Significance of EMI calculator and Personal Loan eligibility Calculator

A Personal loan is an unsecured loan that is repaid through equated monthly installments. Before applying for a loan, it is wise, if the borrower plans its EMIs. Unlike a car loan or home loan, a personal loan is unsecured and a collateral-free loan. Understanding the risk factor, interest is a bit higher as compared to secured loans. The basis of loan approval is the creditworthiness of the borrower.

So, calculating the personal loan EMIs in advance makes it easier for the borrower to understand the monthly cost of the loan. It will also help in choosing the right loan tenure. When you apply for a personal loan, you will find an online Personal EMI calculator on every lender’s website and app.

How does the Personal Loan EMI calculator work?

EMI is known as Equated Monthly Installments. It is the fixed amount of money that borrowers pay every month, on a fixed date to the lender to repay the personal loan taken.

EMI Calculator Personal loan is an online financial tool that helps in getting the exact EMI amount based on details like principal amount, interest rate, and tenure.

Components of Personal Loan EMI

·        Repayment towards the Principal amount

·        Repayment towards the Interest amount

Main factors that affect the personal loan EMIs

Loan amount:

Monthly installments and the loan amount are directly related to each other. Higher is the loan amount, higher will be your EMIs.

Interest Rate:

The interest rate is a percentage of the amount charged by the lender based on your principal amount of loan. If the interest rate is higher, the EMI will also be.

Significance of checking Personal Loan eligibility

Apart from Personal loan EMIs, another important factor to consider is the personal loan eligibility. If you are applying loan after knowing your personal loan eligibility. It saves from facing the drawbacks of loan rejection. Whenever you approach any lender to apply for a personal, they will request you to fill up a personal loan eligibility form. Based on the eligibility, the lender shares the loans offers of the top banks and NBFCs.

Personal Loan Eligibility Calculator is one of the best ways to know about the maximum loan amount you can avail of based on your income and ability to repay. The best part about using the eligibility calculator is that after checking your eligibility, it also lets you apply for a personal loan online to get instant approval as you upload the scanned documents.

Bottom line

If you are seeking for personal loan? IndiaLends is a one-stop solution for all your financial needs. Here we try to provide you with the best services that are hassle-free and quick in nature. Fill in the personal loan eligibility form and find the best offers for yourself at IndiaLends.