An urgent need for money can arise at any point in time. It is not always possible for you to ensure enough funds for such needs. At such a time, you must apply for a personal loan to meet your urgent money needs. Many lenders now offer a personal loan online in a few simple steps. The entire process is completed in a matter of minutes. But this ease may lead you to apply for a personal loan that may stress your finances. It is therefore vital to use a personal loan EMI calculator before you apply for this loan. Read on to learn more about using an EMI calculator and the benefits it can offer.
What is an EMI calculator?
An EMI calculator is a free online tool that you must use before you apply for a personal loan. It only needs basic data like loan amount, interest rate, and tenure. You can learn about the EMI to repay the loan amount during the given tenure. You can access an EMI calculator using a website or a mobile app. Most lenders offer this free tool online for their customers. You can therefore use it as many times as you need to plan for your various loans or credit card bills. There is no need to offer any private details to use this tool. Hence, all your personal data is secure, and there will be no spam emails or SMS bothering you.
Benefits of an EMI calculator
There are many benefits that you can get by using an EMI calculator for your personal loan. Read on to learn more about the benefits of this tool:
- Free: You need not pay any fee to use this tool online. Also, you can use it online as many times as you want. This helps you plan your finances in a better way.
- Basic Data: It is a very simple tool. You only need to offer data related to the loan amount, tenure, and interest rate to get details like EMI, interest paid, and the total amount to be paid.
- Quick and accurate: This tool is very quick and gives you the results in under a second. That is some speed! Also, an EMI calculator gives correct results every time. It is much faster and more accurate than manual calculations.
- Anonymous: There is no need to give any of your personal details like name, email, phone number, etc. to use this tool. Hence, your data is always private, and you are safe from spam SMSes or emails.
- Plan Repayments: With an EMI calculator, you get useful data like loan EMI based on tenure and interest rate. This can help you plan your EMIs in a better way and ensure that you do not borrow an incorrect amount.
- Interest cost: With this tool, you get an accurate idea of the total interest you will have to pay as per the loan tenure chosen. This will enable you to ensure that you select the optimal tenure to keep the interest cost in check.
- Easy comparison: Using an EMI calculator enables you to compare multiple personal loans. This will allow you to select the best personal loan offer based on your needs.
- Flexible Usage: You can use this tool anytime and anywhere that you want. Hence, you are free to undertake EMI calculations as and when you want. All you need is an active internet connection.
- Extra Details: Many platforms that offer an EMI calculator also provide several other key details. These can be in the form of the total interest cost or an EMI break-up. This information comes in handy when you make a final decision.
How to Use an Online EMI Calculator
Here are some simple steps that you need to follow when using an EMI calculator:
- Visit any website that offers an EMI calculator or a mobile app that offers the same feature.
- Click on the link for the EMI calculator on that website or app.
- Now, on your screen, you will see this tool. You will need to enter the details as required.
- Here you must enter the loan amount, interest rate, and loan tenure. Make sure you enter these details correctly. You may also use the slider option to adjust the loan details.
- There is no need to enter your personal information. Make sure you do not provide such details, even if someone asks for them.
- Now, click on the calculate button. You will now be able to check the details on your screen.
- These details include the total interest, total amount, and total principal separately.
- Some of the calculators also offer the option of an EMI chart. Here you will be able to see how much interest you are paying with every EMI.
- This will help you better understand key aspects of your personal loan.
- If you want to compare multiple loans, you just need to change the details as per the available information.
- This will allow you to compare multiple loans easily and make an informed decision.
- You can select the best loan offer based on these aspects.
Using an EMI calculator is a useful step in selecting the best personal loan offer based on your needs. Many platforms offer this tool, and you can easily access it online. To get the best personal loan offers, visit Piramal Finance. They provide high-value loans at low interest rates for all your money needs. You can also contact their experts for any details that you need. The EMI calculator on the Piramal Finance website also allows you to perform calculations easily as and when you need them. They also have many blogs and articles on a range of topics to help you improve your finance skills.