Anyone can apply for Personal Loans for any purpose. You can use this Loan for various personal needs like paying off other Loans, a holiday or even purchasing personal items. Such Loans do not require any collateral, and you get them without much documentation. To get the Loan, you need to submit a few relevant documents, after which the bank verifies whether you can repay the Loan or determines your creditworthiness, following which the Loan is offered.
You can use the Personal Loan calculator to ascertain the monthly Loan amount you need to pay.
What is a Personal Loan calculator?
The Personal Loan EMI calculator is an automated tool that calculates the repayment amount. You need to enter the Loan amount, tenure, and interest rates. One of the unique features of the calculator is that it is user-friendly and shows the result within a few seconds. The calculator also helps you in Loan selection as per your pocket. Additionally, it lets you compare different Loan amounts and make decisions accordingly.
The calculator also helps prepay your Loan, as you can get a revised amortisation schedule to plan your equated monthly instalments.
Need to calculate personal Loan EMIs beforehand
While applying for Personal Loans, knowing your salary allows you to take the financial burden is imperative. If your credit score exceeds 750, your Loan will likely be approved. However, your minimum annual income should be Rs. 2 lakh, and you should have worked for at least two years.
The Personal Loan calculator is helpful and allows you to calculate the EMI amount instantaneously without any error. You can either calculate on your bank’s website or can do it on a third-party website.
Calculation of EMIs beforehand helps you choose a suitable Loan tenure. You can adjust the amount or the time duration based on the calculator’s results. Also, ensure that your Loan amount does not exceed 50% of your current salary. If you have a short tenure, there will be higher EMI payments, while the long term means the interest payments are higher.
Additionally, with the calculator, any floating interest rates can be calculated to revise the Loan’s repayment schedule. Anyone wishing to avail of Personal Loans should use the calculator to estimate their EMIs as it is accurate and helps with financial planning. Also, you can look forward to purchasing that special gift for your loved one or planning an extravagant trip.
Keywords: Personal Loan EMI calculator, Personal Loan calculator