Personal loan

Benefits of Using Personal Loan EMI Calculators Over Manual Calculations

Budgeting for your personal loan EMIs is an important step that should not be overlooked, but manual calculations can be time consuming. Moreover, the manual process is not easy and leaves room for errors. Luckily, you can avoid this with a personal loan EMI calculator that’s readily available. All you have to do is enter the loan amount, term and interest rate into the EMI Personal Loan Calculator and you instantly get an estimate of your monthly payment.

Using a personal loan EMI calculator to determine your EMI is essential to making an informed decision. Because you can get personal loans online, a personal EMI calculator also lets you compare and find the best deal for you. This is because it provides a clear picture of the best personal loan interest rates offered by various lenders.

To understand why using a personal loan EMI calculator is better than doing manual calculations, read on.

1. Provides easy access

One of the best benefits of using a personal loan EMI calculator is its ease of access. Whether it’s a desktop, laptop, or even a smartphone, you can calculate your EMIs on the go with this online calculator. All you need is internet access and a browser to use this tool. On the contrary, manually calculating EMIs can be quite difficult and time consuming. With easy access to the Personal Loan EMI Calculator, you can easily find the perfect loan terms.

Not only does this help you select an ideal loan, but it also helps you assess some of the best personal loan interest rates available in the market. Moreover, you can use this tool as many times as you want, whether you take advantage of the loan or not.

2. Easily Calculate EMIs

Since manual EMI calculations are a tedious process, it can be difficult for you to compare different personal loans online. A personal loan EMI calculator, on the other hand, is automatic and instantly calculates your EMIs.

Follow these simple steps to use a personal loan EMI calculator.

● Enter the loan amount you want

● Select an appropriate repayment term

● Choose an applicable interest rate (default selection in some tools)

With just a click of a button, your EMI amount is calculated. This gets you results much faster and helps you find a suitable offer more efficiently.

3. Allows you to find the best repayment term

Since your EMIs are spread over the life of your loan, using a personal loan EMI calculator also helps you gauge the repayment period. For example, if your loan amount is Rs.1 lakh for a term of 18 months with an applicable interest rate of 11%, you would have to pay an EMI of Rs.6,052. To lower this value, it would be necessary to increase the duration and such calculations are easy to carry out with a numerical tool.

Indeed, a longer duration means more installments, which reduces the amount to be paid with each IME. Conversely, a shorter tenure means fewer installments, resulting in a higher EMI. You can use a personal loan calculator as many times as you want, without any restrictions.

4. Delivers Accurate Results Every Time

The formula used to calculate a personal loan EMI differs from that of other loans. The formula used to calculate an EMI personal loan is:

EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1]

● Here, P indicates the principal amount

● R is the interest rate

● N is the repayment window in months

This formula is complex and requires you to convert values. Errors here will cause you to calculate the wrong results, thus affecting budgeting and planning. However, with a personal loan EMI calculator, you don’t have to worry about the formula as it follows a set algorithm. Based on the parameters you enter in an online calculator, the tool generates accurate results.

An EMI personal loan calculator ensures that you get all the information you need to qualify for a suitable loan. By changing various factors like loan amount, interest rates, and terms, you can compare various personal loans online and choose the one that best suits your finances. You can also plan your major expenses by taking advantage of the feature-rich Bajaj Finserv personal loan.

With a repayment tenure of up to 84 months and competitive interest rates, you can avail up to Rs 35 lakh with no hidden charges. Use the Personal Loan EMI Calculator to calculate your EMIs and plan your borrowing effectively. To get started and get funds easily, view your pre-approved offer online and get a hassle-free loan.

This article is generated and published by the FPJ think tank. You can contact them on [email protected]

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