A personal loan will help you tide over any unplanned financial situation and meet your immediate cash needs. Thanks to the digital era, you can now apply for a personal loan online with just a few clicks on your smartphone, laptops, and computers. Lenders offer quick e-sanction and instant loan disbursals. However, it would be wise to stick to the basics and compute well; before you pick the interest rate and EMI, else it might burn a hole in your pockets. Luckily, there are personal loan EMI calculators online that will help you to determine your exact monthly instalment and interest rate to be paid in a couple of minutes.
What is a Personal loan EMI calculator?
When you avail personal loan, EMI or Equated Monthly Instalment is the amount that you will pay to the lenders as a repayment. Each EMI that you repay will contain a part of your principal amount + interest due on the loan amount. Personal Loan EMI Calculator is an online tool that will help you know your EMI pay-outs in just a few clicks! The general thumb rule is, initially your EMIs will contribute more towards interest rates compared to the principal. However, over the course of the loan tenures, the subsequent EMIs will contribute more towards the principal amount.
Why you should use our Personal loan EMI calculators?
Our easy to use personal loan EMI calculators will help you determine the monthly installments which you’re likely to pay as repayment for your loan.
You have to enter some basic information like:-
- Loan Amount you wish to avail
- Number of months to repay the loan (between 12-60 months)
- The rate of interest you prefer
- You can also use the slider to increase/decrease the values in the input parameters.
The resultant EMI will be displayed on the EMI calculator. Personal loan calculator will also display the total outgo in terms of principal, and interest component for the entire loan.
The required loan amount and interest rate will remain constant; however, you can increase/decrease the loan tenure as per your comfort level.
Increasing the loan tenure will decrease your EMI amount but you will have to pay more interest rate from your pockets and vice versa.
At Apnaloan.com, you can compare EMI’s with different interest rates offered by financial institutes, and pick the one which is the most suitable option as per your affordability.
You can get rid of the tedious manual calculations for your monthly EMIs with our easy-to-use and convenient personal loan calculators. Get thorough information about your loan eligibility, interest rate, and principal outgo along with affordable EMI option to save BIG. Plan in advance, and make comfortable loan repayments. Make an informed choice to meet your financial needs with ease, today!
Some benefits of using Personal loan EMI calculators
Loan calculators will help you choose an affordable EMI option based on your repayment capacity. When you borrow money, you will have to repay it in a specific tenure at a pre-determined interest rate. Therefore, it becomes important to choose an amount that will be easier on your pockets.
Here are key benefits of using Personal loan Calculators:
Saves Time and Energy
In olden days, when you had to take a personal loan, you would sit with your financial experts for hours to determine your EMI. However, there is a lot of hassles involved in it. Therefore, we have come up with easy-to-use EMI calculation tool for the potential borrowers who are in a haste to avail finance. With personal loan EMI calculators, you can determine your EMIs in just a few seconds.
Assess your repayment capability
When you key in details like loan amount, tenure, interest rate, the calculator will determine your EMI. You will come to know, how much money you have to set aside every month towards loan repayment. If you find the EMI is high, you can make changes in loan tenure, and choose an affordable EMI option. You can use EMI calculators to choose an amount which will not put any strain on your existing finances. Personal loan calculators will let you assess your repayment capacity by adjusting parameters such as personal loan amount, tenure and interest rates.
It’s free and instant
Many people fear to use calculators because they feel it would cost some registration fee. However, it’s absolutely free of costs. You don’t have to wait for office hours to compute the best EMI results. Right from the cozy corners of your home or office, you can compute the EMI options as well as know your eligibility, interest rate outgo. It’s 24X7 at your service!
Get the best deals and offers
Once aware of the principal amount and EMI you can afford, you can get quotes from top 35+ banks and non-banking finance companies online. They will come up with the best match as per your eligibility and requirements. Compare the available personal loan options at apnaloan.com and take a correct decision today!