Accessing unsecured loans has become much easier today with some lenders offering personal loan deals with just a few clicks. Gone are the days of having to walk into a branch, wait in a queue, and submit a physical application. Now just visit the lender’s website, search for an offer with an appropriate personal loan interest rate, apply and get approved in minutes. However, the simplicity of obtaining funds should not make you forget the key practice of doing due diligence. Market research and loan planning are key to borrowing wisely, and one tool that can help is the Personal Loan EMI Calculator.
With intuitive solutions like the Bajaj Finserv Personal Loan EMI Calculator, you can get the information you need to borrow efficiently. The online tool is free, easy to use and provides key loan information to help you make an informed decision. Read on to find out how this EMI calculator can help you get the best deal.
Compare and select the best option for you
The interest rate of a personal loan applicable on a loan is one of the key factors to evaluate to judge if an offer is suitable for you. As such, you need to do your market research to find the best deal. One way to do this is to compare personal loan interest rate offers from different lenders and select the most affordable options. To help you make a more informed decision, you can also use the EMI calculator at this point. Instead of evaluating interest rate offers based on a percentage, calculate the total interest payable for a given penalty and term. This will give you a clearer idea of the loan offers available to you.
Get an overview of the cost of borrowing
The cost of borrowing is the amount you pay back as interest on your loan amount. It is calculated based on the personal loan interest rate charged by the lender. It differs for each lender and depends on various factors such as income, credit rating and existing debt. Knowing the cost of borrowing is important because it can help you assess the need for a loan. In cases where the interest payable is not feasible, you may reconsider and make a more financially prudent decision. Only a personal loan interest calculator can provide you with the accurate data needed to make such decisions.
Ensuring affordability of lending transactions
It is your responsibility to pay your IMEs on time and consistently. As such, you need to plan ahead and make sure your payments are on budget. With an EMI calculator, you can easily find the most affordable repayment structure by adjusting the duration and penalty. This way, you can apply for a loan with the right terms and make consistent payments based on your abilities. Remember that failure to repay your loan or make late payments will result in a penalty, which will be added to the cost of borrowing. So make sure your loan is affordable to avoid such problems.
Eliminates the need for manual calculations
In addition to using a digital personal loan interest calculator, you can manually perform EMI and interest calculations. However, this process is tedious, time-consuming, and error-prone. Inaccurate data will affect your ability to make the right decisions, which is why you should use the online EMI calculator. The results are always accurate and the process is quick, taking only seconds. All you need to do is enter loan sanction, term and interest rate values. The calculator will then automatically calculate and display the results.
When it comes to loan planning, the best deal is one that easily fits your budget. Before you qualify for a personal loan, know your EMI options to make an informed decision. For a hassle-free and affordable borrowing experience, ask for the Bajaj Finserv personal loan. With it, you can opt for a flexible term, get a competitive interest rate and enjoy a penalty of up to Rs. 25 million.
Moreover, you can get approved in minutes and all you have to do is meet the simple eligibility criteria. Once approved, you can get paid the full penalty within hours. Bajaj Finserv also maintains full transparency with all loan transactions, and there are no hidden fees applicable on your loan. To get your personal loan hassle-free, apply online by sharing basic information.
Also read: Understand your personal loan EMIs with an online EMI calculator
Disclaimer: This content is distributed by Bajaj Finserv. No HT journalists are involved in the creation of this content.