How Personal Loan Calculator Can Help you to Choose the Right Loan Amount
Considering a personal loan to access fast funds? Be better informed and prepared by using the eligibility calculator and the EMI calculator.
Information is key to taking every wise decision, and when it comes to planning and managing finances, information becomes even more crucial. The problem most of us face is that in finance, most of the information is either economic jargon that is hard to understand or equally difficult numbers! If you’re not a finance guru or mathematically inclined, don’t worry personal loan calculators like the eligibility calculator and the EMI calculator are tools meant to make things easier for you.
A Personal Loan Eligibility Calculator helps you to understand how easy it will be for you to get your personal loan sanctioned while an EMI calculator will help you choose the right loan amount by showcasing your monthly EMI. Together, these two calculators will help you make a wiser financial decision and save you effort, time and money.
Take Nikita for example. A marketing manager at an MNC, Nikita lived in Mumbai and found herself in need of a personal loan to fund her younger sister’s wedding. As personal loans are unsecured loans that are sanctioned without the need of any collateral, Nikita considered this perfect for her situation. With no restrictions on how she could use the money and easy online application with a quick disbursal, Nikita was sure that a personal loan would satisfy her financial needs in every way.
However, Nikita first wanted to check her personal loan eligibility. She wanted to make sure she was eligible for a personal loan in order to increase her chances of getting the loan and save on time as she needed funds quickly and didn’t want to waste her efforts in case she was not eligible. She also didn’t want to impact her credit score adversely by applying for a personal loan and getting rejected.
Nikita used the eligibility calculator to know her personal loan eligibility by filling up the following basic details:
- Date of birth
- City of residence
- Employer’s name or the name of her company
- Net monthly salary
- Amount of on-going loan
- Outstanding amount on credit cards
- Whether she had taken a home loan
With this information, the eligibility calculator gave Nikita an idea of the total amount she was eligible to borrow and the indicative interest rate she would need to pay. While the eligibility calculator would only offer indicative figures, they were very helpful to Nikita for the following reasons:
- The indicative loan amount gave her an idea of whether a personal loan would be a sufficient source of financing for her needs
It helped her understand if she needed to plan alternate sources of finances before the application process, which saved her time
- Now that Nikita knew her personal loan eligibility, she was ready to check her indicative EMI amount using the Personal Loan EMI Calculator.
These are the details that she entered to know her EMIs:
- Loan amount.
- Preferred tenor (amount of time needed to repay the personal loan).
- Rate of interest
In just 3 steps, Nikita knew how much she had to pay in terms of EMI. By using the EMI calculator, Nikita benefitted in the following ways:
- She could plan her finances better by seeing if the EMI amount she would need to pay every month was something she could afford based on her monthly income
- She could adjust the loan amount and the tenor to see the EMI change instantly and decide which option would be most prudent for her
- She could decide if a personal loan at this point in her career and life was the right answer for her in terms of affordability and cost
Thus, using the EMI calculator and the eligibility calculator, Nikita was able to make a well-informed and wise decision regarding a personal loan. Like her, you too can use these personal loan calculators to increase your awareness and get a fair idea of the financial consequences of getting a loan. It is important that in your search for fast funds, you do not jeopardize your financial well-being, and that’s where these calculators come to your aid.
If you’re looking for a fast personal loan with an easy online application and online tools for calculating eligibility and EMIs, Bajaj Finserv is the preferred destination of many who seek instant funds. With instant approval and loans up to Rs.25 lakh, these personal loans may be the answer to all your financial needs.