5 Ways a Personal Loan EMI Calculator Helps You Plan Your Finances?

1. Personal loan…… Email Id- Info@Afinoz.com Website- https://www.afinoz.com/blogs/5-ways-a-personal-loan-emi-calculator-help-you-plan-your-finances

2. 5 Ways a Personal Loan EMI Calculator Helps You Plan Your Finances • Personal loans come to everyone’s rescue in a financial emergency. No restrictions on the end-use of a personal loan make it the most preferred option for individuals who are facing problems in meeting their personal expenses like home renovation, wedding, education expenses, as well as big-ticket purchases.  • However, a personal loan, just like other forms of credit, needs to be paid back along with applicable interest. Borrowers are required to repay a personal loan in monthly instalments, popularly known as EMI (Equated Monthly Instalments). Before applying for a personal loan or home loan, you should have an idea about how much EMI you would need to pay per month to make sure that it fits into your budget. For this, you can use a personal loan EMI calculator. Not only does a personal loan EMI calculator help you figure out the monthly instalment, but also in planning your finances accordingly. There are other calculators such as loan principal and interest calculator, loan tenure calculator, etc. to calculate the principal and interest rates in some exceptional cases.

3. 1. For an accurate and quick calculation • Calculating EMIs using pen-and-paper is a tricky and time-consuming task and leaves room for errors. Whereas an online personal loan calculator can deliver accurate results immediately. EMI calculators are designed using a sophisticated algorithm to deliver error-free results in seconds. Additionally, you can use an online personal loan EMI calculator as many times as you want to, without any charges. 2. Helps in deciding the tenure • EMI calculator allows users to find the right tenure as per their repayment capacity. You can change the value of loan paraments as many times you want to. You can increase and decrease the loan amount and tenure to arrive at an EMI that is the best suited based on your income. 

4. 3. For selecting the right lender • Interest rate is one of the most important components of the loan. While calculating an EMI, you need to enter the interest rates charged by your lender. Interest rates, loan amounts and tenures vary from lender to lender. Even a marginal difference of 0.5% in interest can make major changes in the overall cost of the loan and instalment payable every month. 4. For a loan Amortisation schedule • A loan instalment payment includes both principal and interest. When you use the EMI calculator, a loan amortisation schedule shows the breakdown in detail i.e. how much principal as well as interest you are paying each month.

5. 5. Visual representation of figures • With an EMI calculator, loan borrowers can easily find out how much they have paid and how much they have to pay each month including the principal as well as the interest rate. They can view the information in a tabular form and pie chart as well. For example, if you apply for a personal loan of Rs. 15 lakh at 15% p.a. interest for 60 months, the total amount that you will need to pay will be Rs. 21,41,093. Out of which 70.1% goes towards the principal and 29.9% towards interest.

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