Whenever you’re going to apply for a personal loan there is always a few things that you need to know before. The benefits of the personal loan EMI calculator and personal loan features are among them. Read below to know about this information.
What is a Personal Loan EMI Calculator
Personal Loan EMI Calculator is a beneficial online tool to calculate the EMI amount, interest payable, and the total amount payable by the borrower for repayment of a personal loan within time.
For the computation of EMIs, the EMI calculator considers the loan amount, interest rate, and loan tenure. This calculator helps individuals for deciding loan amounts and tenure as per their capability.
Benefits of Personal Loan EMI Calculator
- Convenient to use- EMI calculator is very easy to use. For calculation, only three input details are required loan amount, interest rate, and loan tenure. You can easily calculate EMI free of cost for any personal loan at lenders official websites.
- It is time savior- It consumes less time because in a minute you will get the accurate result. The calculation is online so you don’t have to go to the branch. It saves your travel cost and time.
- Disclose accurate results- Personal loan EMI calculator always reflects accurate results, the complete calculation is online. So, there are fewer chances for errors as compared to manual calculation. You can also change your inputs to get the desired output.
- Comparison of personal loan plans with other lenders- Using a personal loan EMI calculator is very much helpful in the comparison of different loan tenure, loan amounts, and the interest rates provided by the lenders. With the help of this, you are able to take relevant decision as per your personal loan affordability.
- It simplifies your personal loan planning- The personal loan EMI calculator does not provide you the details of applicable EMI but also gives the amortization schedule to plan for a better. And you will ensure that you will not make any default in payments.
Top Benefits of Online Personal Loan
- Pocket-friendly EMIs payment- You can choose the EMI amount as per your savings from income, it can be more or less as per your choice. The selection of loan amount and tenure is flexible.
- Scope for improvement in CIBIL score- Lenders prefer a CIBIL score to provide you with a personal loan. If you have a poor credit score or you’re new to credit, you can easily improve your CIBIL score by making good credit history, and always repaying on time.
- Multipurpose personal loan- You can use it to fulfill your various needs. Whether it is for any holiday, marriage, or other emergency medical expenses. This is the key reason for its popularity. This is a single loan that can be used for many purposes.
- Higher no of lenders- So many lenders are providing personal because it is for the short term or the long term, there are many new Fintechs startups providing personal loans at good interest rates like any other Banks or NBFCs.
Documentation Process is hassle-free- To avail of a personal loan online; you will need very few documents. All are needed by the lender is a PAN card, Aadhaar card, proof of your current address, a passport sized photograph (if you are living in a rented property), and evidence of a regular and stable income.