Benefits of using a Personal Loan EMI Calculator

When an applicant can take a personal loan, he requires paying the face value with the interest amount. A personal loan EMI calculator is a device that operates for calculating the amount which has to be paid every month as EMI. 

Before applying for a personal loan, you should use a personal loan EMI calculator. Given below are some benefits that the borrower can experience with this calculator. 

• Easy & simple to use: The personal loan EMI Calculator is very easy to use and is available online. An applicant only needs to enter is the rate of interest, the principal amount of the loan, and tenure of the loan to know the monthly installment (EMI) that an applicant has to pay. This makes it pretty easy for the borrower to calculate the installment at any time and anywhere.
• Select prefer loan tenure:  The borrower can differentiate the EMI to see which one is appropriate for their financial health as it varies loan tenures. If the borrower wants to close their loan early and is tolerable to pay a high amount of EMI, then he must go for a shorter tenure. Or else he can go for a shorter tenure.
• Give accurate results: Every complicated calculation is responded to within a second. Chances are more for the errors when the calculation is done physically by oneself. but if the calculation is done with the EMI calculator there is no chance of error and you will be getting 100% accurate results.
• Saves time: Calculating EMI using the calculator takes less than a minute of entering a variable such as – the rate of interest, loan amount, and tenure and provides results in less than a minute. As compared to manual calculation the monthly installment gives out results without taking any loading time.
• Compare loans: An applicant can operate a loan EMI calculator for comparing the offers of loans because it differs from bank to bank. The outcome shows the total amount of the loan along with the appropriate EMIs.

Personal loan  

A personal loan is also known as a customer loan as it is a multi-purpose loan that an applicant can utilize to meet the need of their immediate requirements. It is an unsecured loan that is provided by the banks, financial institutions, and NBFCs which is based on principles such as repayment capacity, profession and credit history, income level, and employment history. The money borrowed by an applicant must be repaid within a given period along with the interest. A Personal loan can differ from bank to bank when it comes to the repayment terms, rate of interest, and processing fee.  

The borrower may use a personal loan to assure the following expenses: 

• Medical bills
• Wedding expenses
• Vacation costs
• Moving expenses
• Funeral costs
• Consolidation debt
• Repair or renovation of home
• Unexpected expenses

Funds that are used for specific expenses are home purchase, education, and purchase of vehicles.  

Other installment loans which are different from personal loans are mortgage loans, car loans, and education loans. 

Personal loan calculator 

A personal calculator is an online tool that provides incisive visuals to find out what total costs and monthly payments will appear like throughout a personal loan. Hence various personal loans come with insurance or fees at the last cost for them should be higher than the displayed. The calculator requires all the variables in the account when regulating the APR (Actual Annual Percentage) for the loan or the actual APR Rate.  

Personal loan EMI calculator 

Personal loan EMI calculator is an important self–regulating online tool to determine the amount of your Equated Monthly Installment (EMI). It is very simple and easy to use, instinctual to understand, and fast to perform. And it will give an accurate answer within a couple of seconds. It helps the borrower to make loan planning easier. 

Enter the information given in the EMI Calculator of a personal loan: 

• Rate of interest (in percentage)
• The principal loan amount which you want to avail (in rupees)
• Loan Tenure (in months or years)
• EMI in advance (only for the car loan)

 EMI is calculated as (mathematically): 

                                                P x R x (1+R)^N / [(1+R)^N-1] 

Where,    

             P = Amount of the loan 

              R = Rate of interest 

             N = No. of Monthly Installments 

Therefore, knowing the facts Financeseva offers a range of Banks and NBFCs on personal loans you can compare and choose the best deals that fulfill the needs of your requirements.  

 Also read: -  Difference between Secured loan and Unsecured loan