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How Does an EMI Loan Calculator Work? What are The Main Features?
EMI
Image: Pixabay

How Does an EMI Loan Calculator Work? What are The Main Features?

| @indiablooms | 23 Nov 2021, 11:44 am

Personal loans are a versatile financing option. It can help you cater to urgent cash needs like a medical emergency or a business crisis. You can also use the funds to meet high-end expenses like an international trip, home renovation or a foreign degree. The loans are usually unsecured. You do not have to provide collateral. All you have to ensure is a good credit score to get the loan application approved. But, before getting a personal loan, have a clear idea of the EMI. Here’s why:

  • Helps you plan and prepare the finances for repayment.
  • You have an idea of how much to pay every month
  • You can fix the tenure accordingly make sure your EMI is affordable.
  • Peace of mind since you know precisely how much to pay towards your loan.

The best way to understand the monthly instalments is to use a loan calculator. The leading banks offer this tool on their website. Take a look at how it works and what are the main characteristics of a personal loan EMI calculator.

EMI Calculator

The calculation is computed depending on the loan amount, rate of interest and tenure. The entire process is quite simple. You can slide the bars according to your convenience to fix the variables and know how much EMI you will pay periodically. The result is fetched within just a few seconds free of cost. The loan calculator is available 24*7. Use it as many numbers of times as you want to without limitations. Decide the amount you can pay off comfortably. The EMI will be applicable to both principal and the accrued interest.
The entire loan amount is cleared over a particular period. The EMI amount is usually fixed and does not fluctuate. This form of payment is extremely useful to lower your financial burden. It divides the debt into equal amounts which need to be paid every month. You can easily settle the loan without having to compromise on your lifestyle or break your FD.

Features of an EMI Calculator

PL EMI calculator comes with simple yet useful features. This helps even a layman use it without prior knowledge. Take a look.

  • It is quick and convenient and ensures zero chances of errors.
  • A completely digital process from the comfort of your home.
  • Offers the flexibility to decide the amount you can easily pay off.
  • It is a free online tool offered by leading banks without extra expenses.
  • Besides personal loan, use an EMI calculator for a car loan and a home loan.
  • Reduces the need to use manual formulas and thus no need for paperwork.
  • Saves time by minimizing the need for lengthy mathematical calculations.
  • Helps plan the finances so your monthly budget does not take a hit.

EMI loan calculator eases the loan process. Having a fair idea of the amount to be paid every month helps you to manage and allot your finances better. Work with a reputed bank where experts can guide you through the process for a smooth experience.

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