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The Biggest Advantages of Using an EMI Calculator Before Your Personal Loan
- Updated on: 7 Sep 2023
- Published on: 10 Nov 2020
With technology advancing rapidly with every passing day, the way that you access financial services is changing too. In fact, access to loans and other financial services is now possible from the comfort of home. This extends to helpful tools like the EMI calculator.
One of the biggest advantages of an EMI calculator is that you can accurately plan your loan based on the terms offered. As such, you can adjust your outgo for maximum affordability, savings or a perfect balance between the two.
Read on to learn more about the advantages of the calculator for EMI calculations, how it works and more.
The simplest reason to use the EMI calculator for a personal loan is to know if you can manage the monthly payments. You need the tool to know exactly how much you need to pay and it helps you calculate this figure with ease.
This is also one of the key benefits of an EMI calculator, as it eliminates the need for any manual calculations. You simply input the values and get accurate results every time. As such, calculating EMI for a personal loan before applying for it is a smart way to begin the process.
Determining how much EMI you would be paying during your loan tenure can help you better understand how a personal loan will affect your finances.
The EMI calculator is a simple algorithm-based tool. To provide an estimate of your EMIs, it considers your loan terms, which include:
Once you enter these values into the calculator, it automatically calculates your EMI and the total interest you will pay. You can change the values of the loan terms to compare different offers and assess the best deal.
The Fibe EMI calculator is accessible on the website and the process is quick and easy. Here are the easy steps to follow:
Once you set all the values, you will see the EMI amount on the top. If you are satisfied with the terms, you can click on ‘Start Your Application’ and apply for the loan.
Also Read: Personal loan with low salary
Here are some of the top advantages of the EMI calculator:
As mentioned above, using a personal loan EMI calculator will give you an accurate estimate of the monthly outgo, for those terms. If the amount fits within your monthly budget, you can apply with just a few clicks.
If it does not, you can adjust the values until you find better-suited loan terms. This way, you can decide on a personal loan that does not burden your income or budget.
Adding to the list of advantages of the calculator is that it helps you maintain and improve your creditworthiness. Since it helps you find the optimal repayment terms, you can ensure timely repayment. This helps you build and maintain your credit score.
The personal loan EMI calculator performs complex calculations in seconds. It allows you to save valuable time that you’d otherwise have to spend doing strenuous calculations. On top of that, if you do the calculations manually, you could end up with errors.
Considering these factors, you can use the EMI calculator to assess your repayment capacity and enjoy a smooth borrowing experience. With Fibe, you don’t just get easy access to the EMI calculator but also easier access to personal loans.
You can get an Instant Loan of up to ₹5 lakhs in just a few minutes. Download our Personal Loan App or register on the website to get started.
An EMI calculator is a free tool that helps you get an accurate estimate of your EMIs, which can help you plan your loan. By adjusting the terms, you can know which loan terms are ideal for your finances.
With the EMI calculator, you can choose the right tenure for your loan, or even reassess the loan amount you need, based on the outgo. It is a tool that provides you with accurate information and this helps you make sound financial decisions.
Your outlook on EMI depends on your financial capacity. EMI can be a good option if you don’t have the funds to repay the loan in a one-time payment without causing financial strain.
If you can pay the increased EMI without straining your finances, it can be a good idea as it may also help save on interest.
No-cost EMI is a facility where the financial institution does not charge any interest for offering the EMI facility. This can be a good way to make big-ticket purchases without increasing the final cost.
