In the modern age, loans have become an integral part of financial planning. Not only are loans convenient tools to fulfill various life goals, for instance, buying a car or a house, they are also flexible and the repayment schedule can be as selected by you.
One of the most prevalent types of loans is personal loans. Should you opt for a personal loan, you can use the proceeds for any endeavour. In this article, we shall discuss how EMI calculators are beneficial in assessing and comparing various personal loan offerings.
What is an EMI Calculator
As is the case with almost every aspect of banking and finance, technology has revolutionised the offering, processing, disbursement, and repayment of loans. If you are looking for a personal loan, a tool named EMI calculator can be extremely useful.
As its name suggests, an EMI calculator is a tool designed to compute the amount of EMI (Equated Monthly Installment) for a personal loan. There are several factors that affect the amount of EMI, including the principal amount, the rate of interest for the loan, the tenure of the loan, processing fee, etc.
How to use an EMI Calculator
An EMI calculator is easy to use. All you have to do is visit the official website of a financial institution that offers personal loans.
Then you must select the option for EMI calculator, and enter details such as the amount of the loan and the tenure (the interest rate shall be autofilled in most cases as per the prevailing interest rate). Then click on submit or calculate to arrive at the estimated amount for the Equated Monthly Installment for the loan.
Five Key Benefits Of Using An Emi Calculator For Personal Loan
There are several benefits of using EMI calculators, prominent amongst which are as follows:
- Ease Of Access
You can access an EMI calculator online from the comfort of your office or home. Furthermore, you can use any device to access such a tool, ranging from a mobile phone to a laptop.
- Simple To Use
An EMI calculator is a simple tool to use. There are fields to enter various values, such as the desired loan amount and the tenure. Once you have entered these values, the amount of the Equated Monthly Installment shall be calculated.
- Saves Time
With an EMI calculator, you can assess and compare various personal loan options in a short period. You can compare the interest rates and EMI amounts, and determine which loan offering is the most suitable for you.
- Accuracy In Emi Calculation
With an EMI calculator, you can easily compute the accurate Equated Monthly Installment for any loan offering. You need not worry about human errors in the aforementioned calculation with trading platforms like bajaj broking. This way, you can have clarity on what the EMI would be for different personal loan offerings.
- Informed Decision Making
By using an EMI calculator, you can make an informed decision with the selection of a personal loan. You can choose the loan whose interest rate, repayment schedule, and Equated Monthly Installment are feasible for you.
To Sum It Up
An EMI calculator is an effective tool to evaluate various personal loans offered by different financial institutions, and determine which one to opt for.
With their user-friendly design and accuracy, EMI calculators can generate Equated Monthly Installment amounts for various combinations of personal loans (and other types of loans) in a matter of seconds. You can use an EMI calculator to make your personal loan selection easier and quicker.
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