A personal loan EMI calculator is a simple yet easy-to-use tool to know your EMI outflow. It usually requires some basic details including the loan amount that you wish to borrow, convenient tenure, and the interest rate to determine your monthly EMIs.
A personal loan EMI calculator also displays the breakdown of the principal and interest amount payable on the loan. With the Bajaj Finserv Personal Loan EMI calculator, customers also get the "see repayment schedule“ option to check their monthly or yearly EMI.
Read on to know the benefits of using a personal loan EMI calculator.
1. Simple process
Calculating personal loan EMIs manually can be a time-consuming process. A personal loan EMI calculator, on the other hand, is an online tool that computes your EMIs instantly.
Follow these simple steps to calculate your EMIs using Bajaj Finserv Personal Loan EMI Calculator:
- Enter the loan amount that you want to borrow
- Select your convenient repayment tenure
- Choose an applicable interest rate
2. Easy accessibility
One of the benefits of using a personal loan EMI calculator is its easy accessibility. You can calculate your EMIs while on the move using our EMI calculator. On the other hand, manual calculations could be more time-consuming and difficult.
3. Repayment tenure
A personal loan EMI calculator helps you determine the repayment tenure wisely. Trying out different tenure options on the calculator allows you to plan your EMI outflow as per your repayment capacity.
For instance, you would be required to pay an EMI of Rs. 9,322 for a loan of Rs. 2 lakh over a 24-month term at an interest rate of 11% p.a.
You can increase the tenure if you want to reduce the EMI amount, and such calculations can be done simply using our personal loan EMI calculator.
In contrast, a shorter term will result in fewer monthly payments, reduced interest, and an increase in EMI amount.
4. Accurate data
Manual calculations are complex, and they may lead you to calculate the wrong results, which will have an impact on your budget and planning. However, with a personal loan EMI calculator, you need not worry about the formula as it is an auto-generation tool. You can compare and select the loan amount, interest rate, and convenient tenure that best suit your financial situation.