Fulfilling your dreams has never been easier!
A loan bridges the gap between where you are today and where you see yourself in the coming future, financially. Your desires and wants are the driving force. For deciding on the desired income level, you can consider the expenses required to be incurred for your children, household expenses, travel expenses, etc.
How to fund expenses
It is crucial to understand how the expenses can be financed, i.e., deciding on the sources of funds. Sometimes, to meet the costs immediately, it becomes essential to avail of a personal loan. A personal loan makes it easier to avoid delaying ownership of assets or meeting critical needs. In return, repayment of borrowed funds has to be done gradually, usually monthly. Personal finance gets you closer to fulfilling your commitments and making your dreams a reality. With the added convenience that the internet is bringing to the world today, a personal loan application will always be only a few clicks away.
Understanding the prerequisites
Ensure you understand how to apply for a personal loan and how much EMI you would be required to pay. Make sure you have the financial ability to pay the EMI on time, to avoid additional outflow in the form of penalties & charges. Your credit score will work as an asset for you. Be vigilant enough to ensure that your credit score is not impacted due to non-payment. To help you make a better financing decision, let’s see how the personal loan EMI calculator works.
To calculate the EMI amount, use the following formula:
EMI = Loan Amount / PVAF (Interest Rate, number of years), where:
PVAF = Present value annuity factor
Or, it can also be calculated as follows –
EMI = P * r * (1+r) ^n / ((1+r) ^n-1), where
P = Principal amount of the loan
r = Personal loan interest rate
n = duration of the loan
We understand that using the formula can get tricky and time-consuming, especially when the time is so crucial for you. A personal loan EMI calculator gives spontaneous and error-free results and is very practical to use. With this cutting-edge technology being available round the clock, you can make a financing decision at any time convenient to you.
The calculator has been designed in a picturesque, user-friendly manner. All you have to do is select the amount of loan you intend to borrow, enter the rate of interest you are looking for, and choose a desired tenure. Then just wait for the magic to happen! The amount of EMI that you need to pay will appear on your screen. The pictorial representation will aid in easy understanding and better retention. Please note that there is an inverse relationship between the duration of the loan and the amount of EMI. Generally, if the loan duration is shorter, the EMI amount would be on the higher side. In this case, the interest outflow would also be comparatively less as the duration is short.
Now that you are well versed with the working of the loan calculator, why waste any more time getting your loan approved? Please choose the right plan for yourself, focus on fulfilling your goals and leave the rest to us!