Using a personal loan EMI calculator makes it easy to check calculations before taking a loan. The borrower required details such as loan amount, interest rate, and tenure to calculate the EMI (Equated Monthly Installment).
24hr Loan explores the top 5 benefits of personal loan EMI calculator. Let’s talk about it in detail.
The Top 5 Benefits of Personal Loan EMI Calculator
1. Get Basic Idea
EMI calculator gives you a rough idea before taking a loan. When you go to 24hr Loan and click on the EMI calculator, you must provide some information to get the monthly EMI.
Information such as loan amount, yearly interest, and repayment tenure need to be entered into the box to get the idea. This way you can get basic knowledge before taking a personal loan.
2. Easy to Use
If you take pen and paper and go for manual calculation, it will be time-consuming. So, the easy and better option is using a personal loan EMI calculator. The following steps will be enough to calculate the EMI:
- Provide your desired loan amount
- Enter the loan repayment duration
- Give lender interest rate
Now, click on the calculator tab and boom. You will get the result with a graph.
3. Compare with Lenders
Lenders provide different interest rates on personal loans. Whenever you are taking a loan, you can calculate with the help of an EMI calculator. This way you can easily compare with lenders.
ROI (Rate of Interest) is the main player in the loan sector. If you can take a loan on lower interest, your monthly EMI will be low. So, you should compare lenders and calculate the loan EMI from a personal loan EMI calculator.
4. Accurate Repayment
The EMI calculator provides accurate data about your monthly payment. This will help borrowers to plan and make a clear decision. If Borrowers know the repayment installment, they can use funds the right way and pay the EMI on time.
This is one of the benefits of a loan EMI calculator and you must use this before choosing a personal loan.
5. Loan Tenure
With the help of a Personal loan EMI calculator, you can determine repayment tenure. One of my customers wants to take a Rs. 5 lakh loan for Rs. 10,000 monthly tenure. So, we will directly go to the EMI calculator and enter the loan amount which is Rs. 5 lakh, 5 years tenure, and 13% ROI. We got the result is Rs. 11,377 monthly EMI when we have chosen 5 yr repayment duration.
This simple procedure helps us to locate the installment and tenure easily.
How to Get Personal Loan EMI Calculator Results?
24hr Loan shows you the exact result of a personal loan EMI calculator. Just put the correct information to get an accurate result.
- Put the loan amount in the “Amount” box.
- Enter the rate of interest that the lender told you.
- Give the repayment tenure in a month.
Now, click on the “Calculate” button and you will show the result of the Loan EMI, Total payable interest, and total payment that you are paying.