Personal finance is one of those things that everyone needs to have some knowledge about it. Especially in India, where there are not so many people who take personal finances seriously enough. Talking about personal finance, there come certain situations in our life where we need a pool of funds for our several personal needs. These needs can be anything ranging from funding your child’s education to buying the new laptop to traveling to your most loved location. These are just a few examples. It can be anything.
To help you in achieving all these needs, there are several banks and financial institutions that provide a personal loan facility. Available at an affordable rate of interest, a personal loan could be the best option for you when looking for a source that can help you in your personal financial needs. Among all the lenders, State Bank of India, HDFC, ICICI, Axis Bank are some leading lenders at which, individuals generally trust more. But here, we want to talk about personal loan EMI calculator about which a lot of people don’t know about and missing something pretty unique. In this article, we would be telling you about it and what are the details that you will need to use this. So, keep reading!
What is the need of using the Personal Loan EMI Calculator?
When you ask the people around you, you will find many who will tell you how they are regretful about the fact that they haven’t used a personal loan EMI calculator while applying for the loan. How they faced a regular delay in their repayments because of the fact they didn’t make any estimation about it.
With the help of the EMI calculator, this is the exact thing you will do. It will give you a proper estimation of the EMI for your loan. If you are thinking about why you need an estimation, let me give you an example.
Suppose that you have a monthly salary of INR 30,000. You are spending on all the things that you like without any second thought. Now, you want to take a personal loan of INR 5 lakhs for a period of 5 years. With an interest rate of 15% per annum, your EMI will be INR 12,000. This is the amount that you will be paying every month towards your repayment of the loan. Now, you will have only INR 18,000 per month to spend. You will have to make some adjustments in your spending pattern till the time you don’t find any other means to increase your monthly salary.
By now, have you noticed that from where all this data came from? This is the magic of a personal loan EMI calculator. By feeding a few details into it, such as the required loan amount, personal loan rate of interest offered by different lenders, and the required tenure, you will get the exact EMI amount within a second. This will help you in organizing your finances in a better way as when you will have a certain amount in your hand, you will be able to plan your spendings in a much more disciplined way and be able to cut out the unnecessary expanse till your complete loan repayment.