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How to Use Personal Loan EMI Calculator to Find Your Loan EMIs

If you are falling short of funds to make a purchase, consider availing of a personal loan. This allows you to convert your purchase to Equated Monthly Installments (EMIs).

Understanding a personal loan
These are primarily unsecured loans offered by financial institutions. The loan is sanctioned on the basis of certain criteria such as employment history, repayment capability, income, and credit score. When you apply for a personal loan, you do not need to provide any collateral such as property or other assets.

Purposes where personal loans may be used
Lenders do not put any limitation on the use of the borrowed money. You may use the loan for any personal purpose such as home renovation, family holiday, to pay wedding expenses, purchase home appliances, to meet an unexpected medical emergency, children’s education, and others.This means you may use the instant personal loan amount for any legal purpose.

Personal loan calculators
Before you avail of a personal loan online, it is recommended you determine the approximate EMI amount. You need to input only three factors to calculate the EMI, which are the amount, tenure, and interest rate.
Once you input this information, the instant personal loan calculators will give you the EMI amount. You may try different combinations to choose an amount that most appropriately suits your requirements and financial situation.

Features of personal loans
·         Personal loans are available for an amount between INR 1 lakh and INR 25 lakh, which means you may fund any of your purchases
·         Contrary to perception, the personal loan interest rates are reasonable. Moreover, the repayment is done in EMIs over a tenure between one and five years, which ensures you face no financial difficulty in servicing the loan in a timely manner
·         The entire procedure is quick and simple because the documents required for a personal loan are minimal

Eligibility and documentation
·         Salaried individuals at least 23 years old may apply for a loan. Maximum age at maturity must not exceed 58 years
·         Self-employed applicants aged at least 21 years with a business that has been in existence for at least three years with positive Profit After Tax (PAT) may apply for the loan
Once you determine your personal loan eligibility, you must submit the required documents. Here is the list of documents required.
·         Photo identity proof
·         Address proof
·         Proof of income
·         Business proof for self-employed applicants
A quick personal loan is an excellent way to meet any emergency financial needs. With no collateral and instant approval and disbursement, personal loans are gaining popularity. Apply for a loan today and meet your financial needs.

How to Use Personal Loan EMI Calculator to Find Your Loan EMIs How to Use Personal Loan EMI Calculator to Find Your Loan EMIs Reviewed by Rajesh singh on 12:57 PM Rating: 5