EMI Calculator for Personal Loan

A personal loan is one which is taken for the purpose of personal, household, or family’s use. It can be used for the purpose of medication, education, purchase of household equipment and much more. They may be secured, or unsecured; secured by the product purchased, or unsecured if the payment history of the applicant is good.

The person availing the loan has to pay EMI (Equated Monthly Installments). This is the most crucial component to be taken into consideration while availing any kind of loan. Understanding its importance, AXIS Bank has provided its customers with a handy EMI Calculator which will help those that have availed a loan know how much EMI they have to pay. How to use an EMI Calculator for personal loans is given below:

• Enter the information given below into the EMI Calculator
  1) Principal Loan Amount you have taken
  2) Term of loan (months or years)
  3) Rate of Interest (percentage)
  4) EMI payable in advance/arrears
• Adjust values with the slider provided. Type the values if they are more precise.
• The EMI Calculator will now calculate the amount.
• A pie-chart showing the break-up of the total payment is also displayed.
• Total interest vs principal amount made against the loan is shown.
• The total payment made during the tenure of the loan is displayed

The EMI Calculator is a blessing as it makes calculating the amount of EMI payable easy.

Ease and convenience through an EMI calculator for Personal Loans

A happy moment is when you see no financial barriers whatsoever. You and your family are living happily with sufficient funds. It is at this time, that you feel relaxed without any worries whatsoever. Unfortunately, life is not always a fairy tale. At least once, there comes a situation where you might face with a major financial problem. It might be a huge loss in a business venture or just some shortage of money to fulfil your short term requirements.

I need money

At such times, there is one tool that aims to get you out of this situation. Its non-other than a personal loan. With this, you can resolve a number of personal and family problems. However, there are certain points that you should take note of before you select a personal loan. Here are some tips you can have a glance so that you get a secured loan easily.

Never apply for a loan in a hurry especially personal loans. First and foremost you have to make sure that the loan you choose fits your financial goals and requirement. Read all the terms and conditions that the loan works under. After you are fine with it, now is the time to get into the main factors determining the perfect personal loan for you. EMI (Equated Monthly Instalments) is what we you need to make each month. However, EMIs are offered differently by different banks depending on the interest rates charged. An EMI calculator for personal loans can help you know the exact figure.

 

With the advent, the world of internet has taken over banking too. A person can now do everything from applying for a loan to making payments anywhere around the world. Nowadays, the websites of every well-known bank or financial company provides a person with all the necessary information regarding their financial products. No more is there a need to personally visit a branch and stand in long queues to just access information. An EMI calculator is an application to let a person know what she/he is going to pay each month even before applying for a personal loan in India.

About Personal loan EMI calculator PPT from Ruchi Tanna

All you need to enter is simple fields like the required loan amount, the interest rate and tenure of the loan. In less than a second, the application lets you know your EMI amount. This comes in handy when you are searching for the perfect loan over the web as one would obviously select a loan that comes at a lower EMI. However, lower EMIs don’t always indicate a quality loan. Also take into consideration the reputation and service of the bank.