Whenever you find yourself in a financial crunch, you can apply for a personal loan to get things sorted. Whether you are going for a big-ticket purchase or going through a financial crisis, a personal loan can be your go-to financing option.
After all, there are many features associated with personal loans that make it the preferred choice in times of need, these include:
- Quick disbursal.
- No collateral requirement.
- Short repayment terms.
- Easy finance from ₹ 1 to ₹ 25 lakh.
- Attractive interest rates.
- Minimal documents requirement.
- Simplistic eligibility conditions.
But before you accept a personal loan offer, it is advisable to use a personal loan EMI calculator and get an idea about how much the loan would cost you each month. There are several other things you can do with an EMI calculator. We will discuss them below, along with other details you must know about this effective tool offered by money lenders online.
What is a Personal Loan EMI Calculator?
A personal loan has a fixed repayment tenure during which you have to pay monthly repayments named EMIs or Equated Monthly Instalments. A personal loan EMI calculator is a specialised tool with which you can calculate the amount of loan EMIs you have to pay every month. A variety of key data is used to calculate these EMIs, such as the amount to be borrowed, the applicable rate of interest, and the loan tenure.
The personal loan EMI calculator available here is free of charge, and you can use it online at any time of the day, for an unlimited number of times. You don’t need to visit a loan agent or money lender’s office to know how much your loan would cost you and whether it fits in your monthly budget or not.
Benefits of Using an EMI Calculator
Although availing of a personal loan has become extremely quick and easy with trusted NBFCs like Clix Capital, you must still be mindful about things like your repayment capacity, the loan term, and how the EMIs may influence your lifestyle. So, instead of assuming and doing rough calculations manually, say bye to all the confusion by using a personal loan EMI calculator.
- An easily accessible online tool that you can use 24/7.
- An easy-to-use tool that works just by entering a few loan details.
- Gives all your loan and EMI related answers within seconds
- Saves energy and time you would have spent on manual calculations.
- Helps you know how much your loan will cost you per month.
- Makes it easier for you to plan your finances.
What Can You Do with a Personal Loan EMI Calculator?
Apart from calculating the EMIs, you can put this calculator to other uses. All of these can work together to reduce the headache from looking at all the loan related aspects. Here’s how a calculator can help.
Calculate the EMIs: Calculating EMIs is the most obvious thing you can do with an online EMI calculator. You can know in advance the estimated number and amount of EMIs you will have to pay for the loan. This can help you understand whether you can afford to take the loan or not. Additionally, you can also get an insight into how you would manage your expenses to repay the loan.
Find the Best Tenure: You can use the calculator to find the best-suited loan tenure. If you can afford to pay a larger amount of EMIs every month, you will get rid of your loan much earlier. On the other hand, you will need to pay out smaller EMIs for a longer tenure. You can keep changing the number and value of EMIs until you find the best loan plan with an acceptable tenure.
Negotiate the Interest Rate: The interest rate applicable to your loan depends on many factors, including your loan tenure and your EMIs. Using the calculator, you can choose the best tenure and EMI amount so that you can get the most reasonable interest rate while closing the application with your lender.
How does a Personal Loan EMI Calculator Work
Here are the steps to calculate EMIs using a personal loan EMI calculator:
- Enter the loan amount you want to apply for
- Choose the loan repayment term
- Select the interest rate
As you follow these steps, the recommended plans are displayed on your screen. The plans display your EMI amount, the duration of your loan, and the applicable interest rate. Out of the plans offered, you can choose your preferred plan and apply for it.
Factors that Affect Your Loan EMIs
Certain factors increase or decrease the amount of your loan EMIs. Some of them are:
- Loan amount: The higher amount of loan you take, the higher EMIs you will have to pay.
- Applicable interest rate: Percentage at which the lender charges interest on the loan.
- Loan tenor: Period during which you keep paying your EMIs
Tips to Minimise Amount on Loan EMIs
EMIs can have a major effect on your monthly expenses. So, here are a few tips that can help you reduce the amount of your EMIs.
- Maintain a high credit score to avail lower interest rate will also lead to a reduced EMI amount.
- Pick a plan with a longer loan tenor. When you pay the loan for longer, the loan amount is distributed into smaller EMIs.
- Use the personal loan EMI calculator to find a loan plan with the lowest interest rate.
Planning to apply for a personal loan? Use the personal loan EMI calculator offered by Clix Capital, select the best loan plan, and apply instantly. Once document verification and loan approval are done, funds will be transferred to your account in 15 minutes*!.
You can also reach out to us at firstname.lastname@example.org or call us at 1800 200 9898