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Steps To Get The Best Personal Loan Rate With This Tool

By Author: Neha Sharma
Total Articles: 1215

"Redefine the way you look at your personal expenditures by taking a personal loan, be it for the trip you had been longing for, a new phone, or that picture perfect wedding. Your dreams are just a few clicks away on a personal loan EMI calculator that will give you a clear picture about how little you have to spend monthly.

Always compare the rate of interest for a personal loan before applying for one. Also check for provisions of flexible payment schedules. You can calculate the EMI to be paid in different instalments by using the personal loan EMI calculator and it also saves you from visiting all these offices to get a detailed scenario, if you take a loan from there.

Spending Rs.5,00,000 instantly may seem to be a very difficult task for many but when this is broken into payments over 60 months at an interest rate of 7.75% the amount payable monthly would be Rs.10114. The personal loan EMI calculator changes the perspective with which we look at something expensive and makes it seem much more affordable.

The best thing about a personal loan EMI calculator is they give you an error free figure that is easy to understand. It also helps spare the need of running to the bank personally to know the status of your loan account. You can sit at home and have a clear view of how far you are in repaying your loan.

STEPS TO BE TAKEN WHILE APPLYING FOR A PERSONAL LOAN

Make a budget – According to your need plan a detailed budget. Over-borrowing may seem to be a safe option but in the long run you would be in a debt for an unnecessarily extended period of time. Similarly you would not even want to end up with an amount lesser than you need.

Realise your affordability – After considering your monthly expenditure make a note of how much money you are left with. Make full use of the personal loan EMI calculator to determine how much your monthly instalments shall amount to. Compare it with the amount you have extra every month and decide wisely whether or not to go ahead with the loan.

Scan the market for best rate of interest – Look for the lowest rate of interest on your loan. This scanning can be done easily sitting at home surfing the internet.

Find suitable time period for repayment – Also take into account the tenure of the loan and the policies related to paying it off early or extending it. Often banks have rules that do not allow paying off of loans before the loan period ends or they include a higher interest if you try to do so."

Author Bio- Neha Sharma is a finance student who loves to write during her spare time. She has considerable information about the personal loan, and tools such as the personal loan calculator. Through her work, she has provided valuable information about using personal loan emi calculator to get the best rate on personal loans.

Total Views: 61Word Count: 505See All articles From Author

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