A smartphone has become a necessity, if not an obligation in today’s time. Gone are the days where a phone is only used as a means to communicate with an individual through a phone call. Today, plenty of activities can be executed, both simple and complex, such as accessing media files, or even performing financial functions.
But amongst the various financial functions that can be undertaken, applying for a loan of your choice is now available. Just like the traditional application process, you can now get access to borrowed funds, right through the comfort of your phone’s app.
You simply need to download the app and install it on your phone. Once installed, you just need to register your account with your unique customer ID.
This unique identity is provided when you open an account with the lending financial institute. Since all your personal and address details are verified at the time of your account opening, the same details are accessed by the lending institute’s system when you verify your account through the loan application app.
But this alone is not the only benefit of bank loan.
Like any other application process, the loan does not end only with access to the funds. You must also understand the means to repay back the borrowed funds. You will need to understand your repayment capability and current debt management in terms of EMI affordability. This is where tools such as the loan EMI calculator will work assist you and work in your favour.
The EMI loan calculator will provide you with the following benefits:
• Know your tenure: One of the features of the EMI value determines the repayment value and the tenure. Since different loans will have different tenures, it is crucial to get an understanding of the time taken to repay the loan. After all, you would not want to be a position where you would spend years in debt paying off a small amount when you can adjust for a shorter tenure and an affordable EMI amount.
• EMI affordability: As previously mentioned, applying for a loan also requires having the means to repay back the borrowed funds. For this purpose, the EMI value is a crucial factor, as it determines the monthly value and tenure required to back the borrowed funds, interest rate along and other additional charges. The inbuilt loan EMI calculator will help you plan understand your EMI affordability. Through this, you will be able to understand how much you can pay through the given EMI’s or adjust for a lower value.
• Provide flexible rates: One of the main challenges of a loan is calculating the appropriate loan and EMI value. While you can afford a particular loan value, opting for a flexible rate will help you manage your finances, especially if you have several other financial obligations. The EMI loan calculator will help you calculate flexible rates as per your requirements, which can be adjusted to you desire in mere seconds.
But amongst the various financial functions that can be undertaken, applying for a loan of your choice is now available. Just like the traditional application process, you can now get access to borrowed funds, right through the comfort of your phone’s app.
You simply need to download the app and install it on your phone. Once installed, you just need to register your account with your unique customer ID.
This unique identity is provided when you open an account with the lending financial institute. Since all your personal and address details are verified at the time of your account opening, the same details are accessed by the lending institute’s system when you verify your account through the loan application app.
But this alone is not the only benefit of bank loan.
Like any other application process, the loan does not end only with access to the funds. You must also understand the means to repay back the borrowed funds. You will need to understand your repayment capability and current debt management in terms of EMI affordability. This is where tools such as the loan EMI calculator will work assist you and work in your favour.
The EMI loan calculator will provide you with the following benefits:
• Know your tenure: One of the features of the EMI value determines the repayment value and the tenure. Since different loans will have different tenures, it is crucial to get an understanding of the time taken to repay the loan. After all, you would not want to be a position where you would spend years in debt paying off a small amount when you can adjust for a shorter tenure and an affordable EMI amount.
• EMI affordability: As previously mentioned, applying for a loan also requires having the means to repay back the borrowed funds. For this purpose, the EMI value is a crucial factor, as it determines the monthly value and tenure required to back the borrowed funds, interest rate along and other additional charges. The inbuilt loan EMI calculator will help you plan understand your EMI affordability. Through this, you will be able to understand how much you can pay through the given EMI’s or adjust for a lower value.
• Provide flexible rates: One of the main challenges of a loan is calculating the appropriate loan and EMI value. While you can afford a particular loan value, opting for a flexible rate will help you manage your finances, especially if you have several other financial obligations. The EMI loan calculator will help you calculate flexible rates as per your requirements, which can be adjusted to you desire in mere seconds.
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