Check Your Monthly EMIs Using Personal Loan EMI Calculator

1. Check Your Monthly EMIs Using Personal Loan EMI Calculator

2. Taking a personal loan for an urgent money requirement, check your monthly EMIs to know your total payable interest. Use a Personal loan EMI calculator to do so just enter the loan amount along with the loan tenure & applicable interest rate. Let’s see in the given article How the EMI calculator works? And what is the lowest personal loan interest rates Banks offer?

3. How can one use the personal loan EMI calculator? The loan EMI calculator is designed in such a way that it can be used by anyone. You just need to input the 3 points such as loan amount, loan tenure and loan interest rate. The user can adjust the EMI by increasing or decreasing the loan amount & interest rate according to their requirements. To understand it better let’s take an example Riya has applied for a personal loan amount of Rs.5 lakh, the monthly tenure is 50 months at an interest rate of 11.99%. She has used the personal loan EMI calculator to know her monthly EMI and the resultant EMI is Rs. 13,452.

4. How do the bank decides personal loan interest rates? Any bank or NBFC you are approaching for personal loan, first check’s your credit history. If any credit dues & penalties were found in the account then the bank will charge a high-interest rate from the applicant. There are many ways by which you can reduce your personal loan interest rates such as: ● Compare the offers of different banks and choose the right one. If you are getting e-mail & messages for a loan then it’s a good start but do not jump over it. Compare the interest rate of at least 3 banks and then make your choice.

5. ● You can also add a co-signer which helps in maintaining your loan eligibility. The co-applicant must have a good credit score, this helps in getting lower interest rates on your personal loan. ● Auto-pay for loan EMIs you will get a minimum discount if you sign-up for autopay. This reduces the delay & you can pay your monthly EMIs on time. ● You can add a collateral and make your loan secure. It helps in getting lower risk and the bank or lender seizes the collateral for any delay or default of loan EMI. By using all these strategies you can reduce your loan interest rates. There are many banks which provides you a personal loan at a reasonable interest rate. You can research by yourself and also take the help of a financial advisor for better outcomes.

6. Ways to get a personal loan The user can apply for a personal loan easily, you just need to visit your nearby bank branch and fill the personal loan application form. If you are an existing account holder of the Bank then you may get an instant loan disbursal, as the bank already know your credit history. On the other hand, you can also apply for a personal loan by going to the official Bank website. The user just needs to login to the account and after that click on “personal loan” enter your details & upload the necessary documents.