Monthly EMI calculation can be time-consuming when done manually. To tackle this issue, you can use a Personal Loan calculator Here’s why you should consider using an EMI calculator.
4 Fantastic Benefits of Using an EMI Calculator
You get a plethora of benefits using a Personal Loan calculator. Here is a glance at the core advantages of the same:
- Easy to Operate & Saves Time
Don’t worry; you don’t need technical knowledge or a degree in finance to use this user-friendly calculator, as it is simple and easy to understand.
Most importantly, you don’t need a pen and paper to calculate monthly EMIs, as this calculator does the job in a flash, saving you time and energy without making the errors you could make. You just need to feed in information to get accurate computation.
- Compare Loan Offers to Choose the Best Provider
Before applying for a Personal Loan, interest rates should be the first thing you have to keep an eye on to assess your repayment eligibility. Using the Personal Loan calculator, you can compare the loan offers from different institutions and choose whether you want a long or short-term loan, with the most desirable interest rates.
- Access to Repayment Schedule
Repaying a loan on time is an essential aspect of the loan cycle, as it can drastically affect your credit score. Using an EMI calculator, you get a complete breakup of the EMI chart for Personal Loans to keep track and repay the loan before deadlines.
Also, you can get a mapped loan journey of the principal outstanding and the repayment interest left. But late repayment can drop your credit score and skyrocket the cost of borrowing as a penalty payment. So, ensure that you avoid such complications.
- It Aligns Your Monthly Budget with The Loan Repayment Process
Upon choosing a Personal Loan, you must ensure you can repay it on time apart from the regular expenses. An EMI calculator helps you make a clear decision for adjusting the loan repayment into your monthly expenses to avoid unpleasant surprises throughout your repayment journey.
How To Use the Personal Loan EMI Calculator to Fit EMIs Into Your Budget?
Here are some ideas to plan and reduce your EMI payments using the calculator.
- Carefully select the best loan options that don’t overstress monthly expenses.
- Don’t apply for huge loan amounts to avoid high monthly EMIs.
- Use the prepayment loan option to reduce loan EMIs.
- Extend your loan tenure up to 60 months and lower your EMIs.
- Go for floating interest rates.
- Take loans from your existing plans.
- Negotiate lower rates.
- Opt for balance transfer loans.
Mistakes you should avoid before using the calculator
- Look at The Total Loan and Not Just the Interest
The loan calculator generates an EMI chart for Personal Loans based on the values entered. Hence, it’s an effective way to choose the right lender and compare loan offers to get the lowest interest rates.
However, you must note the inclusion of other charges, such as the processing fees involved, to better understand the total loan cost.
- This Is Not an Eligibility Calculator
Please note that this is an EMI calculator for generating estimated EMIs and other loan related expenses without visiting a creditor. You can also get to know about the best loan offers by adjusting the range.
Moreover, it’s best to check the eligibility calculator before going for the EMI calculator to identify the repayment duration and loan amount you can avail.
Moving forward
Financial planning is crucial when you have unexpected events. This calculator is an excellent way to map your financial journey and choose the best loan option.
Now it’s time you make the best use of a Personal Loan calculator to get an ideal loan that meets your eligibility and requirements just the same. Just remember to plan your finances before borrowing and ensure you meet the eligibility criteria before applying.
