This is Why You Should Use a Personal Loan Calculator Before Availing a Personal Loan!

11 APRIL, 2022

With financial products like personal loans, transparency is a must. You as a borrower should be well aware of all the aspects of the loan you avail. You must know your financial obligation, duties, and rights before applying for the loan. For example, it is your right to know about the eligibility, documents required, and charges of personal loan even before you avail it. Earlier, you needed to visit the lender’s branch office to know this information. However, with technological advancement and ease, applying every piece of information is at your fingertip, your tentative EMI too. With tools like the personal loan EMI calculator, available online, you can calculate your EMI value without worrying about complicated manual calculations.

Continue reading to know about EMI calculators and the reasons you should use them before availing a loan.

What Is a Personal Loan EMI Calculator?

A personal loan EMI calculator is an online computation tool offered by banks and financial institutions on their website. With a personal loan calculator, you can find the amount of loan you need to repay, its interest component, and the monthly EMI with just a few clicks. By using this calculator, you can know the amount of money you need to pay towards the loan and plan your finances efficiently. To use this calculator, you will need to input variable values like the loan amount, expected interest rates, and chosen tenure.

Why Should You Use a Personal Loan EMI Calculator?

• It is easy to use and available for free

You need no technical knowledge to use a personal loan calculator. It is very simple and easy to use, where you need to input a few variable values to get the desired results. Moreover, it is free to use and is available online.

• It is accessible for all

A personal loan EMI calculator is available on multiple platforms. You can either use it from the lender’s website or on some aggregator’s website or app. Moreover, it is accessible for everyone any number of times and any time of the day. You can even use the calculator if you haven’t availed the loan yet.

• It works with minimum details

You need not input your name, phone number, or any other personal details to use a personal loan calculator. You just need to input the information related to the personal loan available to you. Moreover, the information you provide is secure and is not shared with anyone.

• It gives accurate results

While you use a personal loan calculator, you need not wonder if you would get accurate results. A personal loan calculator gives error-free and accurate results every time. You need not do manual calculations or spend hours finding your EMI when you have a personal loan calculator.

• Aids in financial planning

When you know the repayment amount, you get a better understanding of the financial commitment you are planning to accept. You can then make changes in your budget and expenditure to fit in the personal loan. Moreover, using the calculator can also help you understand your affordability for the loan.

You should use a personal loan calculator because it can provide you with more transparency in your loan. It can help you determine a suitable tenure too. However, always remember that the values can change, as it is indicative.