With the advancements in technology, leading banks and NBFCs have started offering EMI calculators with their respective credit schemes. For instance, if you’re planning to apply for a personal loan from any NBFC such as Bajaj Finserv, you can calculate the resulting EMIs in advance using the personal loan EMI calculator available on their website. These EMI calculators use predefined algorithms to calculate the resulting EMIs in accordance with the interest rates and maximum repayment tenor offered in a respective scheme. Earlier, this process was done manually by bank/ NBFC employees using a very complex calculation formula and used to take hours to derive accurate results. However, with personal loan EMI calculators, you can find out your EMI in a matter of few minutes.
Not just that, EMI calculators can also help you in following other ways:
Gives you a loan break-up
Apart from calculating your applicable loan EMIs, EMI calculators also share the loan breakup chart. This loan break chart includes three things: (1) break-up of interest and principal component paid through EMis throughout the repayment tenor, (2) interest and principal paid in one year and the available balance, and (3) how much you would be paying as interest and as principal against your loan.
Helps you find out the right repayment time
As conveyed by multiple blogs and articles, your repayment tenor should be in accordance to your repayment capacity. Hence, don’t go for maximum repayment time available, find out how much you can pay every month and find out the maximum time you need for loan foreclosure using the EMI calculator. You can use personal loan foreclosure calculator to calculate the amount you have to pay.
These results can be used to better plan one’s personal loan application.
Watch the video to know more about the Personal Loan EMI calculator:
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