The Need for Personal Loan EMI Calculator
We all know that
personal loan is a financial life-saver for all of us. It allows you to get
money instantly from a lender for exigency situations, or something big-ticket
purchases. The situation can be anything whether you need money for the
wedding, need to clear off your credit card dues, paying school fees of your
son or daughter, etc. without dodging on your savings. However, with a personal
loan comes the pressure of clearing off EMI's- i.e. an equated monthly
installment that one has to pay for a stipulated period of time or repayment to
a lender. Typically your EMI depends on
your loan amount and the loan term, which clearly reflects that higher the loan
amount more will be its EMI. To help you understand more about the EMI of your
loan amount, a personal loan EMI Calculator
can come to your rescue. Do keep in mind that there is a different type of
calculator designed for each type of loan, so personal loan calculator
calculates your actual EMI; one needs to pay after taking the loan.
Personal Loan Calculator by Early Salary |
So, what is a personal loan EMI calculator?
Basically, it is
an online tool that calculates the total number of monthly installments that
you need to pay every month to your lender for a stipulated period of time.
With the help of this online personal loan calculator, you can calculate the
loan EMI, all you need to do is just submit, or input the variables such as
principal loan amount, loan term and interest rate. Followed by you have to hit
the submit button or click to get an appropriate result. With personal loan EMI
calculator, you can perform as much iteration or calculations with different
data so as to calculate the best EMI that you can easily pay.
The online personal loan EMI calculator designed
and works on the following formula i.e.
[P*r*(1+r) ^n]/
[(1+r) ^n-1], where P = principal amount, r = rate of interest and n = is
number of months or loan tenure in months.
So, what are the benefits of a personal loan EMI
calculator?
• Well, the
demand for EMI calculator is increasing as it really helps you out to find or
gauge the monthly loan installments in advance so that you can be well prepared
and manage your finances in a better manner.
• The Personal
Loan calculator is totally free of cost, and hence you can use it as
many times you want to use with different inputs/ variables so as to reach the
conclusion with the best EMI that you can easily pay.
Personal loan by Early Salary App |
• The personal
loan EMI calculator delivers results with high precision, and in addition to
this, it helps to save your time and keeps you away from all kind of physical
excursions that you would get from visiting lenders nearest branch and standing
in long queues just to get this small detail.
• A personal
loan calculator makes it easy for you to compare the loans offered by different
lenders as the EMIs highly dependent upon the rate of interest. To compare the
loans from the different lender, you just have to enter the required loan
amount, tenure in months, and interest
rate offered by the lender. Hence, this way, you can gauge or calculate
different monthly installments and choose the one that fits your requirement.
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