Credit Wisdom
How to use Personal Loan EMI Calculator?
Category: Personal Loan
EMI stands for âEquated Monthly Instalmentsâ, which a person is liable to pay along with the interest that financial institutions charged if he/she has taken a loan from bank or NBFC. Loan, as you may already know, is an amount that you borrow from banks and NBFCs and it can be for any purpose whether you borrow it for an emergency or for a celebration. Borrower needs to pay back the borrowed amount and banks charged you interest rate on that loan amount, to bridge the gap between you being unknown to them.
Knowing all the ins and outs before you even apply, is not just necessary; itâs unavoidable. Nowadays, everyone will advise you to check all the aspects thoroughly, before taking a huge step. Well, everyone is right; you should check all the benefits or disadvantages of getting a loan. Moreover, calculate how much EMI youâll be paying, to know whether itâs going to be possible for you to bear the EMIs or not.
Generally, EMIs remain same for the entire tenure of your loan but the other elements of EMI such as principal repayment and interest payments, change with the tenure.
Unsecured personal loan is a multi-purpose loan, which you can use as per your need but to know how much EMIs youâll be paying before even taking a loan, is a clever step. Following is a guide to learn how to utilize such calculator to know your future EMIs.
How to Calculate?
EMI calculator or PERSONAL LOAN EMI CALCULATOR is easy to use to know precisely how much EMI, youâll pay. The calculation of EMI depends on three prime factors, which are as following:
1. Personal loan amount: itâs the amount you want to borrow from bank to meet your needs.
2. Loan interest rate: Now that you want to borrow money from bank and as they say, nothing comes easy or free, you have to repay the loan amount you borrow from bank along with the interest they charge and it varies from bank to bank.
3. Tenure of Loan: For how long you want to borrow the amount, is called tenure. To calculate EMI, itâs obviously required to mention the tenure period.
You can check monthly instalments by filling in aforementioned details in an EMI calculator, which you can find on the websites of online financial service lenders like CreditNation.
EMI calculator makes it effortless for you to calculate monthly instalments without any complexity. Furthermore, the division of EMI calculator according to certain loan types like Personal Loan, Home Loan and Car Loan, unite another dexterity to let you know which loan is more affordable and to help you organize your finances.
Tags: Personal Loan Articles
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