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How to wisely calculate the EMI for a personal loan?

Personal Loan
16 August 2024
Manya Ghosh
492

Table of Contents

HeroFinCorp EMI Calculator
Ways to Calculate Loan EMIs Wisely

Equated monthly instalment (EMIs) is a critical factor when it comes to a personal loan application. Just imagine how stressful it will be to take loans if the EMIs are not known correctly in advance. So, it is very important to calculate the personal loan EMI appropriately, for a smooth repayment tenure.

Thanks to the digitization, calculating EMIs is a simple process via instant loan apps. The in-built EMI calculator gives instant EMI results in seconds. Enter the principal loan amount, tenure, and the interest rate charged, submit to view the EMI amount to be repaid over a selected tenure.

However, the EMIs can be flexibly changed by altering the variables such as loan amount and tenure. This will give you variations in EMI and accordingly you can wisely calculate the EMI suiting your monthly budget. The results are presented in a clear numerical format and sometimes delivered in a pictorial format, depending upon the lender websites.

Using an EMI calculator is a wise choice to calculate EMIs as there is no scope for mistakes in the calculation. The instant loan EMI calculator gives accurate results in seconds and borrowers are saved from spending excess time on EMI calculation which may not be 100% accurate.

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HeroFinCorp EMI Calculator

Calculate EMIs for a personal loan between 50,000 to 1.5 lakh at HeroFinCorp. It is a user-friendly personal loan app powered by Hero FinCorp, India’s most trusted loan provider. Now, conveniently fulfil your loan application requests, without any physical documentation. Considering the complex calculations involved in loan procedures, HeroFinCorp Personal loan EMI calculator facilitates calculations of monthly instalments in minutes. Install and login to HeroFinCorp today and also get the benefit of customizing your loan amount and EMI.

Ways to Calculate Loan EMIs Wisely

Check your Income

Derive EMIs lesser than your monthly income. If the EMIs are higher, then it will not be affordable to proceed with the loan.

Business Stability

Payment’s receivable account of a business should have stable earnings. Based on your business revenue, you can calculate EMIs accordingly for a stress-free repayment cycle.

Existing EMIs

If you have an already existing loan account, try clearing the previous EMIs before calculating the new one. It can be cumbersome to manage multiple EMIs.

Longer Tenure

Calculate EMIs that are to be paid over a longer tenure. This reduces the EMI amount and repayment becomes easy.

Advisable not to opt for EMIs that will cause a real struggle in your life. Take a loan of a limited amount which can be repaid with an easy EMI over a period of time. Small cash loans are preferable as EMI calculation is simple and repayment is also not a burden.

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.