Personal loans are a very commonly used financing service in India. Almost every financing firm, whether private or government, offers this service to its customers. The flexibility that personal loan provides is one of the biggest reasons for its mass usage.
Gathering information about a personal loan can be very difficult. It is mainly because every organization has its own set of rules and requirements. But one thing that is standard when it comes to a low-interest personal loan is the method of calculating its monthly EMI.
This simple task can be done using an online personal loan calculator. In case you don't know what the calculator is exactly and how it can be used, then continue reading.
What is an EMI calculator?
A personal loan EMI calculator is an online tool that can be used to identify your monthly installments. When you are planning to borrow a loan, it is always recommended that you use an EMI calculator before finalizing something. It is mainly because it will give you an idea of the exact expense you would incur every month until the loan tenor lasts.
These EMI calculators can be found on the website of your chosen financing firm. To get results, all you need is to put in information like the loan amount, loan tenor, and the related interest rate for that particular service. This will also make it easy for you to compare the services of different organizations.
Benefits of Using an EMI Calculator
1. Interest amount
One of the first benefits of using an online EMI calculator is that it gives you an idea of the total interest amount paid. When we say the total amount, we mean the entire sum of money that is deducted from your account till the very end of your loan tenor. It allows you to know what you are paying against your loan amount.
2. Service comparison
The next thing that acts as a benefit of EMI calculator is the comparison factor. When you are planning to borrow a personal loan, it is always a good idea to shop for the best interest rates in the market. By using an EMI calculator, you will be able to get an idea of the interest amount payable against your requirement. This can later be compared with different organizations to find the best act alternative.
3. Installments
EMI calculator can also give you an idea of the number of installments that will be deducted from your account to repay the loan in full. Usually, dividing the loan repayment amount yourself is very irritating. Therefore, using calculators allows you to get done with this step of the process much more conveniently.
4. Quick calculation
One thing which is evident to all working individuals is the lack of time. We do not have time to waste, even in the most crucial situations. Imagine if you had to implement manual mathematics solutions to get your EMI results? Wouldn't it be time-consuming and inconvenient? The answer is YES! Using an online EMI calculator is the ideal solution for such a situation.
5. Online process
Lastly, an EMI calculator can be found online, which means you can sit at your home and get done with the entire process without stepping a foot into the financing agencies office. This reduces your travel time as well as adds another layer of convenience to your borrowing experience.
Bajaj Finserv has financing options like personal loans, business loans, home loans, and credit cards. For each of these services, they offer pre-approved deals. By using these offers for your future loan transactions, you will be able to make them completely hassle-free and less time-consuming.
To unlock your pre-approved personal loan offers all you need is to submit your name and contact number.
Must Read: Pros And Cons Of Instant Personal Loan
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