How Is Personal Loan Calculator Useful? - Loan Trivia

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Friday, 6 July 2018

How Is Personal Loan Calculator Useful?

A Personal Loan is a great way to avail funds to cater to several of your financial obligations. It can be used to fund a wedding, manage business expenses, consolidate debts, settle bills and much more.

You may avail a Personal Loan with higher loan amount and affordable rate of interest with a good credit score which is 750+ or more. This will give you a chance to negotiate the terms of your Personal Loan with the lender and ask for convenient interest rate.

How does Personal Loan calculators help?

To Check Eligibility
 
Most lenders such as financial institutions and NBFCs have a set of eligibility criteria for their Personal Loan. To check if you meet the criteria you may use the Personal Loan Eligibility Calculator available at the lenders website. Simply furnish details like,
  • Date of birth 
  • Net salary
  • Combined monthly loan EMIs
  • Combined outstanding on credit card
  • Home loan (if any)
To Check Re-Payments

Just like an eligibility calculator you can check your monthly loan instalments using the EMI calculator. Provide details like,
  • Loan amount
  • Tenor (in months)
  • Rate of interest
It will provide you total interest payable on the loan, total payment (principal + interest) and monthly EMI (equated monthly instalments).

To Foreclose

You can choose to foreclose the loan after payment of one EMI. Enter details like,
  • Loan amount
  • Tenor (in months)
  •  Rate of interest
  • EMIs paid
  • Month of foreclosure
To get your EMI and foreclosure amount.
Additional Reading: Plan Your Loan Easily With The Help Of A Personal Loan Calculators

To Partly Prepay

This gives the positive financial impact of early repayment of your Personal Loan. It asks for details like,
  •  Loan amount
  •  Tenor (in months)
  •  Rate of interest
  • Amount
To get your monthly EMI.

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