Personal loans are often preferred by individuals seeking additional cash, as they have the liberty to do what they want with the loan amount. Moreover, there is no collateral needed as these are unsecured loans. The catch here is personal loans are better when you have general expenses and do not want to leverage any possession, but they come at a higher interest rate than what other loans.
However, if you have a payment plan in place, then personal loans are not worrisome and stressful as they seem. If you are looking to calculate your monthly instalments and prepare your finances before you apply for a loan, then a personal loan EMI calculator is precisely what you need.
When you use a personal loan calculator, you can determine how much you need to pay your lenders monthly, depending on how much you are borrowing from them, for how long, and for what rate of interest.
Calculating EMI for Personal Loans
It is simple to calculate the monthly instalments for your loan with an EMI calculator. EMI consists of two components: the principal loan amount and the loan interest rate. Based on these parameters, and the tenure of your loan, you can determine precisely how much you are expected to pay back to your lender. With the help of a personal loan EMI calculator, you can create your prepayment plan and opt for a loan only after you are confident of paying back month-on-month.
- Calculate your EMIs with the easy-to-use and intuitive interfaces of EMI calculators
- Compare interest rates and resultant EMIs of the competitors
- Use the EMI amount to decide the principal you need or want to borrow from your lender
- Create a payment plan for your entire loan tenure
- Avoid human errors and tedious excel sheet calculations with the automated and pre-defined EMI calculators
Personal loan EMI calculators have reduced the stress that loan applicants initially felt while borrowing from the lenders. Digital banking has made loan calculators available on their mobile banking app and online websites, which do not require any payment or sign up. You can access these calculators on-the-go and calculate your EMIs for free! What’s more? You can even make multiple EMI calculations and compare interest rates from different lenders before picking one.
The personal loan EMI calculators have made loan payments an easy feat to achieve. You need not worry about hurting your credit score or falling behind in your EMIs, with these calculators. Make sure you do your calculations beforehand and have a payment plan in place before you apply for a personal loan!