If the scarcity of funds is the reason you are pushing your dreams away, personal loans are here to fulfill your dreams. These days, personal loans are easily & instantly available with the option to apply for personal loans online. The best part of the personal loans is that these are unsecured loans, i.e. there is no collateral or security required. Personal loans finance you for whatever your requirement is. Normally, your reason for opting for a personal loan isn’t even asked for while you apply for the loan. However, here are few suggestions on what you could take a personal loan for:
- Marriage– If you have dreamt of a destination wedding with your family & friends, or want to spend a little extra for that fairy-tale wedding of your dreams.
- Medical Requirements– If there is a medical crisis where you need a large sum of funds.
- Education or Specialized coaching– If you want to study further or pay for your child’s education or extra-curricular coaching and need help with the finance.
- Business– If you desire to start your own business or require capital for your existing one.
- Travel– If you wish to travel to your dram destinations, without the finances holding you back.
- Other General Purposes– If you need money for anything or any life exigency!
What are Personal Loan Calculators?
The personal loan calculators help you evaluate & calculate your eligibility, repayment, know the competitor interest rates, and to identify the total cost of the loan scheme.
It is important to note that while you are thinking to apply for a personal loan, there are EMIs (Equated Monthly Installments) that will have to be paid by you during the tenure period. A personal loan EMI calculator will help you understand the EMIs that you will need to pay, the principal & interest payments over the loan tenure and the total plan structure in numbers. It is crucial to understand these calculations way in advance in order to pay off the loan in time as it may have an impact on your eligibility for future loans.
How to calculate your EMI using calculator?
All you need to do is enter the following amounts to find the answers you need:
- Principal Amount (Loan amount you require)
- Interest Rate
- Tenure of the Personal Loan
You will get a customized solution showing the EMI details, the monthly break-up of the interest rates, principal amount, etc. with a diagrammatic depiction of the future payments.
You simply have to edit the principal amount & restart if you find the interest rates, and EMI amount to be higher or lower than what you want to pay.