News Karnataka
Friday, August 19 2022
Personal Finance

Plan your expenses with a Personal Loan EMI Calculator

Photo Credit : Unsplash

With the year 2022 underway, now is the right time to make your dreams come true. Whether it is the purchase of a new car, the long-pending renovation of your home, or even your wedding, the new year is always the perfect time to get them done. But, what about the funds that you need to accomplish your goals?

Here’s where a personal loan can help. Being an unsecured form of loan, personal loans don’t require you to put up any asset as collateral to avail them. That’s not all. With the loan, you don’t have to dip into your hard-earned savings to pay for your big expenses, whatever they may be.

While a personal loan can help you meet your big ticket expenses, how do you actually plan for it? Through the use of a personal loan calculator, of course. Continue reading to find out more about this calculator.

Benefits of using a personal loan calculator

A personal loan calculator is a free online tool that can help you out in many ways than one. Let’s take a look at a few of the benefits that it offers.

1. Allows you to determine your financial obligations

Availing a personal loan to satisfy your big expenses is easy. However, repaying the loan on time each month is where it gets tough. Committing to a personal loan without being aware of how much EMI you would have to part with each month can be very dangerous. Here’s where a personal loan calculator can help. The tool can determine your financial obligations, allowing you to plan your finances accordingly.

2. Helps you negotiate better

Although the interest rates offered by financial institutions may seem fixed, many of them are open to negotiation. This is especially true with institutions with whom you already enjoy a good relationship with. Using a personal loan calculator, you can play around with different interest rates to determine the EMI that you would be comfortable paying. You can then use this information to negotiate better terms with your financial institution.

3. You can know the repayment schedule

Now, the repayment schedule is a statement that gives you detailed information on the personal loan EMI that you’re required to pay. For instance, the schedule not only tells you just how long you would need to pay your EMIs, but also gives you information on both the principal and interest components of each EMI as well. Being aware of the repayment schedule can help you make better financial decisions, especially when big ticket expenses are concerned.

4. Saves a lot of time and energy

Calculating the personal loan EMI that you would have to pay can be done manually as well. However, doing so can complicate things unnecessarily and can leave room for human error. This is especially true in cases where big expenses such as home renovations are concerned. Even a slight miscalculation can lead to a drastically different result. But with the help of a personal loan calculator, you can save time, energy, and ensure that you get perfectly accurate results every single time.

Conclusion

As you can see, when it comes to funding big expenses using a loan, a personal loan calculator can be immensely helpful in ensuring that you make the right decisions. So, before you go ahead and apply for a personal loan, remember to always use a loan calculator.

Photo by Sasun Bughdaryan on Unsplash

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