Needless to say, an EMI calculator for a Personal Loan helps you better prepare for the expenses which will incur during the loan process especially its repayments. Knowing the exact value of your repayment amount allows you to take better decisions during the loan cycle.
Personal Loan is an unsecured loan which does not require you to pay any security/ collateral to secure it. Therefore, lenders rely majorly on your past repayment history called the CIBIL score to sanction the loan. A good history of 750+ or more helps you acquire a preferred loan amount. And a good score also helps you negotiate the loan terms better with your lender and ask for affordable interest on the loan.
Having said that a Personal Loan calculator available on the lender’s official website helps you evaluate your chances of getting the loan amount you desire. You simply have to mention the loan amount wanted, for the duration and interest rate to compute your monthly EMI.
The calculator is easy to use and offers quick results. Its values are based on the formula used to calculate Personal Loan and thus are accurate to give you an idea to plan your loan. Input provided to the calculator are tweakable and can be changed so you can check repayments on different combinations of loan amount, tenure and interest rate.
Additional Reading: Why Should You Use an EMI Calculator Before Applying for A Personal Loan?
Personal Loan can be used to attend to several financial obligations such as professional or personal as lenders do not scrutinize your usage of the loan.
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