6 Reasons Why Should Use Online Personal Loan EMI Calculator
5 min read | 3 months ago
You need funds for a big expense, and after some thought, a personal loan seems like the best option. It offers flexibility and is quick to process. So, you hop online and explore different loan offers. But now, you’re faced with several choices, each with its own interest rate, tenure and perks. You wonder which one would be the most manageable when it comes to monthly payments. That’s when you discover the personal loan EMI calculator.
An online personal loan EMI calculator can quickly show you how much you would need to pay each month, allowing you to evaluate which loan suits your budget best. Let’s look at how it can assist you in different ways.
Features of online personal loan EMI calculator
Personal loan EMI calculators are designed to be simple and intuitive. You only need to enter a few details like loan amount, interest rate and tenure to get instant results. Many calculators also use sliders and drop-down menus for ease of use, allowing you to adjust values quickly.
These calculators are available online anytime, so you can use them whenever it suits you. Whether you are at home or on the go, you can quickly access a loan calculator on your device to get real-time results without needing assistance from a bank representative.
While they are commonly used for personal loans, EMI calculators can be versatile enough to handle other loan types, such as home loans and car loans. This flexibility makes them handy tools for comparing different financial products across banks and lenders.
Why use a personal loan calculator?
Managing a personal loan is much easier when you know what your monthly payments will look like. A personal loan EMI calculator helps:
1.Get instant and accurate EMI estimates
A personal loan EMI calculator instantly provides a precise monthly instalment amount based on your loan details. For example, if you input a loan amount of ₹5 lakhs at a 12% interest rate over five years, you immediately know your monthly obligation, reducing guesswork.
2.Plan your finances ahead
Knowing your EMI upfront helps you budget effectively. It allows you to plan your expenses without impacting your monthly budget. This way, you avoid borrowing more than you can comfortably repay, ensuring a stable financial situation.
3.Compare different loan options easily
With adjustable parameters, the calculator lets you experiment with different loan amounts, interest rates and tenures, helping you compare various loan options. This flexibility empowers you to select a loan offer that best suits your repayment capacity and financial goals. For example, if you take a 5-year term from Unity Small Finance Bank, the EMIs might be more affordable than a 3-year one.
4.Save time on calculations
The calculator simplifies complex calculations into a few clicks, saving you from manual math. With an easy-to-use interface, you can calculate EMIs on the go, enabling quick decision-making and avoiding delays.
5.Tailor repayment strategies
By adjusting the tenure or loan amount, you can plan a repayment strategy that aligns with your financial health. For instance, you can opt for a longer tenure with smaller EMIs or a shorter tenure for quicker repayment based on the EMI amounts generated.
6.Understand loan costs clearly
The calculator breaks down each EMI, showing the principal and interest components. This transparency offers a clear picture of how your repayments progress over time, helping you understand the total cost of the loan and aiding in better financial management.
Wrapping up
Wave goodbye to manual calculations, complex formulas and all the time spent crunching numbers. With an online personal loan EMI calculator, you get quick, accurate insights that make loan planning simple and stress-free. It is the smart way to understand your monthly commitments and explore the best loan options effortlessly.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
