Do you have high aspirations for a perfect vacation, a dreamy wedding engagement, or a well-meticulously planned plan to consolidate your debts? Well, which financial instrument can help you achieve your personal objectives? A personal and EMI instant loan!
It is quite a handy tool that can help you bridge the gap between your needs and your current hard-earned savings. However, before diving deep into this, understanding your Equated Monthly Installment (EMI) is crucial, as you need to be well aware of how much you have to shell out every single month.
A calculator can be your secret weapon for navigating the loan process and making informed financial decisions.
What is an EMI calculator?
As the term suggests, it is a tool that simplifies all your finances as it helps you estimate the monthly payment you would make on a loan. It includes three essential variables:
- Amount of the loan
- Rate of interest
- Interest Rate
Entering these details into the calculator applies a formula to determine your EMI. This helps you get a sense of how much you’ll need to pay each month and allows you to plan your budget accordingly.
How does a Personal Loan Emi Calculator work?
- Input: At the first stage, you are bound to provide three critical pieces of information: the loan amount, rate of interest, and term period.
- Formula: This tool then uses a mathematical formula that considers these inputs to calculate the EMI. It involves the Principal Amount, Rate of Interest, and a number of EMI instant loan installments.
- Calculation: Based on the formula, the calculations are done to know the EMI amount. It determines a fixed monthly payment that covers the principal amount you borrowed and the interest amount accrued.
- Output: Lastly, it displays the estimated amount of the EMI and the total interest payable. After seeing this output, the potential borrower makes the decision.
Top advantages of using an EMI calculator
● Easy and Flexible budgeting
Such calculations, if done manually, can be tedious and error-prone, leading to wrong results. However, when you opt for a loan calculator, you are in for a smooth ride. Simply input the desired figures and get an instant EMI estimate within the blink of an eye.
● Strategic Planning
The tenure of your loan significantly influences your EMI amount. Longer tenure can lower your EMIs, but it also spreads the interest cost over a more extended period. However, a shorter tenure with Stashfin results in no interest amount (Terms & Conditions apply) but obviously higher EMIs.
● Transparent
Such tools are totally transparent regarding your loan repayment. It helps you get the amount and the total interest payable over the tenure.
Which is the best platform to use a Personal Loan Emi Calculator?
Stashfin! If you are planning to take out a loan, first use Stashfin’s calculator. Furthermore, this platform only offers a loan facility and offers a deal that no one else offers in the market.
They are offering interest-free loans. This means you have to repay them the exact amount you borrowed from them. Highly recommended!
Conclusion
If you are planning to take out a personal loan, it is highly recommended that you use this tool first. It will help you plan your upcoming finances accordingly and make a lot of things easier for you.
So, what are you waiting for? Get Personal Loan In EMI today!