A personal loan EMI calculator is the easiest way to calculate the amount of EMI on the loan that you wish to apply for. To calculate the actual instalment amount and the total interest payable, you need to feed in some variables in the online EMI calculator.
Benefits of Using an Online Personal EMI Loan Calculator
The advantages of using an online calculator to determine the EMI on your desired personal loan are:
It will always give the accurate outcome:
The use of an EMI calculator will reduce human efforts and it will subsequently reduce the chance of errors. Using a tool that guarantees the correct result every time is very crucial when you are thinking of applying for a personal loan. You should always opt for an EMI that you can surely pay because failing to do so will hurt your credit score badly.
It is very easy to use:
You do not have to be technically pro to use a personal loan EMI calculator. You just need to fill in some simple details and you will get the desired outcome in no time.
It offers quick calculations:
Manual calculations can take hours to compute the correct results. On the other hand, online calculators can perform a complicated task for you in no time. You do not have to recheck again and again. You will have your desired results with just a click of the mouse.
It is comparable:
Using an online calculator is also advantageous for you because it will let you compare the terms of service provided by different lenders and you can find the best one for you.
You can use the Bajaj finance personal loan EMI calculator to help you with the calculations.
What Does an EMI Mean?
EMI or Equated Monthly Instalments are the payments made to a lender by a borrower at a fixed date every month. EMI is one of the crucial factors that you need to consider while applying for a loan.
Why is EMI Calculation So Crucial?
The cost of living is increasing day by day and different kinds of credits like loans are now a part of our lives. According to the Reserve Bank of India, the amount of personal loans has risen by 26.9 % in 2018 compared to the previous year. On the other hand, the numbers of consumers with loans have risen to 6.54 crores from 5.27 crores from the previous year. EMI calculation will help the borrowers determine the amount of loan they can afford to repay conveniently. One such tool is the personal loan EMI calculator.
Factors on Which EMI Depends On
EMI on any form of credit depends on the following factors:
Loan amount and the rate of interest –
The loan amount is the principal amount availed as credit by the borrower. The loan is sanctioned against a certain interest rate. Both these determinants are directly proportional to the EMI amount you need to pay towards the availed credits.
Tenure of the loan-
The tenure of the loan is inversely proportional to the amount of the EMI. The longer the tenure, the lesser the EMI.
Additionally, lender like Bajaj Finserv provide you with pre-approved offers that make availing personal loan quick and easy. These pre-approved offers can be availed on different financial products like home loans and even on unsecured credits like personal loans and business loans. Provide your name and phone number to check your pre-approved offer.
Remember to check your eligibility using an eligibility calculator before you calculate your EMIs. It will help you access your loan eligibility and accordingly plan your finances.