If you are someone who has taken a personal loan, then you must know that you will have to pay EMIs every month. In order to know how much you will have to shell out every month, you will need the help of a personal loan EMI calculator. Read on to know everything about this crucial EMI tool.
What is a personal loan EMI calculator?
In order to ascertain the monthly payable amount in the best way possible, you will have to use a personal loan calculator. This will help you find out the equated monthly instalments (EMI) you will have to pay. For calculation, you only need to put in the interest rate of your loan, loan repayment duration and loan amount.
How does a personal loan EMI calculator works?
In order to use a personal loan EMI calculator, you will need to have a clear idea regarding how it works. Initially, it might seem a bit complicated, but after using it once or twice, you will be able to use it like a pro.
• Loan amount- You will have to enter the amount of your personal loan, in the edit box or the slider, you are looking to borrow. In order to plan your finances in a better manner, make sure that your EMIs are not more than 40% of your monthly income.
• The rate of interest- This is the rate of interest that is charged on the total amount of money you have taken as your personal loan and is a monthly reducing balance.
• Duration of the loan- Then, you will have to select the period for which you want to take the personal loan. Keep in mind that the tenure of a personal loan normally ranges from one to 5 years.
• Processing fees- Every bank charge a certain amount of money as processing fee, for giving out a personal loan. Such fees generally range from 1-5% of the total loan amount.
What are the features of a personal loan EMI calculator?
A personal loan EMI calculator has several features, which makes it the best tool for calculating your EMIs. They are as following-
• Time saver- Doing calculations on an actual calculator is much faster than doing it on pen and paper. Hence, it does not just help you do your calculations accurately; it also saves you a lot of time.
• Processing fees are accountable- Basic EMI calculators generally take into account only interest rate, loan amount and loan tenure. Whereas, a personal loan calculator also takes into account your processing fees, and informs you how much EMI you will have to pay every month.
• Accurate- Personal loan EMI calculators will always provide you with the right result and there is hardly any scope for error. Even a tiny mistake can affect your EMI amount; hence make sure that you always do your calculations on a personal loan EMI calculator.
• Easy to compare- When you are scouting for a personal loan in different banks, you will come across different loan tenures and amounts. It is not possible for you to sit and calculate all the figures by hand, and the slightest error can lead to the incorrect loan amount. Hence, the best way to come up with the right answer is to use a personal loan EMI calculator.
The whole process of looking for the right personal loan can be gruelling, so make sure you use a personal loan EMI calculator and just breeze through the process.
What is a personal loan EMI calculator?
In order to ascertain the monthly payable amount in the best way possible, you will have to use a personal loan calculator. This will help you find out the equated monthly instalments (EMI) you will have to pay. For calculation, you only need to put in the interest rate of your loan, loan repayment duration and loan amount.
How does a personal loan EMI calculator works?
In order to use a personal loan EMI calculator, you will need to have a clear idea regarding how it works. Initially, it might seem a bit complicated, but after using it once or twice, you will be able to use it like a pro.
• Loan amount- You will have to enter the amount of your personal loan, in the edit box or the slider, you are looking to borrow. In order to plan your finances in a better manner, make sure that your EMIs are not more than 40% of your monthly income.
• The rate of interest- This is the rate of interest that is charged on the total amount of money you have taken as your personal loan and is a monthly reducing balance.
• Duration of the loan- Then, you will have to select the period for which you want to take the personal loan. Keep in mind that the tenure of a personal loan normally ranges from one to 5 years.
• Processing fees- Every bank charge a certain amount of money as processing fee, for giving out a personal loan. Such fees generally range from 1-5% of the total loan amount.
What are the features of a personal loan EMI calculator?
A personal loan EMI calculator has several features, which makes it the best tool for calculating your EMIs. They are as following-
• Time saver- Doing calculations on an actual calculator is much faster than doing it on pen and paper. Hence, it does not just help you do your calculations accurately; it also saves you a lot of time.
• Processing fees are accountable- Basic EMI calculators generally take into account only interest rate, loan amount and loan tenure. Whereas, a personal loan calculator also takes into account your processing fees, and informs you how much EMI you will have to pay every month.
• Accurate- Personal loan EMI calculators will always provide you with the right result and there is hardly any scope for error. Even a tiny mistake can affect your EMI amount; hence make sure that you always do your calculations on a personal loan EMI calculator.
• Easy to compare- When you are scouting for a personal loan in different banks, you will come across different loan tenures and amounts. It is not possible for you to sit and calculate all the figures by hand, and the slightest error can lead to the incorrect loan amount. Hence, the best way to come up with the right answer is to use a personal loan EMI calculator.
The whole process of looking for the right personal loan can be gruelling, so make sure you use a personal loan EMI calculator and just breeze through the process.
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