What is Personal Loan?
Personal Loan is a type of unsecured credit provided by financial institutions such as a bank or a non-banking financial company (NBFC), on the basis of your credit history and ability to re-pay the same from your personal income. Also Known as consumer loan, it is a multipurpose loan with the sole purpose of meeting their personal needs.
What is Personal Loan EMI?
Equated Monthly Installment (EMI) is a method of repaying the principal amount and loan interest in a staggered manner on a monthly basis till the loan is fully paid. Every EMI payment includes both the principal loan amount and the interest charged. With benefits of relatively lesser processing time and minimal paper work, one needs to fulfill requirements like a good credit card score and take care of higher interest rate.
What is Personal Loan EMI Calculator?
Personal loan is an unsecured loan granted to an individual for various personal reasons, such as to meet financial needs like debt consolidation, wedding expenses, unexpected medical costs, and others.
The Personal Loan EMI calculator helps you know the loan installment that needs to be paid at regular intervals. It enables you to assess the total outflow with respect to the loan.
How does EMI Calculation help?
EMI calculation gives a clear assessment of the amount that has to be put aside for paying EMIs which enables you to make an informed decision about the outflow for the loan every month. Hence, knowing the EMI amount helps you properly plan the expenses of paying for your education, while knowing how much needs to be kept aside for the same on a monthly basis.
Advantages of Checking Loan EMI
- Assess loan affordability
- Decide the loan amount and tenure
- Plan out loan repayment
- Plan Prepayment
What are Personal Loans availed for?
Personal Loan can be taken for a number of personal reasons. Following are some instances:
- To pay for an expensive wedding
- Making any major purchase
- Medical Emergency
- For home renovation and improvement
- Settle credit card debt
- Financing a business or any work-related investment
