What often stops people from applying for a loan is the concern if they can eventually repay it. It is, hence, crucial to plan the repayment even before you place a loan application. For an effective repayment strategy, knowing your monthly outgo is essential. A personal loan EMI calculator can be helpful here. This automatic tool will give you an idea of the amount you have to pay to your lender every month as EMI. Read on to understand how this nifty instrument can help you.
How to use an online EMI calculator?
Using the online calculator is simple. You have to follow the steps mentioned below:
- Visit the webpage for the personal loan EMI calculator
- Enter the amount you plan to borrow.
- Set the interest rate your lender charges.
- Input the loan tenure you find convenient.
The EMI calculator for personal loan will instantly display:
- the required EMI amount
- the total interest amount you have to pay to your lender
- the full amount you have to repay
Why should you use an EMI calculator?
To eliminate errors: You risk making mistakes with manual calculation, but the calculator makes the process error-free, giving an accurate estimation.
To save time: Manual calculation is laborious and time-consuming. An online calculator provides an easy and instant personal loan EMI calculation.
To manage your finances efficiently: You can determine in advance the sum you have to arrange for every month to repay your loan. It will help you avoid defaulting on EMIs and incurring penalties.
To pick the best tenure: You can alter variables like the principal amount and the repayment tenure to assess the EMI required in each case and apply for personal loan according to your budget. For example, you can choose a longer repayment duration to reduce the instalment amounts.
To choose the best loan offer: When you input the various interest rates from different lenders, you can get an instant overview of the best offer with the lowest EMIs.
The EMI calculators available online are easy to access and free to use. Use one to evaluate your repayment capacity in advance. It will help you avail of instant finance in times of need without worrying about the loan settlement.
If you are in urgent need of funds, consider applying for a quick personal loan from Tata Capital. With competitive interest rates starting from 10.99% and flexible repayment schedules, you can meet your financial needs free of any hassle.