When it comes to personal loans, every month’s installment (EMI) is one feature that decides whether to go ahead with a personal loan or not. Since personal loans are transformed into a digital format, the loan features are also simplified alongside, making the entire loan procedure easy. Borrowers who had issues about installments to be paid every month can now be at ease as
instant loan apps online have an inbuilt EMI calculator to simplify the way EMIs were calculated considering manual calculations.
Digital transformation in the financial domain has led to various benefits for the borrowers. Out of the many beneficial features is the
personal loan EMI calculator, which simplifies the installment calculations within the budget.
Let’s touch upon the top 5 benefits of the personal loan EMI calculator
-
Ease of Use
Being an in-built tool within the loan app, it is quite user-friendly. Borrowers just need to add their principal amount and tenure and select the prevalent interest rate. Within seconds, the EMI calculator displays the result.
-
Flexible Tool
The EMI calculator is high on flexibility as the three variables entered can be flexibly edited till the time borrowers are not satisfied with the EMI amount. This benefits the per month budget setting goals, helping with setting an affordable EMI.
-
100% Accuracy
As the EMI is calculated in real-time on a digital personal loan app, there is no scope for inaccuracy. Hence, borrowers can be 100% sure about the accuracy rate while using an EMI calculator on a personal loan app.
-
Saves Time
Manual EMI calculation is a tedious and time-consuming process that can often lead to inaccuracy. Hence, when the financial need is urgent, it is best to consider an EMI calculator to save on extra time spent on calculating EMIs.
-
Speeds up the Loan Process
Once the EMI is decided within the budget and seems affordable to the borrower, the next step is going ahead with the personal loan application at a faster pace. Faster calculation of installments with accuracy speeds up the personal loan process online.
Hence, the new age
instant cash loan apps bring a host of benefits for the borrowers. EMI calculator is indeed a useful feature within the personal loan app that gives confidence to the borrowers to go ahead with a personal loan, calculating affordable EMIs in advance.
Hero FinCorp is a popular personal loan app featuring a user-friendly EMI calculator. This can be used when applying for a personal loan of between Rs.50,000 and 1.5 lakh. Timely repayment of EMIs can build a strong financial record and a great CIBIL score. Having a high CIBIL score can help you raise funds in the future with ease.
The Hero FinCorp Personal Loan EMI calculator is a handy tool for borrowers seeking an
instant personal loan. It would help a borrower accurately estimate their monthly loan installments (EMI) well in advance. A borrower would thus be able to ascertain an amount towards EMI from their monthly income and ensure regular EMI repayments to avoid penalty charges.
