PL Calculator
Finance

How PL Calculator Helps in Determining Interest Rate, Tenure & Other Factors

A Personal Loan is a multi-purpose loan that can be taken for meeting your various personal and professional financial requirements. That said, if you are planning to apply for an instant Personal Loan, it is extremely important for you to know what the Equated Monthly Installments (EMIs) are likely to be. This way, you can place your finances in a better manner. But then how would you determine what your Personal Loan EMI is? That’s where a Personal Loan EMI Calculator comes into the picture. Keep on reading to know more about this tool.

What is a Personal Loan EMI Calculator? 

A Personal Loan EMI Calculator is an online tool that enables you to calculate your loan EMI amount accurately and quickly. To calculate your loan EMI using this automatic tool, you would have to enter a few details of the loan such as loan amount, the rate of interest, and loan tenure. 

Then the loan EMI calculator automatically computes the EMI that you would have to pay towards the loan within a matter of a few seconds only. What’s even better? This loan calculator displays both the principal and interest components of each instalment that you must pay. 

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If you wish to lower your EMI, you can do so by reducing the loan amount or by increasing the loan tenure. And if you can afford higher monthly instalments, you could consider increasing the loan amount or reducing your loan tenure. Hence, you can enter the loan details as per your repayment capacity to arrive at the desirable loan EMI. 

Benefits of Personal Loan EMI Calculator

A loan EMI calculator offers plenty of benefits to its users. Let’s have a look at a few of the most important benefits that it provides:

  • User-friendly: A Personal Loan EMI Calculator is not only easy to use but also it is quite a user-friendly tool.  Even people with minimal technical or mathematical knowledge can use this tool to quickly compute their loan EMI. 
  • Saves Time: This is one of the key advantages of using the Personal Loan EMI calculator. Although the loan EMI can be calculated manually utilizing the relevant formula on paper or in an Excel sheet, it takes a lot of time to do so. However, with a dedicated EMI calculator, you can get the entire computation done, and the results will get displayed in front of you almost instantly once you enter the required details into the calculator. Thus, this tool saves you a lot of time, energy and hassle.
  • Provides Accurate Result: While the formula for calculating your instant Personal Loan EMI is quite straightforward, doing it by yourself can cause errors that could put your repayment plans in jeopardy. On the contrary, this automatic tool provides you with error-free results. Also, it is much quicker than doing it by yourself. 
  • Helps You Plan Your EMI: The loan tenure, the amount of the loan, and the rate of interest of the Personal Loan are the three most important factors that help in determining the EMI you would have to pay. Changing the value of any of these three factors will result in a different loan EMI. You can utilize this benefit by playing around with the different factors to arrive at a loan EMI that you’re comfortable with. 

How is Personal Loan EMI Calculator different from Personal Loan Eligibility Calculator?

A Personal Loan EMI Calculator is a tool that helps you calculate the equated monthly instalment (EMI) you will need to pay on a Personal Loan based on the loan amount, loan tenure, and the rate of interest. 

A Personal Loan Eligibility Calculator, on the other hand, helps you determine your eligibility for an instant Personal Loan by considering factors such as income, credit score, employment status, repayment capacity, and existing liabilities. It provides you with an estimate of the loan amount that you may be eligible for based on these factors. 

In a nutshell, Personal Loan EMI Calculator helps you to know the EMI you have to pay, and Personal Loan Eligibility Calculator helps you to know the loan amount you are eligible for.

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Conclusion

A Personal Loan EMI calculator is a handy tool that is not very useful but also completely free. In addition to helping, you compute your instant Personal Loan EMI, it enables you to make an informed financial decision.