Benefits of using a Bajaj Finserv Personal Loan EMI Calculator
Availing some of the best personal loans from Bajaj Finserv is both easy and stress-free as compared to borrowing from a money-lender, as there is no collateral involved, such as jewelry or mortgage on your house. However, it entails calculating the EMI, and this is where an EMI calculator for personal loans comes into the picture. Daunting though the process might seem, an EMI calculator renders the process relatively easier, especially as opposed to conducting manual calculations, which are prone to suffer from errors.
With digital banking being the present-day norm, it is easier to use various online tools, and applying for a personal loan from the comfort of your home is now a reality. All you need to do is access an online form, enter the mobile number, and fill in the password sent to you. Next, share your basic personal information, all details of which are checked for approval. Lastly, select the loan amount you wish to borrow.
It is vital to learn how to use the Online Personal Loan Calculator before availing one. Use of a personal loan calculator helps to estimate whether or not you are financially well-placed to make monthly payments, and hence, is crucial towards organizing your finances.
Use of personal loan calculator explained
In any discussion related to loans, the most relevant concept is EMI. It is an acronym for equated monthly installments or periodical payments comprising of a fixed amount that the lender receives from the borrower. An EMI calculator for personal loans pegs the estimated EMI as per the following inputs:
- Desired loan amount, namely the amount that you intend to borrow;
- Interest rate, which the lender charges based on the principal amount, and is either fixed or floating;
- Estimated tenure of the loan, meaning the period within which the borrower should repay the loan;
The calculator works out the EMI within a minute and displays the result.
Benefits of using Bajaj Finserv Personal Loan EMI calculator
Compared to the manual calculation of the EMI, using the EMI Calculator is time-saving and more accurate. While manual calculations carry the risk of human error, the result provided by an online EMI calculator is correct. It can provide details of the interest that needs to be paid, as per the tenure and loan amount. This prompts an informed decision and eases the burden of negotiating with the lender for a better bargain.
Not to mention, the portals are free to use and do not levy any charges despite continuous use. So, you can try out as many variants of the best personal loan as possible till you hit upon the most suitable option. Most websites also offer information on the personal loan offers available at the time, which can help with decision-making.
Eligibility criteria to avail of a personal loan
Factors that are instrumental while applying for a loan are:
- Your credit score, which measures your ability to repay the debt, and is a number based on your credit records across various institutions;
- Your income, wherein a steady source of income is a must;
- Your debt-to-income ratio, which is the percentage of your gross monthly income that can pay off the monthly debt;
Final thoughts
Loans are a necessity when you need a financial boost – it could be a medical emergency, or you might want to upgrade the current standard of living. You can also avail of a loan to have a lavish wedding, buy a luxury car, or plan a trip to your dream destination that has been on your bucket list for quite some time. For all these reasons and more, knowing how to use the personal loan calculator adds to the ease of financial planning.
By using an EMI calculator for a personal loan, you can make an informed decision about which loan suits you best. In addition to helping you pick a suitable loan option, it also facilitates proper planning of your finances in the long run.
Before planning to apply for a personal loan online, borrowers must carefully check the associated charges, such as part pre-payment, foreclosure, penalty charges, etc. It is essential to go through these charges before finalizing a loan to avoid additional burdens.
