When it comes to personal needs, there is no denying the fact that it varies from individual to individual. While some have a desire to go on a world tour, few are interested in renovating a home and others want some money to pay off their credit card debt. However, one thing that needs to be mentioned here is the fact that whatever the reason you have, in order to meet all your personal needs, there is a one-stop solution i.e. personal loan. Yes, at some point or other in life, we all required the funds urgently, thus keeping this thing into consideration today we have the best solution in the form of an instant loan facility.
But, before you avail or go for the same, it is important for you to take a note of its calculations. Yes, how much this loan will cost you, will you repay the same easily without burning your pocket? If you also wanted to know the answers of the above questions, here we are, solving all your problems by letting you know about personal loan calculator. However, before moving ahead it is vital to know the basics of a personal loan. So, let’s not waste any time further and discuss this topic.
It is a type of unsecured loan, which can basically be availed for any personal reason such as marriage, debt consolidation, medical emergency, travel, home renovation and so on. There are different lenders available, known for offering this type of loan instantly so that varied need of borrowers can easily be fulfilled. It is usually offered at an interest rate ranging between 11.59%-25% for a tenure of 5 years with ₹50,000 being the minimum and ₹40 Lakhs being the maximum loan amount offered. But, before you go for one lender, it would be a smart move, if you choose a lender by comparing many so as to grab the best deal. Yes, with the help of a comparison, it would be easier for you to get a lender, which is offering the loan to you at best rates and minimal charges.
Moreover, now that you know much about this product, let’s just get deeper into the topic and figure out why it is so crucial to know about the calculation part as well. Now, to understand this thing we need to take a help from an example. Suppose, Amit Ranjan, a 26- year-old IT Expert by profession is looking to travel to Sydney to attend his friend’s wedding. Now, for the same, he applied for a personal loan to get the amount needed by him instantly. He applied for a loan of ₹5 Lakh as rest expenses he can manage through his savings. Now, one lender is ready to offer him the same loan amount at an interest of 12.50 for 4 years. But, before saying Yes to it, he should first calculate the EMIs of the loan. Well, just to know whether he can repay the same in the future or not, it is important to know the calculation behind the same. So, the EMI that he need to pay each month to repay his loan is ₹13,290, and his interest comes out to be ₹ 1,37,920.
I know you all must be wondering how this calculation took place? How we calculated his EMIs so precisely and accurately? Well, have some patience, my friend because what’ coming next is surely worth reading for you. Well, all these calculations can only possible with one smart, time-saving and effective tool called EMI calculator. Yes, you read that absolutely right! This device comes with lot of efficiency and its main objective is to give you the exact calculations as far as your EMIs are concerned. Within no time, you can know the results, hence most importantly can have a rough idea i.e. how much exactly you are going to pay each month from your pocket to repay your loan. And, this can much more can easily be possible with a personal loan calculator as this tool is always there to help you.
So I guess now you know exactly the calculations for a personal loan can be done and that too without taking much of a time, hope you have a hassle-free loan experience next time.