A decade ago, if someone had asked you to help them calculate the EMI of their personal loan, you would have deliberately ignored their request for the most obvious reasons. At that time, EMI calculation was undoubtedly an arduous task and involved the use of multiple complicated formulas and algorithms. Even then the accuracy of the calculation wasn’t guaranteed. On the contrary, if someone makes the same request now, you’ll happily do it owing to the availability of an online personal loan Calculator. The EMI calculators use the preset formulas and algorithms to give accurate results, given he/she (the user) shares correct interest rate.
Referring to the advantages mentioned above, if you are planning to take a personal loan, you can use the personal loan EMI calculator to save your precious time. This will help you in many ways including the ones mentioned below.
1) Decide a Suitable Re-payment Tenor
By using the EMI calculator you can conduct experiments with the figures, change values repeatedly to reach a fitting combination of EMI and repayment tenor. In layman terms, you can increase or decrease repayment tenor value to set your EMI in accordance with your budgetary allowance.
2) Regulate the Total Re-payable Amount
The above-mentioned tool will give you three results: monthly EMI amount, total interest payable, and the total payable amount including the principal and interest. You can use the calculator to regulate the total payable amount in accordance with your wish by reaching the right combination of tenor and EMI. Further, it will also help you improvise your budget according to the new obligation in advance.
You can use different EMI calculators available online to save your time and make easy to calculate Personal Loan EMI, that are free from calculation errors.
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