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Business News/ Brand Post / Benefits of Using a Personal Loan EMI Calculator
BRAND POST

Benefits of Using a Personal Loan EMI Calculator

The calculator automatically computes the EMI that you would likely have to pay towards the loan within just a few seconds. The personal loan EMI calculator can also display both the principal and interest components of each instalment that you pay

A personal loan EMI calculator is an online tool that allows you to quickly and accurately calculate the Equated Monthly Instalment for your personal loan.

A personal loan is a very useful form of credit that you can avail to satisfy your financial needs and requirements. That said, if you’re planning to apply for a personal loan in the near future, it is extremely crucial for you to know what the Equated Monthly Instalment (EMI) is likely to be. This way, you can plan your finances in a much better manner. But then, how do you determine what your personal loan EMI is? Here’s where a personal loan EMI calculator comes into the picture. Continue reading to find out about this nifty little tool.

What is a Personal Loan EMI Calculator

A personal loan EMI calculator is an online tool that allows you to quickly and accurately calculate the Equated Monthly Instalment for your personal loan. To calculate personal loan EMI using this calculator, all that you would have to do is enter a few details of the loan such as the amount of loan, the tenure, and the rate of interest.

The calculator automatically computes the EMI that you would likely have to pay towards the loan within just a few seconds. The personal loan EMI calculator can also display both the principal and interest components of each instalment that you pay.

Personal Loan EMI Calculator Benefits

A personal loan EMI calculator offers a plethora of benefits to its user. Here’s a quick look at a few of the most important advantages that it provides.

  1. Very user-friendly
A personal loan EMI calculator is not only simple and easy to understand but is also quite user-friendly as well. Even individuals with not much technical or mathematical knowledge can easily use the calculator to quickly compute their EMI obligations.

  1. Saves a lot of time
This is by far the biggest advantage that a personal loan calculator offers. Now, although the Equated Monthly Instalments for a loan can be calculated manually using the relevant formula, it takes time to do so. However, with a dedicated personal loan EMI calculator, you can get the entire computation done, and the results will flash in front of you almost instantaneously, saving you a lot of time and energy.

  1. Eliminates errors
Another major advantage that a personal loan EMI calculator offers is accuracy as you decrease the chances of errors creeping in. Even a small error in computation can lead to erroneous EMI calculations, which can ultimately end up costing you money. With a dedicated personal loan EMI calculator, you can completely eliminate all errors. As long as the values you enter are accurate, the calculations will be completely accurate and reliable.

  1. Helps you make better decisions
The tenure of the loan, the amount of loan, and the interest rate of the personal loan are three of the most important factors determining the EMI you would have to pay. Changing the value of any one of the above factors will result in a different EMI. You can use this to your advantage by playing around with the different factors to arrive at an EMI that you’re comfortable with.

For instance, say that your financial situation allows you to take out a loan with an EMI of Rs. 5,000 each month. Also, assume that you know the loan amount that you need and the interest rate of the personal loan. You can use this information to backtrack your calculation to arrive at the tenure at which you’re supposed to avail the loan using the dedicated personal loan EMI calculator.

Conclusion

A personal loan EMI calculator is a handy little tool that’s not only very useful but also completely free. In addition to helping you calculate personal loan EMI, it also allows you to make informed and intelligent financial decisions.

Disclaimer: This is a company release. No HT journalist is involved in creation of this content.

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