Despite an economic downturn, the personal loan segment has fared positively over the past year. Several individuals rely on this financing option to improve their disposable income owing to its unsecured nature and simpler availability. Borrowers can meet a suite of expenses with a personal loan as there’s no end-use restriction.
A recent forecast has pegged that the personal loan segment would be growing at a 10% rate over 2024 – 2025.
Even though NBFCs offer attractive schemes on these loans, the loan amount is decided by the lenders on the basis of a borrower’s eligibility. Several factors are considered in this regard, like monthly income. Thus, individuals should consider using a personal loan calculator to get a complete idea of the sanctioned amount as well as monthly EMIs they need to maintain before availing the loan.
While struggling with a financial crunch, it gets challenging for borrowers to handle additional liabilities like excessive interest rates and monthly instalments. Having a clear idea beforehand helps them to pre-plan and strategize ways to manage EMIs.
Benefits of an EMI calculator
Even though most borrowers look for ways to apply for a personal loan during emergencies, calculating EMIs is equally crucial in order to manage finances better. The personal loan eligibility plays a vital role in getting a decent deal on interest rates. Therefore, calculating monthly instalments beforehand allows you to improve the necessary aspects and meet those eligibility parameters.
Here are some of the benefits you can get using a personal loan calculator:
- Less time-consuming: You can easily get rid of those tedious calculations and save time by opting for an EMI calculator. All it requires is necessary information like loan tenure, the total amount you want to obtain, and the interest rate to complete an instant EMI calculation.
- Accurate results: Accuracy plays a vital role, especially when you are planning on opting for a personal loan to handle a financial crisis. The personal loan calculator provides an error-free result, and you can further compare different lenders and choose the suitable one based on that.
- Plan finances: Having a detailed idea regarding your EMIs enables you to plan your finances and save yourself from unnecessary expenditures. Thus, while researching a low-interest personal loan, consider using the EMI calculator to calculate the instalments in the very beginning and handle your future expenses smoothly.
Evaluating EMIs using personal loan calculators helps individuals compare different lending institutions and their interest rates, and eventually choose a scheme that suits their repayment capabilities.
Alongside that, individuals shall also look for customised offers provided by reputed financial institutions such as Bajaj Finserv that offers pre-approved deals to make the process hassle-free. Since these offers are available on several financial products like business loans, personal loans, etc., getting a decent deal on your preferred loan is even easier. You can check your pre-approved offer by submitting necessary details such as name and contact number.
Apart from attractive offers and schemes, there are other important things to know before signing a personal loan agreement. For instance, a good repayment track record and CIBIL score are a few necessary factors that require equal attention. Getting a low-interest personal loan for CIBIL defaulters is almost impossible. Therefore, consider working on these areas to get fast approval.
