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The Benefits of Using an EMI Calculator before Taking a Personal Loan
Posted on Friday, July 8th, 2022 | By IndusInd Bank
Sonal Chugh, a single mother of two, needed urgent funds to sponsor her son’s education. However, amidst the celebrations, she was tensed about getting a personal loan and managing the EMIs. Being an existing IndusInd Bank customer, Sonal got in touch with one of the executives, who informed her about the online application process and how to use an EMI calculator before applying for a personal loan. The conversation was very helpful for Sonal as she was now sure about the amount she needs to pay monthly and plan her expenses. If you too are planning to apply for a personal loan and worried about the EMIs, read on to find out how an EMI calculator can help you out.
Why Use an EMI Calculator before Taking Out a Personal Loan?
A personal loan is a savior during a financial emergency. Whether you need to funds for education like Sonal, renovate your home, plan a vacation or even manage wedding expenses, a personal loan can be of great help. However, a mistake that a lot of people make is not calculating the EMI they need to pay. Many applicants end up underestimating the expenses, which can lead to dire situations like missing your EMI payment. This is where an EMI calculator comes handy.
How does an EMI Calculator Work?
An EMI calculator allows applicants to try and experiment with various calculations using different loan amounts and durations. This helps to figure out the suitable loan tenure and amount that she could take out without adversely impacting her personal finances and lifestyle.
Even an approximate calculation of the personal loan EMI helps in knowing how much payment needs to be made every month. This also helps in planning the monthly budget and making necessary changes to it in order to comfortably accommodate the EMI. The EMI calculator is easy to use. All you need to do is enter the loan amount, tenure, and rate of interest to get the figure of the monthly installment that had to be paid each month.
Like any other loan, a personal loan involves a few complex calculations. The EMI calculator, which is an instant online tool, performs complex calculations in seconds, simplifying computation and eliminating chances of mistakes that could crop up in manual calculations. What’s more, it saved plenty of time.
Last but not least, with the help of an EMI calculator, applicants can get a basic idea of the EMI amount before obtaining her personal loan. This way, applicants can prepare to comfortably repay the loan on time. Consequently, there would be no chances of missing an EMI, leading to a healthy credit score in the long run.
Personal Loan with Instant Approval from IndusInd Bank
Entailing just a four-step online paperless process, Indus Easy Credit Personal Loan from IndusInd Bank is one of the best options for people in need of urgent funds like Sonal Chugh. Not only can you get a personal loan online with instant approval and minimal documentation, applicants can also enjoy features such as customized loan offers, a flexible tenure, and the convenience of doorstep service. Additionally, applicants won’t have to worry about collateral and can obtain a loan at a low-interest rate!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
