How to Easily Calculate Personal Loan EMIs Online?

A personal loan can help you meet several kinds of financial emergencies such as home renovation, higher education, vacation, medical emergencies, weddings, etc. You could also borrow the sum and repay it with interest as EMIs over a predetermined tenor. Use the loan calculator to determine the monthly pay-outs and balance the budget accordingly.

How to use a personal loan EMI calculator?

For instance, you avail a personal loan, but you're not sure what your monthly payments would be. You can a use loan EMI calculator to know the monthly installments you have to meet to repay the borrowed sum over the tenor. The loan amount and the accrued interest are equally divided into monthly installments over a pre-defined tenor.

Computing your EMIs online with the Personal Loan calculator is the easiest way to determine your loan EMIs in seconds. The borrower needs to put in the loan variables like principal amount, interest rates and tenor in the calculator which fetches the EMI instantly. You can also adjust the variables as per your requirements.

Keep in mind; this calculator only gives you an overall idea of your monthly installments. The actual rate of interest and the EMIs are primarily decided by the authority depending on your repayment ability and credit score.

Benefits of using EMI calculator for personal loans 

The advantages that come with loan calculators are numerous like –
  • Time saver
Usually calculating the EMIs on your loan is a time-consuming process. A loan calculator helps you to derive your monthly instalments instantly online. You no longer need to get into the complex amortization calculations and get an exact amount on entering the details.
  • Zero error
As there is no place for human calculations, hence this process is near fool-proof. Moreover, calculating EMIs manually is tricky. Using a loan calculator eliminates any chances of errors.
  • Easy to use
You can use an EMI calculator on a personal loan as it is easy to operate. You need to add the necessary details and select the desired features. Parameters include the loan amount, rate of interest and the loan tenor.

What constitutes EMI calculation?

Loan amount

Although the loan amount you are eligible will determine the maximum amount you can avail, you can still calculate the same as per your income. Gauge how much EMI you will be able to pay without fail and choose a loan amount accordingly to get an idea.

Interest rates

Interest rates also depend on the types of loans procured and lending authority. You get attractive interest rates if you avail a personal loan from Bajaj Finserv. You also enjoy flexible repayment tenors from 12 to up to 60 months. Furthermore, you can manage the loan EMIs; find the repayment schedule through your online personal loan account.

Loan tenor

It refers to the total time-period of loan repayment. Loan tenors vary on the type of loans, loan principal and the lender. For example, personal loans are short term loans with a maximum tenor of up to 5 years. On the other hand, home loan tenors can extend up to 25 to 30 years. A longer tenor attracts lower interest rates. Hence, your EMIs would also become lower, but the total cost of loan will increase due to an extended repayment period.

Manually calculating EMIs is exhausting and complicated. Thus, opting for loan calculators can be a hassle-free way experience. With this knowledge of how to use a personal loan calculator, you can borrow a loan and payback in EMIs at your convenience.

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