Learn About The Use of Personal Loan EMI Calculator

Picture this! You wanted to avail of a personal loan facility online, but unaware of how much EMI you will need to pay each month. You also arrived at an estimated figure of a personal loan EMI, but could not become sure of an exact value. 

So, what is the solution? It is where an EMI calculator comes in. You can utilize the services of an online EMI calculator, which is available on a lender’s website free of cost. Read on this post and know more about the EMI calculator and its use. 

What is an Online EMI calculator? 

A Personal loan EMI calculator is an online financial tool that lets you calculate the EMIs for the personal loan that you wish to apply for. After you enter your desired loan amount, tenor and the rate of interest on the tool, the calculator will show an exact loan EMI amount. 

It helps you decide a suitable tenor as per your repayment capacity. An online loan calculator not only shows the loan EMIs but even computes the total interest payable and the overall payment. 

The online loan calculator is indicative. The actual rate of interest and the EMIs are decided by the lender as per your repayment capacity and your CIBIL score. 

What Are the Components of a Personal Loan EMI Calculator? 

The key aspects of an online calculator are as follows: 

• Loan amount
• Interest rate
• Tenor

As discussed before, an online calculator showcases the exact loan EMI that you need to pay depending upon the loan amount, rate of interest and the tenor. 

What are the Benefits of Using an Online EMI Calculator? 

Here are the advantages of using an online EMI calculator on a leading lender’s website. Have a look: 

1. Helps you easily calculate your EMIs – You don’t need to waste your time in calculating the loan EMI manually. It is easier to compute your loan amount by using an online EMI calculator instantly on a lender’s website.
2. Free of cost tool – One of the biggest benefits of using the EMI calculator is that you don’t need to pay any amount to use the facility. Leading lenders have made it available on their portals free of cost so that you can use it super quick.
3. Instant results – The online EMI calculator helps you know an exact personal loan EMI easily. Once you hit ‘calculate EMI’ button, this wizard tool can let you know the result super quick and without waiting for ages.
4. Make your loan decision quickly – With the help of the online loan calculator tool, you can easily know an exact loan EMI payable. Hence, it can assist in making you quickly decide if you should avail the loan facility.

By using an online EMI calculator, you can quickly make the decision of availing a personal loan. It is because you are in a better position to know if you will be able to afford the loan EMIs or not. 

A personal loan is a handy facility to help cover urgent financial needs like home renovation, meeting the needs of medical emergencies and business expansions and more. Based on your eligibility, you can get a loan amount of up to Rs.25 lakh from leading lenders. 

Bajaj Finserv offers pre-approved deals on multiple financial services such as personal loans, EMI finance, home loans, business loans and more. It can simplify the overall loan procedures and make it less time-consuming. You only need to share your basic details such as your name and mobile number to check your pre-approved loan offer.