All You Need to Know About a Personal Loan Eligibility CalculatorWith rising costs and the uncertainty caused by the 2nd Covid wave in India, people have been relying more on loans to survive this severe financial crunch. Loans have become an inevitable aspect of our lives, be it for personal or professional reasons. An instant personal loan can be a savior in adverse times. Personal loans are unsecured loans that are easily accessible online through minimal documentation and easy eligibility criteria.
Various financial institutions and NBFCs in India observed the increasing demand for personal loans and launched their independent instant loan apps for the availability of instant personal loans in 24 hours. However, borrowers need to understand that there are certain requirements, which one has to plan before applying for a personal loan.
One key criterion is getting your personal loan eligibility calculated. This can be done through the personal loan eligibility calculator which is an in-built analytical tool offered by instant loan platforms for their potential borrowers to calculate their personal loan eligibility and determine suitable monthly EMIs. A personal loan calculator helps in sound financial planning ensuring the EMIs don’t become a burden during the repayment date every month.
Due to these online personal loan eligibility calculators, borrowers can avoid the traditional way of calculating EMIs, which at times could even lead to errors. Let us consider various benefits of a personal loan eligibility calculator from a borrower’s perspective.
Benefits of Personal Loan Eligibility Calculator
Time SaverThe personal loan eligibility calculator saves a considerable amount of the borrower’s time by giving the loan eligibility results within a matter of seconds after entering the requisite details. A calculator is an analytical tool that analyses the EMIs automatically without any time lag.A traditional way of calculating EMIs is more time-consuming as compared to the digital EMI calculator.
Accuracy in ResultsThe personal loan eligibility calculator gives accurate results within seconds, helping borrowers to plan their monthly budget. There are very rare chances of errors occurring in the event of system malfunctioning.
Compare LoansOne can easily compare different loan options to check out different EMIs. There is a lot of flexibility in deriving instalments using EMI calculators on different loan apps to suit your budget. The interest rate is one major factor that affects the EMIs.
Financial PlanningLoan repayment incurs an EMI every month with an additional rate of interest. EMI calculators give the instalment figure in advance. This is how borrowers can check on their finances and decide whether a personal loan is affordable or not.
How to use a Personal Loan Eligibility Calculator?
- Enter the principal amount of personal loan required
- Enter the interest rate that the lender would be charging on the principal amount
- Enter the loan tenure
- Choose various EMI options according to the desired tenure
- Longer tenure ensures lower EMI and vice versa
- After comparing various variables, choose the EMI best suited to your budget