A personal loan from a top Indian bank helps meet diverse needs. You can use the fund for weddings, medical bills, home renovation or a dream vacation. It is an unsecured product which means the borrower does not have to pledge any assets like a car or a home. The entire process is 100% paperless which ensures a hassle-free application. You can apply for funds up to ₹40 lakhs with the flexibility to make up to 40%-part payment. Work with a bank that also offers a top-up facility. This saves you from re-applying for the loan. Simply apply for extra funds as and when needed. You can also transfer your personal loan from your existing lender to a bank that offers lower interest and better terms and conditions.
A personal loan EMI calculator helps you arrive at the monthly payment. It is a fast, accurate and free online tool available on your bank’s official website. Below are a few benefits of using the same to plan your loan finances better.
Avoids Manual Error
The best EMI calculator online uses advanced techniques to compute the most precise results. It saves you the time and energy of calculating manually. It also rules out any possibilities of mathematical errors, else it can end up costing you money. The calculator also helps you plan your finances without any risks of mistakes. All you have to do is input the amount, period and interest rate to generate the results within split seconds.
Ease of Usage
Whether it is a ₹50,000 personal loan or a ₹40 lakhs loan, you do not need any prior technical knowledge to use the calculator. It is extremely easy to operate. Slide the variables bars (amount, period and interest rate) and view the EMIs simultaneously. You can experiment with different numbers before ensuring a suitable figure. Anyone from Gen Z and millennials to boomers can use the tool without hiccups. You will need a smart device with a steady internet connection to get started.
Manually using a formula and calculating the EMI is not a smart option. It is a tedious process with high chances of inaccuracy. Further, it might not be useful if you need an immediate loan and wish to know the EMI right away. This is since the process is time-consuming. So, it is a good idea to enter the correct value and receive a reliable figure. Plan your EMIs accordingly. Having a clear knowledge beforehand can lower the chances of miscalculation and or an EMI default too.
In short, an EMI calculator simplifies the personal loan planning process. You do not have to opt for in-person assistance or visit the bank and stand behind long queues. It eliminates all sorts of human interaction and offers the freedom to calculate as many times as you wish to, free of cost. Use it during your work break, on a vacation or from the comfort of your home to get instant results.