Personal Loan

Is Personal Loan Interest Calculator Important to You?

Finance

Don’t you want to travel around the destinations with your love interest or spouse? Won’t you want a glittering wedding ceremony for your dear ones? Obviously, you would, right? But how would you do so? Well, a personal loan would be the one that can help you experience these grandeur moments of life.

It’s an easy loan provided to salaried and even self-employed without any collateral. However, there’s a need to keep an eye on personal loan interest calculator to be assured on the cost side so that it won’t surprise you. What are you waiting for, then?

Compute Your Personal Loan EMI with Interest Calculator

You will get a sight of the EMI using the calculator, which just requires loan amount, the rate of interest and tenure. The EMI, which is an abbreviated form of Equated Monthly Installment, constitutes a portion of both principal and interest to be paid till the time the loan is paid off in full. Personal loan interest rates can be anywhere between 10.99%-25% per annum.

On the other hand, the maximum loan can be extended up to 15-25 lakhs, with a few lenders having offers of 50 lakhs as well. As far as tenure is concerned, the maximum is up to 5 years. The calculator would also tell you the interest liability ahead of you.

Should You Glance at Personal Loan Amortization Schedule?

The answer is ‘Yes’ as it shows the payment of interest and principal expected year-on-year. At the same time, you get to see the outstanding loan balance at the end of every year. Even the month-on-month break-up can also be shown.

Checking the amortization schedule in advance helps you get rid of the debt before it finishes off. Well, you must be asking, how? The loan can be paid off before the expiry of the original tenure with the help of savings and investments, cutting down the interest liability. You can even choose a shorter tenure to rein in the interest outflow looking at the amortization calculator. The interest saved can help you immensely by using the same for your other needs.

How to Apply for a Personal Loan?

You can apply for a loan easily by visiting the website of a lender. All you need to do is to mention a few personal and professional details such as your name, date of birth, income, etc. One can even visit several loan portals to apply for a loan. The concerned bank executives will collect the documents at your residence or office, whichever you decide to go with.

Is Personal Loan Without Income Proof Possible?

To your pleasant surprise, it’s possible you can get a personal loan without an income proof. Yes, banks offer pre-approved loans to those having some sort of banking relationship. With the existing relationship, the customer does not have to submit any documents as they are already with the bank.

You just need to check whether the bank with whom you have an existing relationship has a pre-approved loan offer or not. If so, you can apply for the same only to get the loan instantly on your account. Axis Bank, for instance, provides instant loan against credit cards.

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