Personal loans offered by banks and NBFCs in India allow you to fulfill your needs when in a financial crunch or emergency such as medical exigency, wedding of a son/daughter, child’s education, home renovation or any other expenditure. It helps people overcome a temporary shortfall in funds and meet their financial liabilities with ease.
But, like it is said,” all best things in life is not free,” you need to pay an annual interest rate, monthly EMI’s installment (https://en.wikipedia.org/wiki/Equated_monthly_installment) and other charges also once you get a personal loan. So to calculate how much EMI you will need to pay, without affecting your lifestyle too much, you can use the personal loan calculator here https://www.paisabazaar.com/personal-loan-emi-calculator/
To further help you understand the role of a personal loan calculator, this article highlights what you can and cannot find using the personal loan calculator:-
Lowdown on what you CAN find using the personal loan calculator:-
• It helps you calculate personal loan EMI that you need to pay on a monthly basis during the loan period
And here’s what you cannot find using the personal loan calculator:-
• Whether your application will or will not be approved by the bank
• What will be the rate of interest offered to you by the bank basis your monthly income and credit score
• What will be the various charges on the loan
You can visit online marketplace like Paisabazaar.com to find out all information regarding personal loans. Not only can you compare personal loan offers from various bank available for you, basis your credit score, monthly income, employer, current EMIs etc., you can also apply for a loan – all within a few minutes.
However, before finding all information related to personal loan, you should first determine how much personal loan do you need and what is the maximum EMI you can afford without compromising on your financial goals.
On the whole personal loan is an ultimate solution for your immediate money requirement but only if you consider your EMI affordability, understand charges and penalties and know the rate of interest. Personal loan eligibility calculators or Personal loan EMI calculators has emerged as a boon for customers planning to get a personal loan. These calculators are readily available online and are free of cost. To get accurate results from these EMI calculators, you simply have to fill in some basic information and get results immediately. It saves a lot of time and reduces your visits to banks just to get information about the loan.
You can find personal loan calculator at paisabazaar.com. It is the most trusted platform wherein you can compare loan offers from top banks to get best deals on loans and credit cards.
Puneet Sharma works as a guest lecturer in Delhi. He holds a B.Tech & MBA Degree from the UPTU. With extensive knowledge and experience in various financial products, he also works as a consultant in banking & finance domains wherein he offers advice to his clients in managing personal finance.