the calculator the EMI can be obtained.
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