Advantages of using EMI Calculator before Applying for LoanIn today’s competitive world, everyone desires to raise their standard of living and enjoy quality things in life. Who doesn’t want a vacation, an upgraded phone or a household appliance for comfort! In the due course of owning luxuries and high-end materialistic things, people end up taking personal loans. Repayment of personal loan has become very easy with EMI calculators and automated payment technology.
But sometimes you are enforced to take huge loans under emergency circumstances like serious illness incurring hospital bills, extra vagant wedding expenses, buying a home or renovation expenses.
Furthermore, with cutting edge innovative ideas several financial organizations have leaped in and developed loan EMI calculators on their website and instant loan apps for an accurate estimation of monthly EMIs to be paid. Loan EMI calculator allows borrowers to plan EMIs in amount on the basis of loan amount, tenure and interest rate as per your need.
Benefits of EMI calculator before applying for loan
Nowadays, with easy access to online loans, regardless of personal loan or home loan, individuals are accepting and availing loans as an essential part of their lives. However, before taking a loan if the planning is not done correctly, it may land you in a debt of missed EMIs. You should be prepared to take the monetary responsibility that tags along while taking a credit. Precisely, loan EMI calculators are freely available tools that help you to maintain your budget and derive suitable EMIs for a particular loan amount.
Hence, before applying for a loan it is advisable to calculate the percentage of interest, loan tenure, and loan amount on Emi calculator. Planning EMIs as per your financial stability will not affect your lifestyle adding on unnecessary stress of paying the balance every month.
Following are the benefits of Emi calculator before applying for loan:
- Allows to plan your finances in advance to pay the EMI
- You can check your principal amount as well as the amount after addition of interest rate and get an idea of monthly Emi and the overall repayment tenure
- Comparison is possible with different lenders who provide loan with different interest rate
- For personal loan calculation, the interest rate is fixed and not floating unlike home loans. So, you can relax and plan your EMI in advance at a fixed interest rate.
- Emi calculator provides you instant and accurate answers
- Saves time and energy on performing manual calculations
- Helps you assess timely loan EMI payments for a good credit score
How to use loan EMI calculator?
Loan EMI calculator is available on financial websites and loan apps. It is very easy to use and provides results in seconds. To use the loan EMI calculator correctly, you simply need to fill in the below mentioned factors:
- Enter the Loan Amount
- Enter the Loan tenure as per your convenience
- Select the percentage of interest rate
- Once you fill in the above details, you will get an estimation of the loan amount you are eligible for and the monthly installments along with the interest.
Online EMI calculator scan do complex calculations in just few seconds which otherwise would take plenty of time if done manually. Besides, with just few details, you get clarity on instalments and interest rate to be paid every month.
Also, the variables entered in the EMI calculator can be flexibly moved or changed till you are not satisfied with the EMI amount. Hence, EMI calculators are indeed useful to get timely personal loans with well-planned EMIs to repaid easily.