Financing wedding ceremonies, home remodelling, dream vacations, and emergency expenses with a personal loan has always been a viable option. Indians are enjoying the immediate benefits of a personal loan.
With several NBFCs offering personal loans at different conditions, it is wise to use an EMI calculator to form an idea about how much you have to pay monthly.
Importance of EMI calculator
EMI calculator, also known as personal loan EMI calculator, is a vital tool for repayment management. It helps the borrower plan the servicing of a personal loan.
An individual can use a personal loan EMI calculator to calculate the amount and number of monthly installments required to pay off the personal loan within a tenor.
Benefits of EMI calculator
An EMI calculator offers several benefits to the borrower. These are -
Details of the interest amount
Apersonal loan calculator informs the borrower of the payable interest in the EMI scheme.
Knowing the exact loan interest rate and amount lets you decide your own course of repayment.
Number of installments
You can have a clear vision of the number of monthly installments to close the personal loan. This feature helps you to plan your finances accordingly.
Quick and easy calculation
By providing details on the personal loan amount, tenor, and interest rates, you can calculate your EMI within seconds. You can take quick and effective decisions based on easy calculation.
Comparison of EMI
You can compare the EMI on personal loans offered by different NBFCs. This feature enables you to get the best personal loans in the competitive lender market.
Using a monthly instalment calculator is thus important when you want to have a precise idea about the effect of different loan interest rates on the EMI amount of a personal loan.