One of the most easily available financing options for a contingency situation or urgent need is a Personal Loan. It is an unsecured loan offered by banks at nominal interest rates which helps in covering immediate financial needs such as consolidation of debt, vacation expenses, medical costs, home renovation etc. Unlike other loans provided against a tangible asset such as home or car, a personal loan can be utilised for multiple purposes.
Since it comes with minimal frills with easy to understand terms and conditions, it is one of the most preferred source of funding for immediate monetary needs. A personal loan is your friend in demanding times, specially when it helps in covering a critical requirement.
Availing a personal loan comes with a lot of responsibility as it involves monthly repayment along with the applied interest charges. Choosing the right loan amount and terms should be a top priority with a view to ensure it does not pinch your wallet. There are plenty of tools and resources available online which can be summoned to help you with the task background checks. One such prominent free-to-use online tool is the EMI calculator.
A simple tool that helps to compute monthly EMI amount along with salient breakdowns on fees and charges. Before using this tool, you will need to have handy, the proposed loan amount, interest rate and processing fee component. Input the details in the relevant fields to know your EMI amount, total interest charges and processing fee amount. This calculator goes an extra mile by providing additional information such as yearly/monthly amortisation which presents a broad picture of what the loan will look like.
Calculating EMI’s and knowing the costs is highly recommended as it helps you in your preparation to avail a personal loan. This tool also helps existing personal loan customers to ascertain overall charges and costs being paid.