You must have heard this statement from people around you that “More than half of my monthly income goes towards EMI. I don’t have any money left to save or invest.” Well, this is one of the common problems among people who don’t estimate their EMI before finalizing for a personal loan or any other loan for that matter. They often choose for an EMI amount which is way beyond their repayment capacity and then these statements come as a result. Tata Capital Personal Loan EMI Calculator is one of the amazing tools to make sure you always have sufficient money to save as well as to pay the necessary EMI amount.
You must be thinking how exactly does this tool help you? Well, with an EMI Calculator, you can have an early estimate about the monthly installments. When you have this, you can see whether you will be able to pay this amount according to your monthly income. People who are smart enough to use this amazing tool never get themselves in a situation where they are left with zero money to save or invest.
Tata Capital personal loan interest rates is one of the important aspects of this tool. What are the other aspects? In this article, we will find out the same. Let’s know the functioning of this tool.
Important Aspects of Tata Capital Personal Loan EMI Calculator
As we can see the ‘Calculator’ in its name, you are guessing one thing right that since it is a calculator, it needs inputs. When you put in these inputs into the tool, this tool gives you the results. As we said, Tata Capital Personal Loan Interest Rates is one of those inputs, the other two are Required Loan Amount and Tenure i.e. number of months that you need to repay the loan amount successfully.
When we talk about the required loan amount, it is the amount you need to fulfill any of your needs. Always. Always make sure that you borrow only what you need. Not an extra rupee as loan amount. This mantra will help you while repayment of the loan. Tata Capital offers loan amounts in the range of INR 75,000 to INR 25 lakh. You can choose according to your need. Coming to the interest rates, Tata Capital provides a pretty affordable rate starting from 10.99% per annum. Also, you will get 72 months to repay the loan amount.
So, when you put all three details into the Tata Capital Personal Loan EMI Calculator, you will get the EMI amount, Interest Outgo, and Total Amount payable. Let’s understand this through an example.
Suppose an individual who is earning INR 50,000 per month wants to opt for a 5-year personal loan of INR 5 lakh. The interest rates are 12.99% per annum.
When you put these details into the tool, you will find out that the EMI amount is INR 11,374 and interest outgo is INR 1,82, 439.
You can see this EMI amount of around INR 12,000 will be suitable according to your personal income. Even after paying the monthly installment, you will be left with around INR 38,000 for your other monthly expenses. So, with Tata Capital personal loan EMI Calculator, you can make the right decision for yourself.