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What are the features and benefits of personal loan EMI calculator

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There can be a sudden urgency of financial assistance, or one may have been planning to avail a personal loan for quite some time. With the increment in the number of people opting for a personal loan these days, one can get carried away along with the trends and make mistakes. For this, here is a quick suggestion to use a tool that will prove to be a step in the right direction before you apply for a personal loan.

An EMI calculator is a tool that helps the prospective borrowers to know the amount of money they will be required to pay off as EMI even before applying for a loan. The personal loan EMI calculator is gradually becoming a tool that many individuals benefit from before they apply for financial assistance.

One can visit the official websites of various different banks/lenders in order to reach and use the personal loan EMI calculator. In order to gain more clarity on how simple and beneficial it is to use a personal loan EMI calculator, here is an example. Standard Chartered is a well-reputed banking institution that offers borrowers to calculate the EMI amount with the help of their personal loan EMI calculator.

EMI calculator can be considered while applying for a loan. Source: PaisaBazaar

Here are a few simple steps on how to use the Standard Chartered personal loan EMI calculator:

  • Visit the official Standard Chartered website.
  • Amongst the various option tabs available on the homepage, locate the search logo and type personal loan EMI calculator.
  • You will be directed to a new page, scroll down and find the EMI calculator ready for use.
  • Enter simple details like the loan amount, the rate of interest charged and the tenure of the personal loan.
  • The calculator will do the math in seconds and will determine the amount you will be needed to pay even before you have applied for the loan.

The website also allows another very helpful ‘Approval in Principle’ service that allows interested individuals to know whether or not they are eligible for a loan or not. This service requires no documents and asks simple details about your income and employment nature and status. This is a crucially important service as the rejection of applied loans can tamper the credit history of the applicant which will cause inconveniences to avail loans in the future.

 

Features of an EMI calculator:

 

  • It factors the loan amount that is to be borrowed, the interest rates that will be charged and the tenure of the personal loan.
  • It determines the probable EMI amount that the prospective borrower will be required to repay within seconds.
  • It aids research making it simpler for borrowers to pick and shortlist banks/lenders and quickens the whole calculation process.

Benefits of personal loan EMI calculator:

  • Time-saving assistance: This tool is immensely helpful as it prevents the applying individual from the pains of visiting different bank branches and finding out the details regarding the personal loan, EMI, repayment, etc.
  • Easy and informative: The personal loan EMI calculator is not only time saving but is also very easy to use. People who are not good with calculations and find bank-related tasks tedious will not be seen struggling. The sum amount determined as EMI that is obtained on the basis of the EMI calculator is correct and gives you a fair idea about the repayment requirements before applying for the loan.
  • Helps strategize repayment plans: It helps the borrower to strategize the amount and the means through which they will be required to pay off the loan borrowed from the bank within the selected tenure of the personal loan. The personal loan EMI calculator gives the borrower a basic idea of how can he find new ways to repay or how much finances will he have to spare from his expenses in order to aid the timely repayment of the loan through EMIs.
  • Selection of bank/lender: Aiding the research and gaining clarity on the various ranges of interest rates and EMI amounts to be paid can clearly help to shortlist and ultimately select the institution from which you will borrow.

However, the EMI amount should not be the only factor that one must consider before applying for a personal loan. Factors such as the interest rates being offered, the flexibility in the tenure of repayment, debt consolidation opportunities like the previous loan EMI waivers, a processing fee and other such formal deductions, customer service, etc should also be noted and fairly considered. The decision should not be made based on sheer impulse and instinct but based on research and proper knowledge.

 

The individuals aiming to obtain financial assistance must have a steady income, a decent credit score along with a clear and proper credit repayment history in order to apply for a personal loan. They should also keep in mind that the loan amount must in no way be used for any dubious or illegal purpose and activities.

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