Why Personal Loan Calculators are a Borrower’s Best Friends
Modern day finance and funding has completely transformed the experience of borrowers like you—giving you access to information, resources and tools that bring convenience right to your fingertips. With online application, sanction and repayment, Personal Loans have become an easy financing option for individuals looking to use the money for a wide array of uses. Be it for family weddings, a medical requirement, home repair or renovation, travel or a family vacation, Personal Loans may be used as per your choice and needs.
You can start by using a Personal Loan eligibility calculator to determine whether you qualify for a loan before you apply. And once you know that you are eligible, you can use the Personal Loan EMI calculator to see how your repayment can take place, if you can afford it and when tenor you should use. And if you decide to opt for Line of Credit, you can even use a line of credit calculator to decide how your EMIs should be planned. All this helps in keeping you informed about your Personal Loan choices and makes calculation a breeze.
Measure Your Personal Loan Details with Ease and Efficiency
Here are a few simple tips about Personal Loan calculators to help you make an informed choice:
Save Time and Effort—Just Check if You Qualify for the Loan Online
A Personal Loan Eligibility Calculator is the perfect tool to determine whether you are entitled to a loan. All you need to do is input a few of your basic details. Add in your date of birth, where you live, company name, annual salary, and your combined monthly loan EMIs coupled with combined outstanding credit. Also mention if you’ve taken a home loan. The calculator will take care of the rest for you. It is designed to help you understand the total loan available to you based on your details as well as the lender’s requirements.
Sit Back and Relax While an Online Calculator Determines Your EMI's
With the help of a Personal Loan EMI Calculator, you can accurately figure out the exact amount of money you need to set aside for loan repayment per month. The calculator follows a pre-set formula that requires a few details about your loan—just enter your loan amount (in lacs), the loan tenor (in months), and rate of interest you chose. Within seconds, the calculator will tell you exactly how much your monthly EMI comes down to. For example, if your loan amount is Rs. 10 lacs, the tenure is 36 months, and the rate of interest is 14%, your EMI will come to Rs. 34,178 per month.
Organize Your Financial Data In An Efficient Manner
The Line of Credit option is a Personal Loan that offers you a credit line during which you have the benefit of interest payment only on the funds you’ve actually used. You can choose to part pre-pay as many times as you want, without being charged for it. You don’t have to pay for drawdown withdrawal either. One of the biggest reasons Line of Credit makes a lot of sense is that you have the facility to convert to term loan if you think that’s better suited to your needs. The Line of Credit Calculator thus helps you calculate your EMI based on the interest and loan amount with premium, so you can be better prepared during repayment even before you choose to apply for it. You can experiment with it here:
Eligibility and EMI calculators are handy tools for every Personal Loan borrower, helping bring more clarity to your financial planning. These tools are simply some of the features that Bajaj Finserv offers to its Personal Loan borrowers. To see the features and other benefits of opting for a Personal Loan from Bajaj Finserv, please visit our website.