In recent times, personal loans have emerged as a popular financial source among borrowers. Its unsecured nature and no end-usage flexibility makes it a lucrative loan variant that can help borrowers meet variegated requirements.
While this funding option is available against competitive interest rates, individuals often find themselves struggling with loan repayments due to lack of proper financial planning.
To resolve this issue, many NBFCs offer online personal loan calculators that can help streamline the repayment calculation. This calculator is free to use and offers accurate information regarding EMI and foreclosure. Apart from this, there are several other types of calculators available, that facilitate in making the process of availing this advance much simpler.
Borrowers who lack the basic knowledge on how to calculate personal loan EMI can avail assistance from these online tools.
Types of personal loan calculator
To understand the use of a personal loan calculator, a potential borrower must know about the different types of online calculator available in the market.
Personal loan eligibility calculator
First-time borrowers who want to apply for a personal loan can use this personal loan eligibility calculator to determine the amount they can avail. Individuals need to enter primary details like income, residency, age, expenses and estimate the funds that suit their profile.
This calculator displays an amount based on a debt-to-income ratio. This makes the loan disbursal process transparent, as the borrower is aware of the loan value. It is essential to know that since the results are pre-estimated, a borrower can’t negotiate for a higher loan amount.
Part-prepayment personal loan calculator
Most NBFCs offers borrowers the facility of part-prepaying a personal loan to facilitate easy repayment. If an individual has surplus funds, this part-prepayment calculator aids in estimating the number of EMIs saved.
Moreover, this calculator also displays the modified tenure and the adjoining interest to reduce the principal. Repaying the balance timely is one of the things to do to improve one’s personal credit score. Thus, with the aid of this calculator, individuals can plan their payments ahead of time and boost their credit score in due course.
Personal loan calculator for EMI
A personal loan EMI calculator can be used to plan repayment schedules. A potential borrower has to enter the required loan amount, along with the tenure and interest rate for the results. The calculator will then display the interest payable, EMI, and repayment against the personal loan.
This information aids a borrower to adjust the tenure and principal amount as per their capability and eliminate the risk of default. This tool to calculate personal loan EMIs also facilitates comparison between different lenders to find a cost-effective solution.
Foreclosure calculator for a personal loan
Like these calculators mentioned above, a personal loan foreclosure calculator also helps evaluate one’s capability to use surplus funds for debt clearance. With this tool, a borrower can find out the outstanding amount due for repayment. Individuals need to enter the details of the existing loan, and the number of EMI’s repaid before the foreclosure.
Few financial institutions like Bajaj Finserv offer these calculators to help borrowers streamline the entire loan application, disbursal and repayment process.
This NBFC also provides pre-approved offers that simplify the loan application process. This offer is available for various financial products like credit cards, business loan, etc. You can check your pre-approved offer by submitting your name and contact number.
Utilising these personal loan calculators will facilitate systematic repayment planning and make the application process significantly simpler. It is advisable for potential borrowers to make use of these financial tools to undertake better financial decisions.