Simplify your loan repayment with a Personal Loan EMI Calculator
New Delhi | Jagran Business Desk: Over the last few years, the world of personal finance has undergone a sea change. If you need money, you are no longer expected to visit your lender’s office for a loan. The paperwork can be completed online, and in the case of most lenders, the entire process is simple, fast, and hassle-free.
But while the process of getting a personal loan has been streamlined across the industry, the responsibility of paying back the loan hasn’t changed at all. And when you see an attractive offer, it is your duty to borrow money carefully and repay it on time.
This means you need to have a carefully devised repayment plan in place. You need to be aware of what your monthly outgo today as well as what it is likely to be over the duration of your personal loan. And you need to know exactly what loan instalment you are likely to afford every month.
Thankfully, help is a hand. To help you estimate your personal loan EMIs and what loan amount you are likely to afford, lenders like Bajaj Finserv offer online tools like the EMI Calculator for Personal Loan.
This is a handy calculator that uses different loan amounts, repayment tenures, and interest rates to calculate your monthly loan instalment. Here are three simple ways that a personal loan EMI calculator can help you manage your loan:
1.Get a clear estimate of the cost of the loan
The actual cost of getting a personal loan is based on the interest rate you are expected to pay. And your online EMI calculator helps you understand just that. When you enter the interest rate and loan tenure, you get to see how much your EMI will be, the interest component of your loan, as well as the total payment due by the end of your repayment tenure. The online EMI calculator by Bajaj Finserv even shows you an easy-to-understand pie chart to explain this.
2.Understand your repayment schedule
Once you enter the details of your expected loan amount, interest rate, and tenure, a good personal loan EMI calculator should show you the breakup of your EMIs as well as the repayment schedule over the duration of your loan repayment period. This will help you manage your loan repayment over the coming months and give you an understanding of you need to manage your finances.
3.Pick a suitable loan amount and tenure
The best part of using an online EMI calculator before you apply for a loan is that you can easily tweak the loan principal and tenure to arrive at the right EMI that works for you. Larger loan amounts mean higher EMIs and interest payments and vice versa.
The tenure, on the other hand, impacts your numbers inversely. So, if you are looking to minimize your total interest payable, you can reduce your tenure (and increase your EMI). As long as you can manage the EMI comfortably, you are good.
If you are planning to borrow a personal loan, it is important that you use a personal loan EMI calculator before you apply. The value in planning the repayment amount is immense and you can also compare loan terms and lenders to arrive at the best possible scenario for your financial requirement.
Bajaj Finserv offers personal loans up to Rs.25 lakh that you can repay over flexible tenures of up to 60 months. Plus, you can also benefit from the Flexi Loan facility that lets you lower your EMIs by up to 45%* for the initial part of the tenure.
Use the personal loan EMI calculator to estimate your loan EMIs and check if you qualify for a pre-approved offer from Bajaj Finserv to make an informed decision.
Posted By: Talib Khan