Over the years, there has been an immense change in the financial world. If an individual needs a sum of money, there is no need to visit a lender’s office to issue a loan. This is because the processes have been made simpler and flexible through online media. All the paperwork, documentation and the entire process has become faster and easier with no hassles in most cases.
But when it comes to a personal loan, it might be a little difficult to pay back the loan amount along with the high-interest rate charged on them.
This asks for thorough research, awareness as well as planning before issuing the personal loan.
Personal loan EMI Calculator:
The personal loan EMI calculator makes the work simple by estimating the personal loan and EMI amount that the individual would be able to afford.
Personal loan EMI calculator combines the different aspects, which are the loan amount, repayment time, interest rate, and based on them calculates the monthly loan installment that the individual would have to pay.
This helps individuals to manage and know about the personal loan amount beforehand. Three ways in which a personal loan EMI calculator helps an individual manage the loan:
- Get a rough idea about the personal loan plan:
The actual amount that an individual is required to pay is totally determined by the lending banks and firms’ interest rate.
Personal loan EMI calculator helps determine this interest rate instantly within seconds and get a rough idea about the interest rate and other charges.
- Helps to know and pick a convenient loan amount and time:
Personal loan EMI calculator instantly delivers the loan amount and the interest rate, which would be applicable. This helps an individual to make a choice if he or she is comfortable with the same.
It also helps in the determination of the time that would be allotted for the particular loan amount.
Usually, larger loan amounts have the benefit of a longer time. At the same time, it might also mean higher monthly installments and interest payments and vice versa for smaller loan amounts.
However, some changes can be mutually agreed upon by negotiating with the lender.
Such work requires a good amount of research to compare and know which banks provide more comfortable interest rate and longer terms for the same loan amount.
- Knowing and understanding the repayment plan:
As one opts for a personal loan EMI calculator, filling in all the necessary details, which are the loan amount, interest rate, term for repayment, the personal loan calculator estimates and shows the breakup of the EMIs in addition to the repayment schedule.
This helps the individuals to manage their expenses accordingly and plan their repayment over each month.
This also helps to organize and govern the finances.
Personal loan Eligibility Calculator:
There is one other feature provided by the banks through online media. In addition to the personal loan EMI calculator, another feature called a personal loan eligibility calculator is provided as well. This, too, is defined to work in a way that its name defines.
A personal loan eligibility calculator is a tool that helps its users to know the eligibility for personal loans. The calculated results which are provided are approximations and based on the information provided by the users.
The interest rate, which will be applicable along with the tenure of repayment, is bound to vary depending on the lender to lender and banks to banks.
To check personal loan eligibility criteria, one has to follow a few steps:
- The first step is to open the loan eligibility criteria.
- The next step is to fill in all the details, including the city of residence, the date of birth, the monthly salary of the individual, and the monthly expenditures.
- After filling in the details, the eligibility calculator would show up an amount that the person will be eligible for.
- If satisfied, the individual can apply for the delivered loan amount and proceed further to get quick loan approval.
The amount of personal loan that an individual can get on a certain salary:
The amount of loan that an individual will be eligible for depends on the information filled in by the users. The personal loan eligibility calculator would give all the information regarding which bank and institution would be best suited on the basis of the details like city and salary.
Few conditions to fulfill to be eligible for the personal loan common for most of the lenders:
- The age of the individual should range between 23 years and 55 years.
- Only residents of India are eligible for the loan.
- The individual should be working for either an MNC, private company, or any public company.
- Few documents, which include KYC, ID card, etc.