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When looking to borrow funds, a collateral-free personal loan is often the ideal choice for most needs. You get easy access and can use these funds for all purposes, be it to pay tuition fees, fund home renovation, handle an emergency, and keep your savings healthy. To make the most out of it, it is best to avail a personal loan that has terms tailored for you. The easiest way to identify such offers is to compare instruments by using a personal loan EMI calculator.

The EMI calculator uses the different features of your personal loan like the personal loan interest rate, preferred loan amount, and loan tenure to estimate your repayable EMI.

These factors will influence your decision, and you can rely on accurate results when using this digital tool. To know more about it, and the benefits of using a personal loan interest calculator before applying for a loan, read on.

1. Provides a quick and easy way to compute loan EMIs

Most lenders offer the personal loan EMI calculator tool on their website, and it is often easy to use. In fact, these can serve as a personal loan interest calculator on the go as it is accessible on most smartphones too. All you have to do is input basic loan information and get instant results. Such provisions don’t require any personal information to compute the results and you can use the provisions for as many iterations of calculations as required, at no cost whatsoever. Moreover, EMI calculator provisions often have links that assist with online applications. This way you can plan your loan decisions with accurate information and avail a personal loan with ease.

2. Eliminates the need for manual calculations

The user-friendly process of the EMI calculator helps the borrower avoid complex calculations. You can simply enter the desired loan amount, the personal loan interest rate, and the loan tenure to check your repayment amount. This allows you to avoid the tedious process of doing manual calculations using the EMI formula. Do note that using the formula or even the Microsoft Excel EMI calculation option will require additional effort. You will have to convert values to suit the parameters of the formulae in use.

This leaves room for error, and one of the benefits of the personal loan EMI calculator is that you can rely on getting accurate results. The EMI calculator determines your total repayment amount for various personal loan options with precision in seconds.

3. Offers insight into the entire repayment process

An EMI calculator not only provides you with information regarding your payable EMIs but also helps you comprehend your repayment patterns. It provides an amortisation table for your loan tenure that showcases the breakup of the loan amount that you may have to repay. This chart includes the percentage of your principal and interest payment components and how they contribute to each EMI. The calculated amount in the table is accurate and comes in handy when planning prepayment. It helps you choose the best times to extract maximum value from such payments and make the most of interest savings.

4. Helps compare offerings for affordability

Considering how easy it is to use an EMI calculator, you have the freedom to compare offerings or even loan terms. Here, you can check the repayment specifics for several combinations of loan terms, until you find options that suit your capabilities. This principle is also applicable to comparing different loan offers. If you know the interest rate offered to you, all you have to do is check the EMI and interest outgo, and then shortlist options based on affordability. On completing this step and identifying the right offer for a personal loan, apply easily knowing that you chose an instrument that works in your favour.

In addition to the advantages of availing of a personal loan, undisciplined credit habits can revolve your finances around repayments. It is advisable to evaluate factors like your repayment abilities, and loan tenure to ensure clarity before applying for a personal loan. For a hassle-free experience, choose the Bajaj FinservPersonal Loan and find the best terms for your with the personal loan EMI Calculator. Get approved for a sanction of up to Rs. 25 lakh, and pick a flexible tenure of up to 60 months to keep costs in check. To get started right away and enjoy competitive interest rates,check your pre-approved offer online!

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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