Easy Financial Planning with a Personal Loan EMI Calculator
Financial planning needs careful consideration, planning, budgeting, and implementation. In a fast-changing world, it is often difficult to keep up with different interest rates and calculations. The personal loan EMI calculator is a great tool to make the right financial choice
Personal loans offer collateral-free financing for various purposes – weddings, medical emergencies, higher studies, home repairs, down payment on house loan among others. While you are required to repay the loan amount with interest, there is no restriction on how you choose to utilise the loan amount.
Today, applying for a personal loan has become easier than ever with different offerings, ease of application, a 100% digital process and instant disbursal . Availing an online personal loan is also easier as there is a simple eligibility criterion that borrowers need to meet.
Though getting a personal loan is hassle-free, you need to thoroughly evaluate the interest amount to assess your repayment capability before you opt for one.
What is a personal loan EMI calculator?
A personal loan EMI calculator is an online financial tool that you can use to calculate monthly installments towards your loan. The EMI calculator is easy to use as you need to input just three values –
– Preferred loan amount
– Bank’s interest rate
– Repayment tenure
Insert the above values in the calculator to get instant results.
Do note that while calculating EMIs, the longer tenure means smaller EMIs, but the total interest burden will be higher as the interest is applied over a longer duration. Likewise, a shorter tenure indicates higher EMIs, but a lower interest amount.
You can adjust values in a personal loan EMI calculator to correctly gauge which EMI amount you are most comfortable with.
How are personal loan EMI calculator and financial planning linked?
Easy to use: The online personal loan EMI calculator is easy to use as it’s a simple tool that requires little time and effort to for instant and accurate results. It also eliminates the need to do manual calculations that are prone to human errors. This tool is available 24/7 and is free for everyone.
Accuracy: As opposed to manual calculations, an online EMI calculator generates precise results based on the input values. This helps you avoid errors in calculations which can adversely affect your financial plans.
Repayment: Online personal loan EMI calculators by IndusInd Bank provide a tabular presentation showing the total interest amount you will pay on the principal. This will help you understand your repayment decision better on whether to opt for short or long repayment tenure.
Based on your monthly income financial needs, interest rate and repayment capacity, you can apply for a personal loan with a premium bank in India. IndusInd Bank offers one of the most affordable personal loans in India that can help you access urgent funds in no time.