When you are facing an urgent need for money, taking out a personal loan is the best solution. It allows you to take care of your needs without using up your savings. These high-value loans of up to Rs 10 lakh come with a tenure of up to 60 months. The interest rate on these loans starts as low as 12.99% per annum. It is vital to note that you need to pay EMIs every month. To ensure that you get EMIs that you can easily manage, you must use a personal loan EMI calculator. Using this tool will allow you to plan your EMIs in advance and lower the chances of a default. Read on to learn more about using a personal loan calculator and how you can get several benefits from it.
What is a personal loan EMI calculator?
A personal loan EMI calculator is a free online tool available to all leading lenders. It allows you to learn more about the EMIs that you will have to pay for your personal loan. As the results offered by a personal loan calculator are accurate, you are in a better position to plan the EMIs. Manually carrying out this process can take a long time and introduce numerous errors. So you must use this tool anytime you plan to take a personal loan. You just need to enter some basic data to get the results. There is no need to enter any personal details to use this free online tool.
Benefits of Using a Personal Loan Calculator
There are many benefits that you can get from using a personal loan EMI calculator to plan your finances. Here are some of the most vital benefits that are on offer:
- Accurate: A personal loan calculator offers accurate results every time. So, even if you have to perform multiple calculations, it will deliver correct results. Doing these calculations manually can result in errors that can lead to incorrect decisions. Hence, you must always use this to ensure accuracy in your financial planning.
- Quick: With a personal loan EMI calculator, you can get the results in less than two seconds. This is very quick when you compare it with the time taken by manual calculations. As a result, you can compare multiple loan offers in a short time. This enables you to make the correct choice quickly.
- Free: It is a free online tool that you can access using a website or a mobile app. There is no need to pay any charges to use this tool. This is a benefit, as now you can compare multiple loan offers easily and without any need to spend anything.
- Discreet: A personal loan EMI calculator is a discreet tool. You need not enter any private details or contact information. Hence, you will never get any spam emails or SMSs when you use this tool. Also, no one will ever know that you are planning to apply for a personal loan.
- Easy: It is very easy to use a personal loan calculator. You do not need any math skills to use it. In fact, you just need some basic computer or mobile phone skills. Just enter basic data like loan amount, interest rate, and tenure. The results will be on your screen in a few seconds.
- Detailed: When you use this tool on some platforms, you get a lot of details related to the loan. This includes a repayment chart, the total interest cost, the interest paid in a year, and much more. Hence, you are in a better position to select a loan offer that best matches your needs.
- Timely: There are fewer chances of default when you use a personal loan calculator. With this tool, you are able to select a loan that comes with an EMI amount that you can easily afford. As a result, you can repay the loan on time and avoid the risk of default.
How to Use a Personal Loan Calculator
Here are the steps that you must follow to use a personal loan EMI calculator:
- Visit any website or download an app that offers this free tool.
- Tap on the link for personal loans and then on the link for the EMI calculator.
- Then, you will be able to see this tool on your screen.
- Enter the details as required. This will include the loan amount, interest rate, and loan tenure. Some platforms may give you the option of using a slider to enter the details.
- You need not provide any personal details to use this tool.
- After you have entered the details, click on the “calculate” button.
- This will display the result on your screen. The data you will get from this is the total interest, total principal, total amount, and EMI amount.
- If you need to make multiple calculations, then you must note down these details.
- Some platforms will also allow you to access a repayment chart that is very useful for EMI planning.
- This tool can be used as many times as necessary to compare personal loan offers.
Using a personal loan EMI calculator is a good step. It will help you plan your finances in a better way. As it is a free tool, you can use it as many times as you want. Log on to Piramal Finance to access this free tool and articles on a range of financial topics. This will help you make an informed decision. Piramal Finance also offers high-value personal loans at low interest rates. Contact their experts for the best offers as per your profile.