Know How You Can Calculate Personal Loan EMI by Using These Simple Steps

Personal Loan EMI Calculator

When it comes to covering different monetary needs, you can count on the personal loan facility online. If you have the required creditworthiness, you can get an amount of up to Rs.25 lakh from leading lenders.

However, the exact amount of loan that you can avail of depends on your loan eligibility. If you want to apply for it and calculate personal loan EMIs beforehand, you can do that easily.

All that you have to do is — use the personal loan EMI calculator.

Let’s check out how to calculate personal loan EMIs using the personal loan EMI calculator in this quick post! Read on!

Here’s how you can calculate personal loan EMIs

1. The first step is landing on the website of the creditor that you wish to apply for the personal loan.
2. Once you are on the personal loan page, you will need to open the personal loan EMI calculator.
3. On the personal loan EMI calculator, you will need to select your desired loan amount, the tenure of repayment and the applicable rate of interest.
4. Now, the personal loan EMI calculator will showcase the exact loan EMI amount, total interest charges and the entire loan cost (principal + interest).

You should opt for the personal loan tenor as per your budget. A longer tenor may help you repay reduced EMIs, but your interest charges will be more. On the other hand, a shorter tenor may result in paying higher EMIs, but your interest charges will be less.

For availing of the best loan offer, you should compare all deals online on a third-party website. This way, you can pick an offer matching your needs and budget the best.

Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify the processing of the loan.

You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number.

Must Read: Follow These Steps To Calculate Personal Loan EMI