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When looking for quick funds, many tend to hit on the personal loan apply option. This is because a personal loan is a collateral-free option that allows you to use the loan proceeds for any purpose whether for personal or business reasons. However, to avail the maximum benefits of a personal loan, you must ensure to avail the loan at your own terms. One of the simplest ways to do so is to identify distinct loan deals and compare them by using an online personal loan EMI calculator.
An online personal loan EMI calculator requires you to insert three main constituents i.e., personal loan interest rates, preferred loan proceeds and serviceable repayment tenure. Once you have added these three figures, the calculator will instantly compute your repayable personal loan EMI and overall interest outgo.
Read on to know some of the benefits of using an online personal loan EMI calculator –
- An easy and instant way to calculate your personal loan EMI
Most lenders tend to offer an online personal loan EMI calculator, which is often simple to use. All you must do is input the primary loan details and get instant outcomes. Note that such calculators do not ask for your personal details. It just requires you to input three important loan details namely your loan amount, interest rate and tenure. You can use this calculator for computing as many times as you want at zero cost. Additionally, a few online EMI calculators may even offer distinct loan deals as per your requirement and affordability, which you can apply for according to your suitability. In this way, you can make an informed decision and opt for a personal loan deal with ease.
- Removes the requirement for manual computations
The user-friendly procedure of an online EMI calculator assists you to avoid complicated computations. You can simply input the offered personal loan interest rates, desired loan proceeds and repayment tenure to check out your repayment figure. This permits you to easily avoid the time taking and tedious procedure of conducting manual computations using the personal loan EMI formula. Instead of depending on manual computations, which are prone to errors, it is highly recommended you use an online personal loan EMI calculator as it computes accurate results in just seconds.
- Provides insight into the whole repayment procedure
An online personal loan EMI calculator not just offers you details linked with your payable EMI but even assists you to understand your repayment pattern. The calculator offers an amortisation table that displays the breakup of your loan EMI that you must pay over the selected repayment tenure. This table includes the break-up of principal and interest constituents that you must pay as EMI every month. This not just can help you understand your entire repayment schedule but even plan out your prepayment. Using the calculator, you can select an ideal time to make the most out of such lumpsum payments and save on the interest cost.
Ending note
Now as you know how an online personal loan calculator can help you throughout your borrowing journey, you can compare and select the personal loan deal that matches best with your requirement and suitability. However, before you apply for a personal loan, make sure to keep specific documents handy for a swift loan processing experience.
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