Highlight – Using the HDFC personal loan EMI calculator or online calculator from any other lender is crucial before you avail of a personal loan.
Now, a personal loan can be easily accessed through digital loan apps. A personal loan is an unsecured credit instrument that has currently gained massive appeal for being an unsecured loan option. It means you do not require submitting or pledge any security or asset to avail of the personal loan. The best part is that borrowed amount can be utilised for almost any kind of purpose. Personal loan disbursement is also quick and generally done in 1 – 2 days post-approval.
You must pay the principal proceeds and interest constituent whenever you avail of a personal loan. Hence, it is very important to accurately compute your loan EMI before you avail of the personal loan to avoid inefficiencies. Here’s where the personal loan EMI calculator can help you out. In place of computing the personal loan EMI manually, many have begun using the online personal loan EMI calculator. Several financial institutions offer free-to-use online calculators.
On using the online personal loan EMI calculator, you get an idea about the monthly proceeds you must repay during your repayment tenure. This is very helpful to you as a borrower to get a good idea about the loan’s influence on your lifestyle and spending. Note that the rate of interest varies from one lender to another. You must ensure to compare the rate of interest of different lenders before selecting the loan plan which best matches your long-term financial goals. Let’s check out here why an online personal loan EMI calculator is beneficial and crucial to you as a potential borrower.
Assist in planning out your personal budget
Once you have understood all the details about your due amount, you will require paying it monthly and plan your remaining expenditure and savings well. Using the online personal loan EMI calculator even allows you to chart out all the future and pending loans to get an idea regarding all EMIs due and the approximate EMI figure you may go for now on your personal loan. Thus, an online personal loan EMI calculator allows you to understand your financial state, which helps you to make an informed decision.
Helps you to know about your preferable loan repayment tenure and interest rate
The personal loan EMI calculator enables you to select the best suitable repayment tenure for your personal loan. If you decide to pay a considerable number of loan EMIs to lower the interest rate on your personal loan, the loan’s repayment tenure will be higher and vice versa. You may change the personal loan’s value and the number of EMIs to find out the most effective repayment tenure possible. Also, you can experiment with distinct loan proceeds to figure out a convenient plan. For instance, if you zero on HDFC bank to opt for a personal loan, then you must check the lender’s rate of interest from its MITC (most important terms and conditions) and, based upon your suitability, input different HDFC personal loan interest rates and repayment tenures on the online HDFC personal loan EMI calculator to decide on the preferable figures as per your repayment capacity and cash flow.
Assured credit rating
Prior knowledge about your financial statement will always assist you in maintaining a strong credit score. If you are aware of your EMIs from before, there are high chances of not missing out on the loan repayment, as you will always be prepared. This further helps you maintain a strong credit score of 750 and above.
Rate of interest
The rate of interest that you may bear is the initial thing you must check in a personal loan. Interest rates differ based on loan repayment tenure and EMI. As mentioned above, the online personal loan calculator makes your job considerably simpler by permitting you to select and test out distinct figures till you reach the preferable interest rate.
Accuracy and eligibility
The online calculator allows you to know whether you hold the eligibility for personal loan approval or not and, based on the collected info, provides you with an offer. The formula that is used on the personal loan calculator differs from one loan to another. You might not be aware, but distinct formulas are utilised to compute distinct loan types. As an outcome, you will not require fretting about manually computing it or wondering if the right formula was inputted. All calculations on the online personal loan calculator are accurate, which eliminates the requirement for a manual calculation.
Personal loan EMI calculators can be accessed easily because they are available on online mediums. Customising the calculator depending on your suitability and preferences and comparing distinct combinations of the rate of interest and repayment tenure to select your best plan makes the entire procedure extremely appealing.
So, you do not need to fret and wonder ‘how the EMI of a personal loan is calculated. Opting for a personal loan for any of your financial shortcomings and mismatches, may it be travelling, shopping, or education, is highly convenient through financial institutions and digital lenders. With swift disbursal, zero requirements for collateral, and no prepayment fees, you no longer require fretting about your budget. Instead, before placing an application for a personal loan with the lender of your choice, ensure to use the online personal loan EMI calculator to witness a seamless repayment tenure as per your suitability and income.
The pace of the present world is such that you may find it tough to manage your time. So, you must not waste on trivial or meagre matters that can be streamlined if required. Likewise, when it is about personal loans, the same thought should be considered here too. Ensure to streamline your personal loan process by using an online personal loan EMI calculator. By using the calculator, you will get a better idea about the loan proceeds, repayment tenure and interest rate that you must go for as per your repayment capacity.