123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

What Are The Benefits Of A Personal Loan Emi Calculator?

Profile Picture
By Author: Neha Sharma
Total Articles: 241
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

"A personal loan is a type of unsecured and unconditional loan. This means the borrower can use the funds for whatever reason without the lender raising any objection. Since this is an unsecured loan, the lender does not need to put up any security for the loan. This makes personal loans one of the best ways to raise funds when they are urgently required.
Taking any loan without proper financial planning is not recommended. When it comes to taking an unsecured loan like a personal loan, financial planning can be achieved by using a personal loan EMI calculator.

What is a personal loan EMI calculator?
A personal loan calculator is a calculator that finds out the monthly installment amount for a given principal, interest rate, and tenure. Using the calculator can help a prospective borrower find out the monthly installment amount for different combinations.

Here are some of the benefits of using a personal loan EMI calculator:

1. Easy to use:
A personal loan calculator is very easy to use. It requires only three inputs, the principal amount, the rate of interest and the tenure of the loan. Once these three items have been entered and submitted, the calculator throws out the EMI amount. In case of any error, it is easy to rectify the same and resubmit.

2. Helps compare the EMI for different lenders:
By entering the rates of interest from different lenders, a borrower can find out the impact on the EMI. This helps to find out the best lender and the best personal loan offer. However, it is better to use the personal loan EMI calculator before applying to different lenders. Multiple personal loan applications can adversely impact the credit score of the borrower.

3. EMI schedule:
Some personal loan calculators also provide an EMI schedule which shows the amount paid per month and the breakup into principal repayment and interest payment. This helps to understand the total amount paid out for the loan. It also helps with making decisions such as increasing or decreasing the loan tenure.

4. Free of cost:
Using a personal loan EMI calculator is free of cost. Lenders do not charge the customer to use such calculators on their website. This makes it one of the best tools to ensure that the right amount is applied for a personal loan.

5. Calculate total interest:
Personal loan interest calculators also show the total interest paid over the duration of the personal loan and the breakup every month. This can help to decide whether to pre-pay the loan or whether to foreclose it. Checking the total interest payment for different interest rates can help to negotiate better with the lender as well.


Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about personal loan EMI calculator. Through her work, she explains the benefits of using one

Total Views: 44Word Count: 473See All articles From Author

Add Comment

Investing / Finance Articles

1. Hire Wealth Management Firms To Seamlessly Manage Profits
Author: Avendus Group

2. Top Reasons Why Real Estate Investors Swear By Hard Money Loans
Author: Chris Goulart

3. How Are Equity Funds Categorised?
Author: Shashank Bhaskar

4. Advantages And Disadvantages Of Multiple Savings Account
Author: Shashank Bhaskar

5. Pune: A New Hub Of Real Estate Development
Author: Pooja Agrawal

6. Buy Bitcoin In Greece
Author: Leonard Quinn

7. Investment Banking A Dynamic Yet Challenging Sector For Future
Author: Avendus Group

8. 1031 Exchange - A Way To Save Your Taxes
Author: Amelia

9. Top 5 Reasons To Choose Zerodha For Trading
Author: Gunjan Chokshi

10. 4 Types Of Nri Accounts You Can Open In India
Author: Rishank Rautela

11. Top 3 Flexible Benefits That Unit Linked Insurance Plans Offer!
Author: Unit Linked

12. The Secret Of Taking Cheap Winter Holidays In Australia
Author: john

13. Home Loan Emi Calculators Explained Through Faq's
Author: Rudra Raghavan

14. Home Loans For The Self-employed Professionals!
Author: Anil Patel

15. Why Taking Loan Against Property A Popular Way Of Taking Loans
Author: Finway Capital

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: