EMI Calculator for personal loans

Banks and NBFCs have been working hard to make personal finance easier for the customer. Their recent developments have transformed the traditional long & tiring loan processes. Nowadays, getting loans has become as easy as submitting two documents and a selfie.  Shorter, faster loan processes for getting small personal loans, have made taking loans a fine option.

You no longer have to visit your bank or NBFC to get personal loans. At the comfort of your home, you can get the needed approval for the loan you want. No queues, no long waiting periods! While applying for loans during emergencies, you can get the loan amount in your account within 2hours.

Sometimes, during crises, one rarely pays much attention to the details and/or minor technicalities of loans. To avoid mishaps like a bad EMI structure or an exceeding loan, you can always make use of an important tool that is now available on your instant loan app: the EMI Calculator.

What is an EMI calculator?

All personal loans apps have a feature that helps calculate your equated monthly instalment or EMI. The calculator does the tough math for loan distribution. It calculates the principal amount, the interest rate and the tenure period of the loan. The user is free to put in the different variations to get the proper repayment structure. The interest rate is dependent on the lender and is set by them.

Why use an EMI calculator?

When one opts for personal loans in urgent situations, doing quick calculations becomes almost impossible (unless you’re a math-wiz). 

The EMI calculator helps solve the following equation:

Solving the EMI equation at human speed could be troublesome and also prone to error. Instead of taking the time-consuming method, switch to calculating your EMI with a trusted EMI calculator. This way your calculations will be on point and you would easily be able to avoid any or all confusions during the repayment period.

Benefits of an EMI calculator

With the error-free calculations, you can now find the personal loans that fit perfectly in your budget. Thus giving you a good loan experience! With the better knowledge of your loan, now you can structure the budgeting and all your monthly expenses during the loan tenure. When you have a pre-planned EMI payment structure you can then easily defy the idea of loans being evil burdens.

Lenders do no force their customers into loan plans that they aren’t comfortable with. The lenders for instant loan do not even bother with your credit history. You just need to be able to show that you are financially able to repay the loan. If it fits within your profile, the instant loan app will approve the loan amount. So when you pick your personal loans, make sure you structure your loan wisely thus avoiding excess interest payments and improper tenure periods.

Hope this article has helped you understand the role of the personal loans EMI calculator in your personal loan pre-planning.