Loans

What are the features of a Personal Loan EMI Calculator?

Personal loan

Nowadays if you want to calculate your EMI, you can do it via Personal Loan EMI calculator at the comfort of your home. The personal loan EMI calculator is nothing but a tool through you can calculate the monthly installments that you have to pay if you are taking the personal loan.

Through this tool, you will get to know your monthly EMIs by just entering the few details in the Personal Loan EMI calculator. First, you need to enter the loan amount, tenure and interest rate in the calculator so that it can effectively calculate your personal loan EMI.

The personal loan calculator basically works on the basis of two formulae. The first is to work on calculating the monthly interest rates, and the second is to calculate the EMI.

Features of a Personal Loan EMI Calculator

Accuracy

The manual calculation of the monthly installment does not usually give accurate results because the calculations are tricky. However, if done through an online personal loan EMI calculator, the result will be 100% correct. So if you are doing some complicated calculations, it better to use the personal loan calculator.

Time-saving

Doing manual calculations is time-consuming and also does not give accurate results. But, with Online Personal loan EMI calculator, you will get correct results in a few seconds. Hence, the personal loan calculator is more suitable for those who need result quickly.

Also Read: Fastest Way to Lose Money

Easy Comparisons

A borrower gets various options to choose On the basis of the loan amount, tenure and interest rates. But, manually comparing it is not so easy and convenient. But through the personal loan EMI calculator, a loan seeker can make a quick comparison of the EMI and choose the best mortgage for himself.

Endless Calculations and adjustments

You can do as many free calculations of the EMI on the personal loan calculator. Usually, borrowers look for the lowest interest rates on the loan amount but, high EMI amount stops them from moving ahead. But you can re-adjust the tenure of the loan amount till the time the person is comfortable in paying till the EMI. In such cases, an EMI calculator can be the perfect tool to use.

Tells More than EMI

A personal loan EMI calculator does more than just the monthly installment calculation. Some personal loan calculators even show a graphic representation of the personal loan. Some calculators also show an amortization table. It is through it person gets the gradual payment he/she has made to the banks from where the loan has been availed.

Accounted Processing Fee

While most of the personal loan EMI calculators tells the monthly installment on the basis of the interest rates, tenure, and loan amount. But banks charge a certain processing fee, which is added while calculating the monthly installments.

Also Read: Top 5 Things to Follow Before Taking Personal Loan

There are some EMI calculators add the processing fee charged by the bank and shows the amount after adding that amount. With GST implementation, all indirect taxes like processing fees, service charges, and prepayment charges have increased marginally.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

Join The Discussion

%d bloggers like this: