Personal Loan

Why Use An EMI Calculator Before Taking Out A Personal Loan?


Personal loans are very popular among people with urgent money needs. Since there is no need for collateral and it takes only a few hours to process, you can use personal loans for all kinds of expenses. Only a few papers must be given for this loan, as most lenders offer you the choice to apply online. Also, you do not need to pay any lump sum amount and must pay only the EMIs.

Though, it is vital that before you apply, you must use an EMI calculator for personal loan. It is a free tool that you can get online, but it is very useful. You do not need to provide any personal information to use it. Hence, the entire process is highly secure. Using a personal loan eligibility calculator will allow you to know the EMIs you must pay before you decide on the amount you want to take out as a personal loan.

Read on to learn why you must use an EMI calculator for personal loan.

What is a personal loan eligibility calculator?

An EMI calculator for personal loan is a very useful financial tool you can get for free online. You can access this tool on a website or as a mobile app. Like a home loan EMI calculator, this tool allows you to learn how much EMI you need to pay monthly during the loan tenure to repay the amount. It usually asks for details such as the value of the loan, duration, and interest rate.

With a personal loan eligibility calculator, you can see the EMI amount, total interest, and principal paid. Some apps will also offer you the option to get a loan schedule to understand the repayments better. Hence, you can know the EMIs you need to pay and plan your finances accordingly.

How to Use a Personal Loan Eligibility Calculator

It is very easy to use a personal loan eligibility calculator. This free tool is available on many sites or mobile apps.

Here are the steps to follow for using an EMI calculator for a personal loan:

  • Search for ‘EMI calculator for personal loan’ to access websites offering this tool.
  • You can also visit the app store on your smartphone and download an app.
  • Open the link or app, and you will be able to see the EMI calculator on your screen.
  • Enter details like loan amount, tenure, and interest rate.
  • Check the details once more, and then click on the submit button.
  • You will now see all the key details of the personal loan, such as the EMI, total interest, total principal, and total amount paid.
  • Some apps will also let you see a payment schedule to help you better know your EMI value.
  • You can use this tool for various lenders and learn about the best offer.

Why Use An EMI Calculator For Personal Loan?

You can avail many benefits by using an EMI calculator for personal loan.

Here are some of the perks that you can get from this tool:

  • Free to use: You must use a personal loan eligibility calculator before you take out any loan. It is a free tool that is present on many websites or mobile apps. As you do not have to pay anything, it is ideal to compare various loan offers with this tool before you apply for a personal loan.
  • Quick: If you try and calculate the EMI on personal loans manually, it will take many hours. Also, there is always a chance of an error, as you need to know about the EMIs for the entire duration of the loan. But these issues will not bother you if you use an EMI calculator. This tool will finish the process in a few seconds and display the results on your screen. There is no chance of an error with an EMI calculator for personal loan.
  • Easy and Simple: You do not need any special skills to use this tool. It is very easy and simple because you only have to enter basic information like loan amount, tenure, and interest rate. It will take care of everything else and show the results on your screen in a few seconds. This helps you decide which loan offer to accept.
  • Discreet: There is no need to provide personal information like your name, income, age, or contact number to use a personal loan eligibility calculator. Hence, your profile will not be known to anyone, and you will not get any spam emails, calls, or texts. You can also use it on various sites or apps to see if the results are correct.

Final Takeaway

Now that you know all about the benefits of using an EMI calculator for personal loan, you must get hold of an app or a website that offers this tool. It would be best to use this tool to compare multiple lenders and their offers to make a better decision. If you want the best offers on your loan, visit the Piramal Finance website. They offer a host of other loans to help you meet your needs.