The personal loan EMI calculator is extremely important. However, not many borrowers actually use this tool. They are either unaware that such tools exist or to caught-up with interest rates, processing fees and finding the best loan out there! However, one needs to start planning for the repayment before applying for the loan to ensure they will be able to afford the installments. This is something an EMI calculator can help you do.
Knowing how much your installments are will help you plan your repayment. To begin with, you can check if you can actually afford the monthly cost of the loan. Some borrowers apply without checking the EMIs thinking they’ll be able to repay the EMIs with ease. However, when their EMIs begin, they start pulling their hair out at the end of every month.
The personal loan EMI calculator also helps you plan your repayment. Armed with the complete breakup of the repayment schedule, you can figure out which unwanted expenses you have to drop to create fiscal space to pay the monthly EMIs. If the EMIs are low, you can also check how much extra you can pay per month to finish off the debt beforehand.
They are easily available on the internet. A simple search for ‘personal loan EMI calculator’ should put you within clicking distance of several such tools. You should be able to find them on every lender’s website and every personal loan aggregator site. Look for tools that do not require you to provide any of your personal information.
That’s right, besides the personal loan EMI calculator, there are a couple of other tools that you can use to prepare for a personal loan. First in the list is the eligibility calculator – it gives you a good estimation of the loan amount you should apply for in seconds. Using this tool ensures you never have to worry about your loan application being rejected or your processing fee wasted. The next personal loan calculator is the repayment calculator. This tool helps you check prepayment permutation and combination. You can increase your EMIs to
find out the corresponding savings and time knocked-off your repayment tenure. You can also experiment with lump sum prepayment. So there you have it, the importance of the personal loan EMI calculator. We hope this article will encourage you to use such a tool before applying along with the other personal loan calculators before you apply for a personal loan. Good luck and happy borrowing.
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