Personal loans are a savior in times of urgent cash crunch, which can be a medical emergency, funding a vacation or a marriage etc. The Indian banks are always willing to give a personal loan but to the right applicant. You can make use of SBI personal loan EMI calculator to see what amount you will be required to pay each month if you go for a particular amount of loan.
Benefits of Personal Loan
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One opts for personal loans for the numerous benefits it offers:
- The banks simply disburse the required amount if they find you eligible without asking about the end use of the money.
- As these loans are granted solely on the basis of your credit-worthiness, there is no requirement of security, collateral or guarantors.
- The entire matter remains a secret just between you and the bank.
- This loan requires minimal documentation and in many cases, the bank gives you a pre-approved personal loan if you have an account with them. This can be availed by simple clicks online.
- The SBI personal loan depends on the loan amount, tenure, interest rate, monthly salary and also the company that you work for. But, in all cases the repayment schedule is easy. You can use the SBI personal loan calculator to see the amount of EMI that you will have to pay each month for the loan tenure.
Features of Personal Loan EMI Calculator
Whether you use an SBI personal loan EMI calculator or any other calculator, the basics remain the same. Each of these personal loan EMI calculators requires three basic inputs, which are loan amount, tenure for which the loan is required and the interest rate. Once you input these three values, the EMI amount pops up on the screen instantly. To align it with your affordability, you can experiment with different loan tenures and to some extent with the loan amount with the rate of interest being a fixed entity for you.
Though the EMI amount can be calculated using a mathematical formula, it is a tedious job. The SBI personal loan EMI calculator makes it easy. It is very simple as you are only required to input three basic values and you get the EMI amount displayed on the screen instantly.
Benefits of Personal Loan EMI Calculator
The major benefit of using an SBI EMI calculator or any other personal loan EMI calculator is that you know the exact amount that you will have to shell out month after month. This helps you assess your repayment capacity and plan accordingly. Besides this major advantage, the other benefits are:
1. No Need of Any Tedious Calculations
You don’t have to use the complex mathematical formula or make an Excel spreadsheet. This tool gives you the EMI amount easily and accurately and that too instantly.
2. Helps in Planning the Finances
As you get the EMI amount using this calculator, you can plan your finances well in advance. You know the exact amount that you need to set aside each month for the total tenure of the loan. Also, you can see whether the loan amount or the tenure you are opting for results in the EMI amount that you are comfortable paying or not. If not, you can either decrease the loan amount or increase the tenure. You can even decide whether it would be wise to take the loan or not if the purpose for which you are taking is not urgent like a medical emergency.
3. Gets You the Best Offer Available
There are websites that provide a consolidated list of the best personal loan offers. You can make use of these websites to see which bank offers the best rates based on your eligibility criteria, loan amount and tenure. You can then compare these options and go with the best-suited one.
4. Get Information on the Interest Part
Though you will be paying a fixed amount every month, the principal and the interest component in it keeps varying. You can make use of SBI interest rate calculator to find the total interest that you would be paying in the total tenure. This will help you in making an informed choice.
Financial crisis can strike anyone irrespective of your financial standing. Most of the times, a person doesn’t have enough savings to tackle this crisis. In such scenarios, a personal loan is a great option to get out of these cash-strapped situations. These are unsecured loans that are availed to meet the immediate cash requirement. They require minimal documentation, are quick to process and are disbursed fast. As the banks don’t ask the end purpose of using the loan money, they provide borrowers with the flexibility to use it as per their wish and requirement.
Additional Read: Reason to use SBI personal loan EMI calculator
As there are numerous benefits of taking a personal loan, the personal loan EMI calculator poses as the perfect tool to access and check whether it is affordable or not. Using this calculator, you can not only find the EMI amount but also make an informed decision looking at the interest component, the amount you will require to shell out every month throughout the loan tenure etc. In case you feel that you can afford greater EMI, you can either go for a higher amount or decrease the tenure to repay the loan.
You can make use of SBI personal loan EMI calculator or any other, but the pattern of reduction of personal loan principal amount is more or less the same through payment of each EMI across all banks and financial institutions.