Online Personal Loan are a great help to individuals caught up with financial problems. These loans can be used for various purposes. Whatever the reason for taking a personal loan, it does require a little research.
One must know whether the loan amount is perfect for the borrower or not. It might include checking the monthly income to meet the loan EMI.
A personal loan EMI calculator is apt for research before making a decision. Read on to understand some benefits of a personal loan EMI calculator over manual computations.
Four Benefits of Online Personal Loan Calculators
1. Requires fewer efforts
Individuals have to identify the best personal loans in the market. However, they must research the interest rates and other charges of different lenders.
Most individuals consider loan calculations a daunting task. For the same, they try to reach out to a loan expert to help them with calculations. Only if they knew about the power of an EMI calculator they might not find loan calculations daunting.
Some people think they are good with numbers and can easily perform calculations. However, the EMI calculation formula is a little complex, and you will require a pen and paper.
Even if you are good with numbers, performing the loan calculations will take some time. One might calculate the first few EMIs using the formula themselves.
However, the real issue is creating the loan amortisation table without any help. Also, one has to perform the calculations again when the loan’s interest rate or repayment tenure is changed. Why go through such hassles when you have an online EMI calculator?
2. Get fast and accurate results
An online personal loan EMI calculator is a lot faster than a human. One will get results in real-time with an online EMI calculator. Sometimes, loan applicants do not have much time to perform manual calculations.
In that case, an online EMI calculator can help. The online EMI calculator offered on the website of Fullerton India is quick and works without fail.
Besides speed, an online EMI calculator is also preferred for its accuracy. When making loan calculations, one does not want mistakes. A single mistake in the loan calculations might hamper the financial planning of the borrower. Luckily, the online EMI calculator provides accurate results every single time. Unlike humans, the EMI calculator will not make mistakes in calculations.
3. Usability
It might take some time to identify the best personal loans in the market. Luckily, there is no limit on how many times a user can use the online EMI calculator.
A user can enter different combinations of interest rates, repayment tenures, and loan amounts while using the calculator. The EMI calculator will produce results after results. The high usability of the EMI calculator is a blessing for loan applicants.
Another benefit of an EMI calculator is that it is free for everyone. Even if someone uses the EMI calculator multiple times, they don’t have to pay anything.
One can visit the website of Fullerton India and use the EMI calculator via a desktop, smartphone, tablet, or any other device. In short, the online EMI calculator is easily accessible for borrowers to perform loan calculations.
4. Helps with financial planning
Financial planning is one of the keys to living a life without a shortage of funds. Before securing a personal loan, one must have a repayment plan.
For example, let us say someone earns Rs. 50,000 a month and lives in a metropolitan city. The person applies for a personal loan, and the EMI comes to around Rs. 40,000. Since most of the monthly income will be used to pay the EMI, the individual will face issues meeting daily expenses. In such a case, a personal loan will further increase the financial burden.
Conclusion
With an online personal loan EMI calculator, one can choose a repayment plan that best fits. You can decide the right personal loan amount and tenure with an EMI calculator.
Financial planning will help pay all EMIs in a timely manner and maintain a good credit score. One can understand the monthly budget to meet the loan EMI. Use the EMI calculator on Fullerton’s website now!
Frequently Asked Questions
Q1: What is the advantage of using online personal loan calculators?
A1: Online personal loan calculators offer instant and accurate results, enabling you to quickly assess your potential loan details without the time-consuming manual calculations.
Q2: How do online calculators simplify the loan planning process?
A2: These calculators provide a user-friendly interface, requiring minimal input to generate comprehensive results. They simplify complex calculations, making it easy for individuals to understand and plan their loan options.
Q3: Can online calculators help me compare different loan scenarios?
A3: Absolutely. Online personal loan calculators allow you to input various parameters, such as interest rates and loan terms, enabling side-by-side comparisons. This empowers you to make informed decisions based on your financial preferences.
Q4: Are online calculators more accurate than manual computations?
A4: Yes, online calculators utilize advanced algorithms to ensure precision in calculations. Unlike manual methods, they reduce the risk of errors, providing you with reliable estimates for monthly payments, interest rates, and total repayment amounts.
Q5: How do online personal loan calculators save time?
A5: Manual calculations involve complex formulas and potential errors. Online calculators streamline the process, delivering instant results and saving you valuable time that can be better utilized in exploring suitable loan options.
Q6: Can I access online loan calculators from different devices?
A6: Yes, online personal loan calculators are designed to be accessible from various devices such as computers, tablets, and smartphones. This flexibility allows you to perform calculations anytime and anywhere, enhancing your convenience.
Q7: Are online calculators beneficial for budgeting purposes?
A7: Absolutely. These calculators help you assess the impact of loan parameters on your budget. By adjusting variables like loan amount and tenure, you can tailor the loan to align with your financial goals and maintain a manageable budget.
Q8: Do online calculators provide information on potential hidden costs?
A8: Yes, many online personal loan calculators include options to input additional costs such as processing fees or insurance. This ensures a more comprehensive overview of the total expenses associated with the loan, helping you make well-informed decisions.
