If you want to procure funds instantly without submitting collateral then applying for a personal loan can be your go-to option. However, you should also worry about repaying the loan as you will have to pay the interest along with the principal loan amount. To assist your financial plans, many loan providers offer a personal loan EMI calculator on their website.
It is just an online tool that figures out the interest at which you will be repaying the loan and EMI based on your eligibility and choice of the tenor. This online calculator makes financial planning easy through the following ways:
Help reduce EMI
To arrive at a favourable personal loan interest rate, you can explore loan EMI calculators offered by various lenders. This will help reduce the EMI and you will be able to repay the loan within the given loan schedule easily.
Easy adjustment of loan tenor and amount
Sometimes, you may need to adjust the loan tenor and amount to make the personal loan manageable for you. A personal loan EMI calculator will come in handy in such situations as it allows you to adjust these values easily to help you figure out an EMI that will not create a financial burden on you.
Helps you select an appropriate lender
You need not apply for a personal loan from the bank as you can avail of a small personal loan if you need a low-value loan. Similarly, if you don’t meet the eligibility requirements due to a low credit score or any other reason, you can think of checking personal loan offers from private lending firms and finance companies. The personal loan EMI calculator will let you know whether opting for such loans would be financially feasible for you.
For instance, if you are confused about how to get a personal loan, you can go through the pre-approved offers that are available on the website of Bajaj Finserv. Just submit your name and contact details and the list of personal loan offers, credit cards, home loans, etc. for which you are eligible will be displayed on the screen.