In this article we will different type of personal loan calculators available. Personal loans are the most accessible form of financing. It is no surprise that it is a preferred option among borrowers for its unsecured nature and the fact that it is very flexible. This is the A complete guide to Personal Loan Calculators
To make the borrowing process easier and easier, lenders are now offering specially designed calculators online. You can use them for free to learn more about loan eligibility, payment schedules and monthly payments.
The following is a list of the different types of personal loan calculators you can use in order to make an informed decision during the borrowing process.
Eligibility calculator for personal loans
The personal loan eligibility calculator is convenient for both first-time borrowers and experienced borrowers seeking large loans. A few lenders offer this feature, which lets you know how much funding you are entitled to based on your profile.
Just enter your age, residency, income, and monthly expenses. Amounts that are available to you are then calculated automatically based on factors such as debt-to-income ratios. This is usually an estimate, and if required, you can negotiate for a larger sanction.
EMI calculator for personal loans
Using a personal loan EMI calculator before repayment is crucial, as the EMI can be calculated ahead of time. It only takes a few clicks to enter a loan amount, a tenor length, and an interest rate. After calculating the personal loan interest payable, the total payment and EMI are automatically displayed.
Using this information, you can decide upon the EMI of your choice by adjusting the values of loan amount and tenure. Alternatively, you can compare other loan offerings to find the most cost-effective one.
Calculator for partial prepayment of a personal loan
Whenever you have extra funds, you can pay part of your loans early. This will minimize your debt repayments. With this calculator, you will be able to see how many EMIs you are going to save as well as how much money you are saving. Part prepayments decrease the principal due, so the calculator displays both the revised tenor and the resulting EMI.
Calculator for personal loan foreclosure
A personal loan foreclosure calculator, like the part-prepayment calculator, can be of assistance in putting surplus funds towards paying down a debt. As opposed to paying off the loan, in this case, you are paying off the whole loan. Therefore, you need to know exactly how much you owe. The calculator can tell you your EMI payment history if you enter information about your existing loan. Personal Loan Foreclosure Calculator displays saved interest as well as the loan’s final foreclosure amount.
Calculate your EMI for a Flexi personal loan
A flexible personal loan is an option provided that may be useful to you if you choose it. It’s here you can borrow up to the amount you’ve designated and pay interest only on what you withdraw. The calculator can help you calculate the interest payments and determine the maximum amount you can borrow.
When borrowing or repaying, you can make good use of any of these calculators as all provide accurate results. Using them wisely, they are especially useful during planning and research. In addition, it may be possible to use the EMI calculator to compare the market’s offerings and identify your total outgoing. It is very important to shop around for a great deal when taking out a personal loan.