Step by Step Process of EMI Calculation
Despite being loan eligible, many people don’t apply for it. It is because they are unable to know the amount that they will pay as EMI.
They may use the EMI calculator Excel formula to calculate loan EMIs, but this method is complicated and error-ridden.
It is where it becomes vital to calculate the exact EMI amount and do efficient financial planning.
Read on to know the steps to the calculation of personal loan EMIs! These days, it is possible to calculate precise loan EMIs with the use of EMI calculators!
Here’s how you can calculate personal loan EMIs
- The first step is to land on the website of the lender you want to apply for the loan with and open the personal loan EMI calculator.
- On the personal loan EMI calculator, you need to choose your desired loan amount, the applicable rate of interest and repayment tenor.
- Once done, the personal loan EMI calculator will showcase an exact loan amount you will pay over a tenor.
- Along with this, you can also know about the precise payable interest charges and overall loan cost (principle + interest).
Compared to the EMI calculator Excel formula, the calculation of loan EMIs using the personal loan EMI calculator is less cumbersome. Also, the results showcased by the tool are real-time, fast and error-free. In turn, it can help you save your time and efforts earlier spent on EMI computing using the personal loan EMI calculator Excel method.
Along with the EMI amount, it is also possible to know an amount that you can be eligible for if you wish to apply for the loan.
It can be done using the personal loan eligibility calculator. This tool is free to use and available on the platform of a lender 24x7.
Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan.
You can check your pre-approved loan offers today by sharing your basic details such as your name and mobile number.
Must Read: Know How Excel Loan Calculate By Using Personal Loan EMI Calculator
