Similar, yet reliable in comparison to emergency funds, a Personal Loan is like a ‘knight in the shining armour,’ which can be readily availed for, during times of need. In order to apply for a Personal Loan, an EMI (Equated Monthly Installment) Calculator comes in handy, if you are keen on knowing the rates beforehand. The benefits of using the calculator is that, before you apply for a Personal/ Home Loan, you can prepare and plan your funds accordingly, in turn, paying the loan prior to the given deadline.
There are different types of loans for which EMI Calculators apply;
- Home Loan EMI Calculator
- Car Loan EMI Calculator
- Personal Loan EMI Calculator
- Education Loan EMI Calculator
- Loan Against Property EMI Calculator
*Note: You can use EMI Calculators using excel sheets (with the syntax: PMT, with the keywords – rate, nper and pv) and a mathematical formula – EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]. Here, EMI stands for Equated Monthly Installment, P is the Principal, R is the Rate of Interest and N is the tenure of repayment.*
Given below are easy steps on how a Personal Loan EMI Calculator can make finances easy,
Avoid noting, take it up online
If you are comfortable noting your finances down on a sheet of paper, it can make room for mistakes, get confusing and time-consuming. To avoid the chaos, using an online Personal Loan EMI Calculator can be easier, for the result-derivation. Without taking the stress of getting charged, you can continue doing your calculations on your smartphone at any time of the day. You just need to enter your principal amount, interest rate and the loan tenure to know your rates.
Suitable for deciding the tenure
A Personal Loan EMI Calculator helps you in determining your tenure, with regards to the repayment capacity. For instance, if you feel that the monthly instalment is higher than your budget, you can increase the tenure/ decrease the loan amount as per your preferences, to be aware of your EMI rate. But, if you think that you can pay more, then you can decrease the loan tenure.
Choose the right lender
Interest Rates, loan amounts and tenures vary from lender to lender. Even a marginal difference of 0.5% can impact the overall costs pertaining to the loan. For this, you can use the Personal Loan EMI Calculator to incur a difference between the loan costs and the interest rates charged. You can draw a comparison of the rates and the viable lenders to pick out the legible one.
Check it out for a loan amortization schedule
Principal and interest are the two elements with regards to a loan instalment. To have a breakdown in detail, a loan amortization schedule shows the principal and interest amount that you are paying for every month. If you are planning to repay for the loan, this schedule tells you the savings in the form of interest. With this, you can plan your funds accordingly.
Visual derivation of rates
With the help of a Personal Loan EMI Calculator, you find how much you have to and have already paid, in the form of pie charts and tabular representations. For instance, if you apply for a Personal Loan of INR 15 Lakh at an Interest Rate of 15% for 60 months, you will have to pay INR 21, 41, 093, with segregation of 70.1% for the Principal Amount and 29.9% towards the interest.
By following these pointers, you can avail for a Personal Loan EMI Calculator anytime, anywhere. Personal Loans range from INR 50, 000 – INR 25 Lakhs from lenders to a tenure amount of 12 – 60 months. Using a Personal Loan EMI Calculator, you can accordingly choose a repayment period that allows a payback without adding an additional strain in your pocket. Under exceptional cases, you can also avail for the ‘Loan Principal and Interest Calculator’ as well as the ‘Loan Tenure Calculator.’
Listed below are certain applications that you can download to use a Personal Loan EMI Calculator,
- Loan Calculator
- Personal Loan Calculator
- Loan Calculators
- Mortgage Home Loan Payment Calculator Free
- Financial Calculators
- Loan Calculator & Compound Interest Calculator
- Auto Car Loan Payment Calculator Free
Get set and receive the required results beforehand to resolve unnecessary stress.