When it comes to any funds required to meet your diverse needs without hassles, many people apply personal loans. It comes with no collaterals, large loan amount, easy eligibility norms, flexible repayment tenure and much more.
Still, many people don’t go for it as they don’t know how to calculate personal loan EMIs. But with a personal loan calculator like the personal loan EMI calculator option available, it is possible. The tool is available on a lender’s website for free.
If you wish to know how to calculate personal loan EMI, this post is for you. Read on!
Here’s how you can calculate personal loan EMIs online
By using the personal loan EMI calculator, you can calculate personal loan EMIs without issues. Take a look:
- Access the personal loan EMI calculator on your lender’s website.
- Enter your desired personal loan amount on the tool.
- It will be followed by choosing the loan tenure and the applicable rate of interest.
Once you select these aspects, the personal loan EMI calculator will showcase the exact loan EMI amount. You will also be able to know your total payable interest and total payment (principal + interest).
The biggest benefit when you calculate personal loan EMI is that you can plan your finances. This way, you can know if you can afford the EMI even before you apply for personal loans.
What are the benefits of using the personal loan EMI calculator?
When you calculate personal loan EMI by using the personal loan EMI calculator of a known lender, you get to avail many advantages. Have a look:
- Quick EMI calculation
One of the biggest benefits of using the personal loan EMI calculator is that you can calculate personal loan EMI in a flash. There is no waiting involved. It means that you can quickly know if you can manage the personal loan repayments or not
- Minimizes the chances of errors
The personal loan calculator lets you calculate your precise EMI. It means that there are no chances of getting it wrong compared to manual calculations. This way, you can be sure of an amount that you have to pay per month.
- Lets you chalk out a suitable repayment tenure
Once you know about an exact personal loan EMI amount, you can also decide on the suitable repayment tenure matching your income.
- Free of cost and available 24×7
Another advantage of using the personal loan EMI calculator is that the tool is available to use for free. You can also access it even in the dead of night. It is as it remains functional on top lender’s websites round the clock.
Ways you can reduce your personal loan EMI
If you want to apply personal loans, and don’t want EMIs to affect your outlays, you can follow a few tips. Take a look:
- Go for a longer repayment tenure
It can help you spread the loan money over a longer duration and pay reduced EMIs.
- Negotiate with your lender
You can also negotiate with your lender for a lower interest rate on a personal loan if your CIBIL score; repayment history and employment record has been great.
- Shop around
You can also compare all loan offers on a third-party website for free and pick one matching your needs and repayment capacity.
You can now start using the personal loan calculator to easily calculate personal loan EMIs on your lender’s website.
If you want to know how to apply for a personal loan, you can visit your lender’s website for specific details. It is because it may vary from lenders to lenders.
Bajaj Finserv presents pre-approved offers on financial products like personal loan, home loans, and more. It can make your loan processing faster and hassle-free. You can share your basic details like the name and mobile number to check your pre-approved loan offers today.
