Quick Ways to Know Everything About Personal Loan Interest Calculator
The Reserve Bank of India has estimated that the Non-Performing Asset (NPA) in the loan segment may grow at 10% to 11% by March 2022. In April 2020, the personal loan outstanding had been around Rs.62,800 crore.
NPAs in the loan segment reflect the incapability of borrowers to repay loans. Besides lowering the borrower’s credit score, it adversely affects economic development.
Personal Loan Interest Calculator
A borrower can avoid such adverse situations by planning the loan repayment even before applying for it. They can use a personal loan interest calculator to know the interest amount on the loan and its EMIs.
Thus, using a personal loan interest calculator, you can calculate how much loan you can afford to repay timely without taking the extra financial burden.
How to use an online personal loan interest calculator
The loan interest online calculator is a ready-to-use financial tool that allows you to check the total interest and EMIs beforehand. You can make the interest calculations in the following steps:
- Visit your preferred lender’s website and go to the online personal interest calculator.
- Enter your desired loan amount, the loan tenure, and the interest rate, and press Enter.
- That’s it. It will show the results instantly within a few seconds.
Thus, using the loan interest calculator, you can plan your finances efficiently and ensure timely repayment of your loan.
Pre-approved Personal Loan Offers
A pre-approved loan is an offer provided to individuals with a high credit score and sound repayment record. Lending institutions offer pre-approved personal loans to their loyal customers who have repaid their earlier borrowing on time. Most lenders prefer a high credit score for pre-approved loans. The higher the credit score an individual would maintain, the quicker and higher the loan will be approved to them.
Every prospective borrower can take advantage of a personal loan calculator to plan repayments. If you are looking for a personal loan, you can check available pre-approved offers for you with Bajaj Finserv. They offer easy pre-approved personal loans, credit cards, and home loans to their selected consumers. Adopt healthy practices to keep improving your credit history.
