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Business News/ Brand Stories / Top 3 benefits of a personal loan EMI calculator that you should know
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Top 3 benefits of a personal loan EMI calculator that you should know

A personal loan EMI calculator offers several advantages that help you borrow smartly and put your best interests first. Read on about the benefits of using a personal loan EMI calculator

EMI calculator offers insights, which can come in handy when making the right borrowing decisions.Premium
EMI calculator offers insights, which can come in handy when making the right borrowing decisions.

Thanks to fintech innovations, personal loans are now readily available for borrowers. With a digital and paperless application, you can get a personal loan in a matter of hours. But that does not mean you should avail a loan without doing due diligence. Making the right decision is of utmost importance, as it safeguards your financial wellbeing. The key here is to assess loan offers for affordability and low costs. An easy way to identify such offers is to use a personal loan EMI calculator. This tool offers insights, which can come in handy when making the right borrowing decisions. What’s more, the EMI calculator helps with loan planning, which is a crucial step you shouldn’t avoid.

Besides these factors, a personal loan EMI calculator offers several advantages that help you borrow smartly and put your best interests first. Read on about the benefits of using a personal loan EMI calculator.

Plan your loan easily and efficiently

Loan planning is an essential step that you need to do before availing of a personal loan. It generally includes budgeting and finding suitable loan terms to align with your financial capabilities. To that end, you usually have to know the interest rate applicable, calculate the EMIs payable, and find a tenure that matches your goals. An efficient way to go about this is to use a personal loan EMI calculator.

This digital provision is free to use, available online, and accessible via smartphone or browser. You must enter the values for the personal loan interest rate, tenure, and amount, and the EMI calculator will automatically output the results. You don’t have to do any time-consuming manual calculations, and the entire process takes seconds. This comes in handy during loan planning, as you will have to assess the results for several combinations of loan terms. An EMI calculator makes the process time-efficient and can be done anywhere.

Find deals that best suit your monthly budget

A personal loan EMI calculator makes it fairly easy to compare different offers based on their terms. This is a major advantage as it highlights the best loans in the market. By assessing loans based on affordability, you can shortlist options that truly match your profile. Moreover, an EMI calculator is very easy to use, so this process is fairly quick too.

Knowing the interest rates offered by different lenders, you can calculate the cost of borrowing in just a few clicks. Given the role an EMI calculator plays in checking the feasibility of your personal loan, apply only after you thoroughly compare the different offers and conditions.

Get accurate results to make informed decisions

As mentioned above, a personal loan EMI calculator gives you an estimate for any and all combinations you enter. Having this information makes it easier for you to do your research and make an informed decision. However, the advantage here is that you always get accurate results. Manual calculations can lead to errors, but you don’t have to worry about such issues with a digital calculator. So long as you enter the right values, you will get error-free results.

By eliminating the probability of errors, you never have to worry about inaccurate estimates when planning. This is an important benefit of an EMI calculator because loan planning based on inaccurate estimates can misappropriate funds. This can further lead to you defaulting on repayment or missing an EMI payment, which can negatively affect your financial standing.

All in all, using a personal loan EMI calculator helps you make decisions based on your financial priorities. However, to ensure that you get a deal that suits your profile, you must do your market research. Pick offers that prioritise affordability and scout for lenders that offer benefits that work to that end. One smart option that meets this checklist is the Bajaj Finserv Personal Loan.

Get approved instantly for a sanction of up to Rs. 25 lakh, and enjoy a competitive personal loan interest rate to keep costs in check. You can access a suite of digital provisions, which includes a user-friendly EMI calculator to simplify the borrowing experience. To get started right away, check your pre-approved offer online and get funding with ease.

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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Published: 24 Aug 2022, 12:35 PM IST
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