What are the Benefits of using a Personal Loan EMI Calculator

In the current scenario, personal loans are counted as a reliable mode of immediate financial support. Individuals from all walks of life need funds to manage various financial purposes. The reason could be as simple as buying a smartphone or as complex as a major wedding expense, medical emergency or clearing of debts. When a financial crisis occurs, opting for an instant personal loan online is the easiest way out to get the required money in a span of 24 to 48 hours.
 
Numerous financial institutions and NBFCs have launched online instant loan apps for quick personal loan transfer. EMI calculator is an in-built feature that benefits the borrowers to calculate their monthly instalments before even taking the loan. Getting a clear EMI figure enables financial planning and makes it easy to pay the instalments on time.
 
Imagine the other way round, if EMI calculators did not exist, calculating EMIs would be a time-consuming process and could also lack accuracy, if done manually. Hence, there are varied benefits of a personal loan EMI calculator that borrowers should consider.

Benefits of Loan EMI Calculator: 
 

• Time Saving

Loan EMI calculators give away the results within seconds of entering the variables- loan amount, tenure, and interest rate. The equated monthly installment is presented automatically without any loading time. Comparatively to manual calculations, this is a faster process of calculating EMIs on a digital platform.
 

• Accurate Results

The Loan EMI calculator not only saves time but also gives an assurance of accurate results. There are rare chances of error in the result output.
 

• Compare the Variables

You get an alternative to modify or compare different variables to derive different EMIs. For instance, if the personal loan amount and tenure seems fine, you can flexibly change the loan tenure and get a different EMI figure that suits your repayment budget.
 

• Makes Planning Simple

Undoubtedly, online EMI calculators provide a clear idea of the instalment to be paid towards your borrowing in the form of EMI. Therefore, the loan EMI calculator benefits in advance planning of finances to maintain your monthly expenses. 
 
 
How do I use a Personal Loan EMI Calculator?
 
To use an online loan EMI calculator, you need to enter certain inputs that are listed below:
 

• Firstly, enter the principal amount that is the essential loan amount you want to secure in the form of a personal loan.

 

• Secondly, the interest rate is the percentage of the principal amount that the lender will be charging.

 

• Lastly, by entering the loan tenure on the EMI calculator, it will display the increase or decrease in the EMIs according to the chosen tenure. The longer the tenure the lesser will be the EMI and the shorter the tenure, the higher will be the EMI. So, the EMI calculator allows you to choose the loan amount, tenure and EMIs, based on the suitability of your budget.

 
The use of a loan EMI calculator is a good step to begin with the online personal loan process. Unlike the complex traditional way of loan EMI calculation, the EMI calculator on digital loan apps simplifies the loan calculation process and helps to understand different aspects of a personal loan effectively. Within seconds of entering the variables, you can judge your financial ability of paying off EMIs and choose a loan that suits you best.