All You Need to Know About a Personal Loan Eligibility Calculator

Due to these online personal loan eligibility calculators, borrowers can avoid the traditional way of calculating EMIs, which at times could even lead to errors. Let us consider various benefits of a personal loan eligibility calculator from a borrower’s perspective.

Benefits of Personal Loan Eligibility Calculator

Time Saver

The personal loan eligibility calculator saves a considerable amount of the borrower’s time by giving the loan eligibility results within a matter of seconds after entering the requisite details.  A calculator is an analytical tool that analyses the EMIs automatically without any time lag.A traditional way of calculating EMIs is more time-consuming as compared to the digital EMI calculator.

Accuracy in Results

The personal loan eligibility calculator gives accurate results within seconds, helping borrowers to plan their monthly budget.  There are very rare chances of errors occurring in the event of system malfunctioning.

Compare Loans

One can easily compare different loan options to check out different EMIs. There is a lot of flexibility in deriving instalments using EMI calculators on different loan apps to suit your budget. The interest rate is one major factor that affects the EMIs.

Financial Planning

Loan repayment incurs an EMI every month with an additional rate of interest. EMI calculators give the instalment figure in advance. This is how borrowers can check on their finances and decide whether a personal loan is affordable or not.

How to use a Personal Loan Eligibility Calculator?

• Enter the principal amount of personal loan required
• Enter the interest rate that the lender would be charging on the principal amount
• Enter the loan tenure
• Choose various EMI options according to the desired tenure
• Longer tenure ensures lower EMI and vice versa
• After comparing various variables, choose the EMI best suited to your budget

Hero FinCorp Instant Personal Loan App is an innovative and user-friendly fully digitized personal loan app, from where you can get your loan particulars calculated instantly through the EMI calculator. Borrowers can avail of a personal loan of up to Rs.1,50,000 within a matter of 24 hours, directly into your bank account.