How to wisely calculate the EMI for a personal loan?Equated monthly instalment (EMIs) is a critical factor when it comes to a personal loan application. Just imagine how stressful it will be to take loans if the EMIs are not known correctly in advance. So, it is very important to calculate the personal loan EMI appropriately, for a smooth repayment tenure.
Thanks to the digitization, calculating EMIs is a simple process via instant loan apps. The in-built EMI calculator gives instant EMI results in seconds. Enter the principal loan amount, tenure, and the interest rate charged, submit to view the EMI amount to be repaid over a selected tenure.
However, the EMIs can be flexibly changed by altering the variables such as loan amount and tenure. This will give you variations in EMI and accordingly you can wisely calculate the EMI suiting your monthly budget. The results are presented in a clear numerical format and sometimes delivered in a pictorial format, depending upon the lender websites.
Using an EMI calculator is a wise choice to calculate EMIs as there is no scope for mistakes in the calculation. The instant loan EMI calculator gives accurate results in seconds and borrowers are saved from spending excess time on EMI calculation which may not be 100% accurate.
SimplyCash EMI CalculatorCalculate EMIs for a personal loan between 50,000 to 1.5 lakh at SimplyCash. It is a user-friendly personal loan app powered by Hero FinCorp, India’s most trusted loan provider. Now, conveniently fulfil your loan application requests, without any physical documentation. Considering the complex calculations involved in loan procedures, SimplyCash loan EMI calculator facilitates calculations of monthly instalments in minutes. Install and login to SimplyCash today and also get the benefit of customizing your loan amount and EMI.
Ways to Calculate Loan EMIs Wisely
Check your IncomeDerive EMIs lesser than your monthly income. If the EMIs are higher, then it will not be affordable to proceed with the loan.
Business StabilityPayment’s receivable account of a business should have stable earnings. Based on your business revenue, you can calculate EMIs accordingly for a stress-free repayment cycle.
Existing EMIsIf you have an already existing loan account, try clearing the previous EMIs before calculating the new one. It can be cumbersome to manage multiple EMIs.
Longer TenureCalculate EMIs that are to be paid over a longer tenure. This reduces the EMI amount and repayment becomes easy.
Advisable not to opt for EMIs that will cause a real struggle in your life. Take a loan of a limited amount which can be repaid with an easy EMI over a period of time. Small cash loans are preferable as EMI calculation is simple and repayment is also not a burden.