Key features of using a personal loan calculator

The life of an average Indian has changed greatly in past few years. Unlike the earlier times, when an Indian would feel contented by just fulfilling the basic criteria of food, clothing, and shelter, now he or she wants more than just those things. The average middle-class Indian wants to wear the latest fashion, eat exotic dishes as well as travel anywhere and everywhere. However, while pursuing these things, more than often, people forget about financial wellness and struggle for money. In such times, they would rather opt for a personal loan and save face rather than ask for financial assistance from family and friends. And even while opting for a personal loan, they have an option of either obtaining personal loan through a financial institution or a traditional financier. People mostly opt to go with a bank or an NBFC (non-banking financial company); because the interest rates charged by financial institutions are way lower than the ones provided by loan sharks. The financial institutions have also started providing their services online and various tools such as a personal loan calculator.

The people can thus, obtain personal loans online; as long as they have a stable internet connection and a computer, laptop or a tablet. If they have these two things, they can obtain a personal loan from the comfort of their home or office. These loans are really great because you can use the loan amount to relieve any of your problems; as long as they are legal. You can purchase a new gadget or even fund that last-minute trip of yours. The repayment of these loans is done in the flexible form of EMIs (equated monthly installments). These installments are calculated on the basis of the principal amount borrowed, interest rates charged and the repayment tenure opted by you. The financial institutions even provide you with a personal loan calculator on their online websites; thus, you can make use of them and calculate your repayments in advance- so that you get to plan ahead of time.

The various features of making use of a personal loan calculator are as follows:

• These calculators are available on the websites of the banks and NBFCs (non-banking financial companies) and are way easier to make use of. You don’t have to be a tech-wizard or a highly intellectual being to make use of these calculators.
• A personal loan calculator is available for use free-of-cost; meaning, you don’t have to pay a single penny from your pocket. You can make use of these calculators and get a quote online. This also helps you to calculate the interest rates and compare the various personal loans available in the market. Thus, you get to ensure that the personal loan that you are opting for is the best among all others.
• A personal loan calculator is multi-variant in nature. Therefore, you get to obtain multiple results for every piece of information that you change. You can change the principal amount, interest rates as well as the repayment tenure and choose the best form of a loan.

Hope this article will help you understand the key features of an EMI calculator.

An personal loan would be the first financial help for your family in your absence.