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The Convenience Of Personal Loan Calculator And How You Can Benefit From It
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"Personal loan is one of the most common forms of financial loan that an individual takes. These loans may be taken for a host of different reasons, such as the marriage or education of children, family vacation and more. However, each bank offers the same loans at varying rates of interest. The tenure for the repayment of such a loan may also differ from one bank to the next. These variable factors make it very difficult for a personal loan applicant to figure out the EMIs that they are likely to pay.
This is where the personal loan calculator comes in handy. Through these specialized tools, one can check exactly how much they would have to pay each month if they take a loan from a certain bank.
How to use personal loan calculators?
These days, each bank’s website provides such a calculator for the loan applicant’s convenience. Once you get to the calculator page, you only need to enter certain figures to calculate the total interest that you would have to pay on the loan and also the monthly payments or EMIs that would have to be made.
The first thing that you need to enter into the calculator is the principal amount or the loan amount that you would like to avail. Secondly, you would also have to enter the interest rate for the personal loan. In India, the rate of interest in case of a personal loan may range from 10% per annum to 20% per annum.
Lastly, enter the tenure or duration of the loan repayment. After this has been filled in, press the calculate button to determine exactly how much interest and EMI you would have to pay for the loan. The calculator also calculates the gross repayment amount, which includes the loan principal along with the interest amount.
Benefits of using personal loan calculators
The primary benefit of the personal loan calculator is that is gives the applicant an overview of the payments that they would need to make in order to repay the personal loan. This can be used to compare the EMIs that one has to pay after taking out a loan. The monthly payments may differ from one bank to the next on the same principal amount.
The calculator can also help one determine the loan amount. Since one can see the EMIs after entering the principal amount, they can adjust the loan so that the EMIs are convenient to pay back. Without the calculator, an individual may end up with EMIs that are too high."
Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the EMI calculator and why is it important to calculate the EMI. Through her work, she provides valuable information on the benefits of using a personal loan calculator.
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