Why is personal loan EMI calculator so unique?

Personal loans are a banking product which allows borrowers to fulfil their life goals. Banks and NBFCs offer such loans. It can be taken for varied purposes like financing, personal and medical emergencies, leisurely reasons such as vacations, buying gizmos, funding weddings, etc. While such loans are readily available, it makes financial sense to know whether they are affordable in the first place. Borrowers can check that by using the personal loan EMI calculator.

They are unique for the following reasons –

Computes exact amount

The EMI calculator for personal loan is an electronic instrument which enables borrowers to calculate the precise EMI. You can find out the monthly instalments you need to pay for the entire duration, before applying for the personal loan. It helps you understand how much of your income should go towards repaying the loan, before opting for it. It prepares you for the loan.

Helps create a monthly budget

Once you are aware of how much EMI you must repay, readjust your monthly expenses. If you know the EMI payable, accommodate it in your monthly payments, revisit, and adjust the other expenses. If you fail to use the personal loan calculator and include the EMI amount in your budget, you might struggle to meet the ends. You could even default. This affects your credit ratings and reduces chances of getting future loans. It is, hence, necessary to use the calculator.

Precise results

The calculator offers 100 per cent results without any errors. The beauty is that you can freely input different permutations and combinations of the principal amount, interest rates, and tenure several times. The calculator then delivers accurate results each time. It allows you to understand the EMI payable when the rates change by a decimal or the term changes by a month.

No manual calculations

No matter how good you at maths, there is always a chance you will end up miscalculating if you opt for manual EMI. There is massive scope for errors under this method. Manually calculating when the personal loan EMI calculator exists, seems pointless, so avoid the same.

The EMI calculators are easily found online on the lender’s portal. You can find the generic EMI calculators on the internet and the lender’s portal as well as separate mobile apps on Apple and Google Play stores.

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